Bit Digital Raises $163 Million in Equity Offering to Support Ethereum Reserve Program

Odaily News Nasdaq-listed Bit Digital said on Tuesday that the company raised an additional $21.4 million to support its Ethereum reserve plan because the underwriters exercised their over-allotment rights and purchased an additional 11.25 million shares from last week's public offering. After the over-allotment rights were fully exercised, the total issuance size of this transaction increased to 86.25 million shares, and the net amount of funds raised was approximately $162.9 million. Bit Digital will use the funds to purchase Ethereum and promote strategic transformation and gradually withdraw from the Bitcoin mining business. In June of this year, the company, which is also involved in mining and staking businesses, announced that it would gradually shut down its Bitcoin mining business and focus on the Ethereum field. As of the end of the first quarter of 2025, Bit Digital held 24,434.2 ETH (worth approximately $59.8 million). Its stock price rose nearly 4% after the announcement, and its market value rose to $594 million. (The Block)