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Bit Digital shifts its strategic focus to Ethereum and exits Bitcoin mining.
Gate News bot reports that according to Coindoo, Bit Digital (BTBT) has announced a major strategic shift, revealing plans to completely exit the Bitcoin mining business and focus on Ethereum staking and capital operations. This move marks a significant directional change for the Nasdaq-listed company, which began accumulating Ethereum (ETH) in 2022 and building its Ethereum staking infrastructure.
As of March 31, Bit Digital held 24,434.2 ETH (valued at $44.6 million) and 417.6 BTC (valued at $34.5 million). The company stated that it plans to gradually convert all remaining BTC into ETH to fulfill its long-term commitment to generating revenue based on Ethereum.
To fund its transformation, Bit Digital has begun selling or gradually reducing its Bitcoin mining assets, including hardware and operating contracts. Although no specific timeline has been announced, the company has confirmed that the net proceeds from these sales will be directly reinvested into ETH and related staking infrastructure.
Driven by the rising on-chain yield and the improving infrastructure, institutional investors' interest in Ethereum staking continues to grow, and Bit Digital has made this transition as a result. This move by Bit Digital makes it one of the first publicly listed companies to completely abandon the Proof of Work (POW) mechanism and adopt Ethereum as an asset for management and revenue generation.
The company did not specify the speed of the divestiture, but emphasized that the transition is underway and reflects a broader vision for long-term involvement in blockchain infrastructure.