Bit Digital has taken a significant step towards Ethereum, selling all its Bitcoin holdings and investing the proceeds in ETH, allowing it to rank among the largest corporate holders of this cryptocurrency.
Switch to Ethereum
Bit Digital sold its Bitcoin assets for $172 million and acquired over 100,000 ETH. The company now ranks among the top corporate holders of Ethereum.
Company's Growth in the Ethereum Market
As of March 31, 2023, Bit Digital held 24,434 ETH. Following the BTC sale, their ETH holdings increased to approximately 100,603 ETH, worth around $254 million at current market prices. CEO Sam Tabar stated that Ethereum has the potential to transform the entire financial system.
Market Reaction to Changes
Despite the significant changes in Bit Digital's asset structure, the price of Ethereum on the market dropped by 2%, reaching $2,528. The cryptocurrency continues to fluctuate within a sideways trend, failing to break the resistance at $2,600.
Bit Digital's transition to Ethereum emphasizes the growing interest among corporate players in this cryptocurrency, though the current market reaction still reflects uncertainty.
