Bit Digital has announced significant changes in its strategy, focusing on Ethereum and exiting Bitcoin mining.
Bit Digital's Strategic Change
Bit Digital, previously engaged in Bitcoin mining, has declared its intention to focus on Ethereum. This decision indicates that the company will gradually divest its Bitcoin assets in favor of developing its Ethereum staking infrastructure.
Company Financials
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 plans to sell its remaining BTC and reinvest the proceeds in ETH and related staking projects.
Future Focused on Ethereum
Bit Digital's transition to Ethereum is occurring amid growing institutional interest and rising staking yields. This move positions the company among the first publicly traded firms to completely abandon proof-of-work in favor of Ethereum as an income-generating asset.
Bit Digital's shift to Ethereum and its exit from Bitcoin mining highlight the evolving trends in the cryptocurrency industry, focusing on more stable and income-generating assets.
