Bit Digital Abandons Bitcoin Mining to Focus on Ethereum Staking and Treasury Operations

Crypto mining firm Bit Digital has announced its decision to halt its Bitcoin mining operations. As part of this transition, the company is making a strategic shift toward Ethereum (ETH) staking and treasury management. This move highlights the company’s commitment to adapting to the evolving dynamics of the crypto market.

Transitioning from Bitcoin Mining to Ethereum Management 

Bit Digital said it aims to become a “pure play Ethereum staking and treasury company.” The firm began accumulating ETH and operating staking infrastructure in 2022 and has steadily increased its holdings since then. They offer validator infrastructure services, institutional-grade custody and yield solutions, and protocol governance guidance.

As of March 31, 2025, the company held approximately 24,434 ETH valued at $44.6 million and 417.6 BTC worth $34.5 million. Per the announcement, the firm plans to convert its entire BTC holdings into ETH over time. This will push its ETH reserve to over 42,000 ETH, cementing its position among the top public players in the Ethereum treasury strategy. 

To support this strategic realignment, Bit Digital intends to sell or wind down its existing Bitcoin mining infrastructure. The proceeds from these actions will be channeled towards increasing its ETH reserve. Furthermore, the company has announced a public offering of its ordinary shares to fund additional ETH purchases. This demonstrates a complete transition to Ethereum-focused operations. 

Market Reaction 

Meanwhile, investors soured on Bit Digital’s strategic pivot away from Bitcoin, with the company’s stock taking a hit. According to data from Google Finance, the stock (BTBT) declined by 3.69% to $2.35 following the announcement.

However, this strategic move positions Bit Digital to capitalize on the growing interest in Ethereum staking. It also aligns with broader industry trends favoring sustainable and yield-generating crypto investments.

Bit Digital’s recent move reflects a growing trend of firms launching crypto-treasury strategies to offer leveraged exposure to BTC, ETH, and SOL. Earlier this week, SharpLink Gaming bought 12,207 ETH, worth $30.7 million, at an average price of  $2,513 per ETH. The company also purchased $463 million worth of ETH on June 13. According to data from the Strategic ETH Reserve, SharpLink is the largest publicly traded company in the world to hold ETH.