Nasdaq-listed Bit Digital to focus exclusively on Ethereum staking after moving away from Bitcoin mining

Bit Digital, a Nasdaq-listed firm with a market cap of $488 million, is transitioning to focus exclusively on Ethereum staking and treasury operations, moving away from Bitcoin mining.The company has also initiated a strategic alternatives process for its Bitcoin mining operations, likely leading to a sale or wind-down, it said. The proceeds from Bitcoin sales are set to be redirected to ETH-related activities.The company said it began accumulating ETH and building staking infrastructure in 2022 and has been steadily increasing its ETH holdings since.Its holdings as of March 31 included 24,434 ETH ($44.6 million) and 417.6 BTC ($34.5 million). The firm plans to convert its remaining BTC holdings into ETH over time.ETH is the second-largest cryptocurrency behind Bitcoin, based on its market capitalization of $299 billion. It has become an increasingly important focus for some publicly listed firms, though it is not as widely adopted as a primary focus compared to Bitcoin.Ethereum's transition to proof-of-stake with the Merge in September 2022 introduced staking, allowing firms to earn yields (typically 4–6.5% annually) by locking up ETH to secure the network. This has become attractive for companies seeking passive income from crypto assets.SharpLink Gaming is a notable example of a publicly listed firm that has made Ethereum a major focus, particularly through its treasury strategy.Earlier this month, SharpLink closed a $425 million private placement led by Consensys Software Inc. to fund its Ethereum treasury strategy. The firm has allocated about $490 million to grow its crypto treasury to 188,478 ETH.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.