Bitcoin mining company Bit Digital raises $150 million to buy ETH and will withdraw from BTC mining later

Odaily News Bitcoin mining company Bit Digital has raised $150 million in a public offering to accelerate its transition from Bitcoin mining to Ethereum equity and funding operations. The company issued 75 million shares at $2 per share, with an additional 11.25 million shares available to underwriters via 30-day options. The proceeds from the offering will be used to acquire Ethereum, one of the largest public ETH financial commitments to date. The fundraising formalizes the companys strategic exit from the Bitcoin mining industry, and the company now plans to sell or close this business. As of March 31, Bit Digital held approximately 24,434 ETH and 418 BTC, and plans to fully convert its Bitcoin holdings to Ethereum over time.