Bit Digital, a Nasdaq-listed company, has completely overhauled its asset management strategy, replacing Bitcoin with Ethereum as its primary financial asset.
Shift to Ethereum
Bit Digital announced that it used $172 million from a public offering and the sale of 280 Bitcoins to purchase 100,603 Ethereum. This positions the company as one of the largest public entities holding such a significant amount of ETH.
As of the end of Q1 2025, the company held 24,434 ETH, demonstrating a more than 300% increase in assets. CEO Sam Tabar expressed the company's intention to invest further in Ethereum, emphasizing the long-term potential of this cryptocurrency.
Interest from Other Companies
Other companies are showing increased interest in acquiring Ethereum as well. For instance, SharpLink Gaming is actively allocating ETH in its investment portfolio, and BitMine recently announced plans to purchase $250 million worth of ETH. This trend follows a rise in the popularity of stablecoins, of which Ethereum holds a 50% market share.
Ethereum Market Analysis
Experts from CF Benchmarks believe that the number of institutions holding ETH and Solana could increase tenfold over the next year. This observation is supported by recent data, indicating that Ethereum investment products have seen eleven consecutive weeks of strong inflows. Over the past 24 hours, Ethereum experienced $65.54 million in futures liquidations, yet remains stable at $2,550. Market analysis suggests a potential breakout if it successfully exits established technical patterns.
Bit Digital has made a significant move in restructuring its financial strategy, which may impact the Ethereum market and increase interest from other companies in this platform. Experts predict that Ethereum and Solana will gain traction among organizations, influencing future trends in the crypto industry.
