Bitcoin mining powerhouse Bit Digital has filed to raise up to $500 million through an at-the-market (ATM) offering, a sum that surpasses its current market cap of $429 million. This ambitious plan signals the company’s intent to speed up its growth in high-performance computing and cloud services, marking an important moment in the crypto mining industry.
The Funds’ Purpose
Bit Digital’s ATM offering allows the company to sell shares directly into the open market over time, providing flexibility to raise funds without locking into fixed terms. This method allows the firm to capitalize on favorable market conditions to secure the $500 million. The funds are earmarked for expanding its high-performance computing and cloud services operations, purchasing advanced equipment, and potentially pursuing strategic acquisitions.
This move spreads Bit Digital’s portfolio beyond traditional Bitcoin mining, positioning it to meet growing demand for computational power in emerging tech sectors. The company aims to strengthen its infrastructure and scale operations to stay competitive in a rapidly growing industry.
Not a New Strategy
ATM offerings have become a popular strategy for crypto-focused firms to fuel expansion without heavy debt. In March 2025, Marathon Digital filed a $2 billion ATM offering to fund Bitcoin acquisitions and operational growth, leveraging its 15,000 BTC holdings.
Similarly, MicroStrategy, under its rebranded name Strategy, announced a $21 billion ATM offering in March 2025 to boost its Bitcoin reserves, now exceeding 500,000 tokens. Under the leadership of its chairman and founder, Michael Saylor, the company claimed the ATM program involved the sale of perpetual strike preferred stock, which was issued under the Securities Act.
The sale followed a Sales Agreement filed with the U.S. Securities and Exchange Commission (SEC). This case highlights a pattern where firms use ATM offerings to tap market enthusiasm for crypto, funding aggressive growth while minimizing financial risk.
Bit Digital’s $500 million ATM offering highlights its bold vision to clarify its role in the crypto and tech landscape. As the company moves toward high-performance computing, it joins a wave of firms capitalizing on market optimism.
Meanwhile, Bit Digital acquired an industrial building in Madison, North Carolina, for $53.2 million through Enovum Data Centers Corp., the company’s wholly owned Canadian subsidiary. The investment includes a $2.25 million initial deposit, with $1.2 million being non-refundable. The transaction is expected to close on May 15, 2025.
