Bit Digital, one of the leading companies in the mining sector, has announced a complete shift in its business strategy, abandoning Bitcoin mining in favor of Ethereum staking. Under the new approach, the company will focus on institutional staking and using ETH as the primary asset for value storage.
This is reported by Finway
Bitcoin Sales and Investments in Ethereum
According to Bit Digital, the entire existing amount of Bitcoin — 417.6 BTC — will be gradually converted into Ethereum. At the time of the announcement, the company already held over 24,400 ETH, valued at approximately $61 million. The company emphasized that it manages one of the largest institutional staking infrastructures in the Ethereum ecosystem.
Bit Digital stated that it will convert its entire remaining balance in Bitcoin — 417.6 BTC — into Ethereum “over time.”
The funding for these changes will be secured through a public offering of Bit Digital shares and the spin-off of its subsidiary, WhiteFiber Inc, which specializes in high-performance computing (HPC). WhiteFiber Inc will be established as a separate public entity.
Service Expansion and Market Reaction
Bit Digital’s new business model includes not only ETH staking but also providing validator hosting services, institutional custody of crypto assets, and consulting on risk management and protocol profitability. Experts note that this move reflects a growing market interest in treasury strategies within the cryptocurrency space, particularly towards Ethereum, which allows for income generation through staking and becomes an attractive asset for long-term storage.
However, this strategic transition immediately impacted the company’s market value: Bit Digital’s (BTBT) shares fell by 8.7% over the past day. The current market capitalization of the company is estimated at $490.5 million, with pre-market shares trading at $2.3 each.
Since the beginning of June 2025, users have staked over 500,000 ETH, raising the total number of locked coins in the Ethereum network to over 35 million — setting a new all-time high. Analysts note that the increase in this metric demonstrates a high level of investor engagement and a reduction in the liquid supply of ETH in the market.
It has also been reported that REX Shares and Osprey Funds have filed applications to launch ETFs focused on Ethereum and Solana staking.