Bit Digital (BTBT) has announced a major strategic pivot, revealing plans to fully exit the Bitcoin mining business and focus exclusively on Ethereum staking and treasury operations.
The move marks a significant change in direction for the Nasdaq-listed firm, which began accumulating Ether (ETH) and building its Ethereum staking infrastructure in 2022.
From Bitcoin Miner to Ethereum-Only Operation
As of March 31, Bit Digital held 24,434.2 ETH (valued at $44.6 million) and 417.6 BTC (worth $34.5 million). The company said it plans to gradually convert all remaining BTC into ETH, aligning with its long-term commitment to Ethereum-based yield generation.
To fund the transition, Bit Digital has begun the process of selling or winding down its Bitcoin mining assets, including hardware and operational contracts. While no fixed timeline was disclosed, the firm confirmed that net proceeds from these sales will be reinvested directly into ETH and related staking infrastructure.
ETH-Centric Future Aims to Maximize Yield and Capital Efficiency
The company’s shift comes as institutional interest in Ethereum staking continues to grow, driven by rising on-chain yields and maturing infrastructure. Bit Digital’s move positions it among the first publicly traded firms to fully commit to Ethereum as a treasury and income-generating asset, leaving proof-of-work behind.
The firm did not specify the pace of divestiture but emphasized that the shift is already underway and reflects a broader vision for long-term blockchain infrastructure participation.
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Source: https://coindoo.com/bit-digital-shifts-focus-to-ethereum-exits-bitcoin-mining-for-eth-staking-strategy/