Important Highlights
- Bit Digital sold 280 BTC and raised $172 million to build a massive ETH treasury of 100,603 ETH.
- In the same time frame, its stock (BTBT) surged 19%, significantly surpassing ETH’s 22% gain.
- Public companies now hold 24% of all institutional Ethereum, signaling rising crypto confidence in ETH.
A Big Crypto Bet: Bit Digital Swaps BTC for ETH
Bit Digital just made a bold move in the crypto world. The company, once heavily focused on Bitcoin mining, has completely exited its BTC position.
Instead, it’s turned its attention—and its money—to Ethereum.
Bit Digital revealed on July 7 that it has secured $172 million in new funding and sold 280 Bitcoins (BTC).
The company managed to boost its Ethereum (ETH) holdings to an impressive 100,603 ETH, all thanks to that influx of cash.
So, why such a dramatic pivot? According to Bit Digital, Ethereum isn’t just another crypto asset—it’s the future of finance.
CEO Says Ethereum Will Reshape Finance
In a recent CNBC interview, CEO Samir Tabar didn’t hold back.
He said, “We took out a profitable BTC mining business and sold all the BTCs and put it all in the ethrium. We’re just getting started.”
That’s a strong statement, especially from someone leading a company once deeply tied to Bitcoin.
However, Tabar thinks Ethereum has the ability to change the financial system, something Bitcoin lacks.
Between smart contracts, DeFi, and ongoing upgrades, he sees ETH as the more transformative player in the crypto game.
They’re Not Alone: More Companies Are Going ETH
Interestingly, Bit Digital isn’t the only one making this kind of move.
On June 30, BitMine Immersion Technologies also revealed plans to raise $250 million for their Ethereum treasury.
That effort is being led by Fundstrat’s Tom Lee, another big name in the crypto space.
Because of these moves, the total ETH held by public companies and Web3 firms has now jumped to $3.3 billion.
Even more impressive—public companies alone control 313,800 ETH, or about 24% of all institutional ETH reserves.
Bit Digital’s new stash now puts it among the top 10 ETH-holding companies, right behind Coinbase, which holds around 137,300 ETH.
Investors Take Notice: Stock Shoots Up 19%
Markets liked what they saw. After the Ethereum announcement, Bit Digital’s stock (BTBT) jumped 19%, climbing from $3.25 to $3.86.
Since the lows in June, the stock has rallied more than 80%.
At the same time, Ethereum itself rose by around 22%, which is great—but not as good as BTBT’s performance.
In other words, Bit Digital investors saw nearly four times the returns that ETH holders got in that same time frame.
ETH also outpaced Bitcoin by around 10% in the past two weeks.
If the ETH/BTC ratio keeps pushing toward the 0.025mark, Ethereum might continue leading the crypto charge—just as Bit Digital is betting it will.
Bit Digital Eyes Top Spot in Crypto Holdings
With over 100,000 ETH now in the bank, Bit Digital is creeping up the ranks of the largest corporate Ethereum holders.
If it continues building its position, it could soon pass Coinbase and become the fourth-biggest holder.
This is more than just a number game. Moves like this suggest a changing mindset among public companies.
It is not only about keeping bitcoin-crypto strategies are developing, and the atherium is becoming front-raner.