Nasdaq-Listed Bit Digital Ends Bitcoin Mining Shifts to Ethereum Staking

Bit Digital is undergoing a major strategic transformation, shifting its core business from Bitcoin mining to becoming a dedicated Ethereum staking and treasury company. The company plans to exit its Bitcoin mining operations, selling or winding them down, and reinvest the proceeds into expanding its Ethereum holdings and staking infrastructure. As of March 2025, Bit Digital held over 24,000 ETH valued at around $44.6 million and about 417 BTC worth $34.5 million, with plans to gradually convert its Bitcoin holdings into Ethereum. This pivot aligns with the broader industry trend favoring Ethereum's Proof-of-Stake model, which offers environmental sustainability, lower operational costs, and predictable staking yields compared to Bitcoin's energy-intensive mining. Bit Digital also announced a public offering to fund additional ETH purchases and plans to spin out its high-performance computing subsidiary, WhiteFiber, via a public offering. Market observers view Bit Digital's move as progressive, positioning the company to attract yield-focused investors amid challenges faced by Bitcoin miners following recent reward halvings.