Bit Digital Eyes $67.3M Raise to Expand Ethereum Holdings in Continued Treasury Shift

Bit Digital (Nasdaq: BTBT) is deepening its strategic pivot toward Ethereum, announcing a $67.3 million direct share offering with proceeds designated for additional ETH purchases.

The company said Monday that it had entered into a placement agency agreement with B. Riley Securities to sell 22 million ordinary shares at $3.06 each to select institutional investors. The transaction is expected to close on or around July 15, pending customary closing conditions.

This marks Bit Digital’s second ETH-focused capital raise in less than a month. In late June, the firm secured $172 million through a public offering of 75 million shares at $2.00 per share, with proceeds similarly allocated to Ethereum acquisitions.

Earlier this month, Bit Digital announced a full transition to an Ethereum-based treasury strategy, converting 280 BTC from its balance sheet into ETH and using funds from its previous offering to grow its holdings. The company’s ETH reserves have since increased to 100,603 ETH.

Bit Digital previously disclosed plans to wind down its Bitcoin mining operations, repositioning itself around Ethereum staking and treasury management. Shares of Bit Digital surged 25% following the initial announcement of its full treasury pivot last week, and dipped modestly by 1.2% on Monday after the latest capital raise was announced.