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Bit Digital plans a $67.3M direct share offering to institutional investors
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Proceeds will fund additional ETH purchases
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Company recently converted entire BTC treasury to Ethereum
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Current ETH holdings exceed 100,000 ETH, valued at over $300M
Fueling the Ethereum Treasury Shift
Bit Digital is raising $67.3 million through a direct offering of 22 million shares priced at $3.06 each. The firm says it will use the proceeds to acquire more ETH, expanding its crypto treasury reserves.
This follows last week’s announcement that Bit Digital had converted its entire BTC treasury into ETH.
Institutional Strategy and Growth
The offering is expected to close by July 15. Bit Digital’s Q2 revenue is projected between $24.3M and $26.9M. Since pivoting to Ethereum in 2022, the company has built a sizable treasury and expanded into validator operations and staking.
Shares closed down 1.2% Monday at $3.29, though they remain up over 32% in the past month.
