Bit Digital Raises $162.9 Million to Buy Ethereum

Nasdaq-listed Bit Digital completed a share offering, raising $162.9 million in net proceeds. The company will use all funds to purchase Ethereum as part of its treasury strategy.

The offering included 86.25 million ordinary shares. Bit Digital initially priced 75 million shares at $2.00 each on June 26, 2025. Underwriters exercised their full option to purchase an additional 11.25 million shares, adding $21.4 million to the total proceeds.

B. Riley Securities served as the sole bookrunning manager. Clear Street, Craig-Hallum and Northland Capital Markets acted as co-managers. The sale used a shelf registration statement on Form S-3 that the SEC declared effective on June 20, 2025.

Bit Digital holds approximately 24,434 ETH, worth nearly $44.6 million as of March 2025. The company staked 21,568 ETH through Figment Inc. and earned a 3.2% annual yield from staking activities in 2024. It also owns 417.6 BTC valued at about $34.5 million and plans to sell these Bitcoin holdings as it reduces mining operations and focuses on Ethereum.

The company has commenced a strategic alternatives process for its Bitcoin mining operations, with any net proceeds to be re-deployed into ETH, and intends to convert its BTC holdings into ETH over time. 

Industry data shows 1.19 million ETH, worth roughly $3 billion, are held in corporate and organizational treasuries under the Strategic ETH Reserve initiative.

Bit Digital started accumulating and staking Ethereum in 2022. The company now operates what it describes as one of the largest institutional Ethereum staking infrastructures. Its platform handles validator operations, custody services, protocol governance, and yield optimization.