Bit Digital, a cryptocurrency mining and staking company, has announced strategic changes in its business model. The company will now focus solely on Ethereum staking.
Company Strategy Changes
Bit Digital has announced it will phase out its Bitcoin mining operations and redirect proceeds into Ethereum investments. The company started accumulating and staking ETH in 2022 and currently operates one of the world's largest enterprise-scale Ethereum staking infrastructures.
Current Assets and Future Plans
As of the end of March, Bit Digital held 24,434.2 ETH valued at approximately $44.6 million and 417.6 BTC worth around $34.5 million. The company plans to convert all of its BTC holdings to ETH over time.
New Initiatives and IPO
Bit Digital also announced the launch of a new IPO to increase its Ethereum exposure and plans to spin off its high-performance computing subsidiary, WhiteFiber Inc., in a separate IPO.
Bit Digital's strategic shift toward focusing on Ethereum staking reflects changing priorities in the company amid current market trends.
