.webp)
June 26, 2025 – Bit Digital, Inc. (Nasdaq: BTBT), a leading digital asset and high-performance computing (HPC) infrastructure provider, today announced it has successfully raised $150 million through a public offering. This significant capital infusion will accelerate the company’s strategic pivot away from Bitcoin mining, bolstering its focus on Ethereum staking and expanding its high-performance computing (HPC) and AI-aligned compute services.
The public offering involved the pricing of 75 million ordinary shares at $2.00 per share, with an additional 11.25 million shares available to underwriters via a 30-day option. Proceeds from this offering are primarily earmarked for the acquisition of Ethereum, marking one of the largest public ETH treasury commitments to date.
This raise formalizes Bit Digital’s strategic exit from Bitcoin mining, a business segment the company now plans to sell or wind down. As of March 31, 2025, Bit Digital held approximately 24,434 ETH and 418 BTC, with a clear intention to fully convert its Bitcoin holdings into Ethereum over time. The company's decision to depart from Bitcoin mining stems from broader industry challenges, including tightening mining economics and issues with third-party hosting partners, such as the termination of an agreement with Coinmint that left its mining operations in disarray.
"Bit Digital's transition began in early 2025, with plans to wind down Bitcoin mining operations and convert its BTC holdings into ETH," as noted in an analysis of the strategic shift. The company has shown a growing conviction in Ethereum, having previously sold 452 BTC to purchase ETH in June 2024.
Alongside this significant crypto treasury pivot, Bit Digital has also confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed Initial Public Offering (IPO) of its wholly-owned high-performance computing subsidiary, WhiteFiber Inc. While the timing and terms of the WhiteFiber Inc. offering remain undisclosed, this move underscores Bit Digital’s expanding commitment to Ethereum infrastructure and AI-aligned compute services.
Bit Digital strategically harnesses the powerful synergies between HPC, Bitcoin mining (now phasing out), and Ethereum staking, optimizing computational resources for maximum efficiency. The company operates across the United States, Canada, and Iceland, emphasizing carbon-free, future-ready compute power. [8] Its HPC data center is a 4MW Tier-3 facility powered by renewable hydroelectricity, expandable up to 24MW. Bit Digital also offers GPU-as-a-Service through its GPU Cloud, providing scalable, high-performance computing for intensive computational workloads.
As of January 31, 2025, Bit Digital's operations included over 2,000 GPUs for AI workloads and over 27,000 ETH in treasury holdings, a significant portion of which is staked to support network security and earn rewards through proof-of-stake. The company is committed to continually enhancing the sustainability of its HPC infrastructure, with the majority of its GPUs and miners running on carbon-free renewable energy.
About Bit Digital
Bit Digital, Inc. (Nasdaq: BTBT) is a digital asset and high-performance computing (HPC) infrastructure platform. Headquartered in New York, the company is strategically pivoting to focus on Ethereum staking and expanding its HPC and AI-aligned compute services. Bit Digital is committed to sustainable operations, utilizing carbon-free renewable energy sources across its facilities in the United States, Canada, and Iceland.
About WhiteFiber Inc.
WhiteFiber Inc. is a wholly-owned high-performance computing (HPC) subsidiary of Bit Digital, Inc. It focuses on providing specialized HPC infrastructure to meet the growing demands of artificial intelligence (AI) workstreams and Ethereum infrastructure. WhiteFiber Inc. has confidentially filed a draft registration statement for a proposed Initial Public Offering.
Compiled by CMO Intern team
