Bit Digital has announced a major issuance of $100 million in convertible bonds aimed at expanding its presence in the Ethereum ecosystem.
This is reported by Finway
A New Phase in Bit Digital’s Strategy Following the Shift to Ethereum
Bit Digital, which previously specialized in Bitcoin mining and is now focusing on development in the Ethereum space, plans to conduct a registered public offering of $100 million in convertible senior bonds. According to the terms of the issuance, these bonds are senior and unsecured obligations of the company, maturing on October 1, 2030, unless converted or redeemed early.
The funds raised will primarily be invested in the purchase of Ethereum and will also be used to finance corporate needs, including potential new investments, acquisitions, and business development in the digital asset segment. The company has additionally granted underwriters a 30-day option to purchase an additional $15 million in bonds to meet potential excess demand.
Conversion Terms and Current Company Performance
Bondholders will have the opportunity to convert them into cash, common shares of Bit Digital, or a combination of these instruments at the company’s discretion. This can be done at any time up to two business days before the maturity date. Key parameters such as the interest rate and the initial conversion price will be finalized during the pricing process.
“The company previously reported a net profit of nearly $15 million after changing its business model.”
Bit Digital is confidently solidifying its position in the Ethereum space: according to Ethereum Treasuries, the company ranks sixth among the largest holders of this cryptocurrency, with a portfolio of 120,306 ETH.
In June 2025, Bit Digital officially abandoned Bitcoin mining, fully transitioning to a strategy focused on institutional Ethereum staking. By August, the company reported a significant financial breakthrough: despite a decline in revenue due to the shift in focus, the net profit for the second quarter of 2025 amounted to $14.9 million, made possible by income from Ethereum staking.