Bit Digital announced the sale of $150 million in stock and the shift from Bitcoin mining to Ethereum staking, causing the stock price to fall nearly 19%.

Gate News bot message, former Bitcoin Mining company Bit Digital's stock price experienced a big dump this week, with a nearly 19% fall over five days, closing at $1.99 on June 27, having dropped 15% in just 24 hours.

Previously, Bit Digital announced a series of significant news, including a $150 million initial public offering (IPO) and a strategic shift towards Ethereum staking. On Thursday, the company announced a large-scale public offering, issuing 75 million shares of common stock to raise $150 million.

Bit Digital announced plans to issue 75 million shares of common stock at a price of $2 per share. The raised funds will be used to acquire ETH, doubling down on its previous decision to transform into a company focused on Ethereum.

After the news broke, the company's stock price fell to a low of $1.86 and then slightly rebounded in after-hours trading.

Earlier, the company decided to abandon its Bitcoin business and instead hold ETH. On Wednesday, the company announced its transformation into a "pure company focused on Ethereum staking and fund management," concentrating on increasing its holdings of ETH.

Source: Cointelegraph