Bit Digital has completely abandoned Bitcoin mining and is now focusing on Ethereum staking.
Date: 2025-06-27 Author: Oliver Abernathy Categories: BUSINESS
The company intends to convert its entire Bitcoin supply, which is 417.6 BTC, into Ethereum. At the moment, the firm already has more than 24,400 ETH, which is equivalent to about $ 61 million.
As part of the new strategy, Bit Digital will develop one of the largest infrastructures for institutional-level Ethereum staking. To finance further ETH acquisitions, the company plans to conduct an initial public offering. In addition, its subsidiary WhiteFiber Inc, which is engaged in high-performance computing (HPC), will be spun off into a separate public company.
Bit Digital’s new business model includes not only staking, but also services for hosting validators, storing assets for institutional investors, and consulting on risk and yield management based on blockchain protocols. This shift reflects the growing market interest in Ethereum-based treasury strategies that offer yield through staking, as opposed to traditional Bitcoin mining.
Following the announcement of the strategy change, Bit Digital shares on the Nasdaq fell by 8.7% in less than a day. The company’s market cap currently stands at about $490 million, with the share price at about $2.30 in pre-market trading.
There has also been a general increase in interest in Ethereum staking: since the beginning of June 2025, users have staked over 500,000 ETH, bringing the total number of locked coins to more than 35 million - a new all-time high. Analysts attribute this trend to increased investor involvement and a reduction in liquid supply on the market.
Recall that other companies, such as REX Shares and Osprey Funds, are also actively promoting products based on Ethereum and Solana, applying for the creation of ETFs focused on staking.
Thus, Bit Digital's refusal from Bitcoin mining and the transition to Ethereum staking indicates a transformation of the cryptocurrency market and the adaptation of major players to new opportunities provided by the Ethereum blockchain ecosystem.
