Digital asset infrastructure firm Bit Digital has announced a major pivot from Bitcoin to Ethereum with an acquisition of over 100,000 ETH for its corporate treasury.
The purchase was financed through a $172 million public offering and the sale of 280 BTC, signaling growing institutional conviction in Ethereum’s long-term potential.
Post announcement, Bit Digital’s stock surged over 29%, pushing its market capitalization back above the $1 billion mark.
According to the company, Bit Digital now holds 100,603 ETH, making it the second largest publicly traded Ethereum holder after Coinbase Global.
The firm had previously reported holding 24,434 ETH as of the end of Q1, indicating a substantial ramp-up in accumulation over the past quarter.
Strategic Pivot Toward Ethereum
The decision marks a significant departure from the prevailing trend among public companies, which have largely concentrated their crypto treasury allocations on Bitcoin. Bit Digital’s move stands out not only for its size but also for its philosophical orientation.
Bit Digital CEO Sam Tabar said, “We believe Ethereum will rewrite the entire financial system.
“By aligning ourselves with Ethereum’s long-term potential, we are positioning Bit Digital as a focused Ethereum treasury platform in public markets. Our ambition is to become the most preeminent ETH holding company in the world.”
The company began accumulating and staking ETH as early as 2022, but this week’s announcement cements its Ethereum first thesis as central to its corporate identity.
Reaction and Market Impact
Investors appeared enthusiastic with the change. Bit Digital’s shares soared more than 29% following the news, reflecting renewed confidence in the firm’s strategic direction and potentially broader institutional interest in Ethereum as an investable asset.
Bit Digital now commands a larger Ethereum holding than any public company except Coinbase, which maintains a massive ETH reserve due to its role as a major exchange and custodian.
Bit Digital’s ETH accumulation may serve as a bellwether for other public firms considering a more diversified or Ethereum-focused crypto treasury model.
As Ethereum continues to solidify its position as more than just “Bitcoin’s little brother,” Bit Digital’s bold bet could redefine how public markets evaluate crypto exposure, not just in terms of quantity, but also in strategic alignment with the future of decentralized infrastructure.
