Publicly traded digital asset company Bit Digital has fully committed to the Ethereum network. In its latest announcement, the platform revealed that it swapped its entire treasury from Bitcoin to Ethereum, the second-largest cryptocurrency by market capitalization.
To fund its Ethereum-focused strategy, Bit Digital sold about 280 Bitcoins (BTC) and used the proceeds to buy more Ethereum. Additionally, after raising $172 million in a public offering, the publicly traded digital asset company used the proceeds to fund more Ethereum acquisitions.
Bit Digital’s series of Ethereum purchases has increased the company’s total holdings to 100,603 ETH. The platform’s latest Ethereum holding represents a significant surge from its previous holdings of 24,434 ETH as of March 31, 2025, before the public offering and the sale of its BTC assets, marking a more than fourfold increase.
Bit Digital to Become Largest Ethereum Holder
The decision made by Bit Digital’s board of directors to liquidate its Bitcoin (BTC) holdings and convert them into Ethereum (ETH) aligns with its goal of becoming the largest corporate holder of Ethereum, demonstrating the platform’s confidence in Ethereum’s potential.
Sam Tabar, the Chief Executive Officer of Bit Digital, commented on the company’s latest move, saying:
“We believe Ethereum has the ability to rewrite the entire financial system. Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets. 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 added that the company will be starting its Ethereum-based treasury with more than 100,000 ETH. However, to accomplish its goal of becoming a leading corporate Ethereum holder, Bit Digital would continue to add to its reserve.
In a recent tweet, Bit Digital announced its return to its core focus as a cryptocurrency company centered on Ethereum.
Bit Digital’s Ethereum Journey Begins
Last month, Bit Digital started its Ethereum-focused journey. The platform ditched Bitcoin mining to focus on Ethereum staking, believing that the Ethereum Proof-of-Stake model will generate a steady income stream.
In pursuit of its goal, the platform launched a $150 million public offering, a week later, to finance its shift from Bitcoin mining to Ethereum staking and treasury management.
