Bit Digital Shares Climb After Amassing Ether Treasury

By Dean SealShares of Bit Digital jumped after the company said it has established a treasury of more than 100,000 ether by selling 280 bitcoin and raising $172 million in a public stock offering.The stock was up 23% at $3.62 in early trading. Shares are about flat with where they were trading a year ago.The provider of Bitcoin mining and AI infrastructure services said Monday morning that it used proceeds from selling about 280 bitcoin, worth about $30.4 million at current prices, and $172 million in stock to boost its ether holdings to 100,603 total tokens. That is up from 24,434 ether as of March 31.Chief Executive Sam Tabar said the Ethereum network, to which ether is native, has the ability to rewrite the financial system."Bit Digital is aligning itself with Ethereum's long-term potential and positioning itself as a focused Ethereum treasury platform in the public markets," Tabar said.Write to Dean Seal at [email protected]