Bit Digital Shifts to Ethereum Staking, Holds 24,434 ETH and 417 BTC; BitMine Raises $250M with Tom Lee as Chairman

Bit Digital, a Nasdaq-listed cryptocurrency firm, is undergoing a strategic transformation to become a pure-play Ethereum staking and treasury company. The company plans to wind down its Bitcoin mining operations, sell its approximately 417 Bitcoin holdings valued at around $34.5 million, and redeploy the proceeds into Ethereum. As of the end of March 2025, Bit Digital held about 24,434 Ethereum tokens valued at approximately $44.6 million. To accelerate this shift, Bit Digital recently raised $150 million through a public offering aimed at purchasing more Ethereum for its treasury.

Separately, BitMine Immersion Technologies, another publicly traded Bitcoin mining company, announced a $250 million private placement to initiate an Ethereum-focused treasury strategy. This move coincides with the appointment of Wall Street strategist Tom Lee as chairman of BitMine's board. Lee aims to position BitMine as the "MicroStrategy of Ethereum," building one of the largest publicly traded Ethereum treasuries. BitMine's stock surged over 400% following the announcement, with the private placement led by MOZAYYX and supported by investors including Founders Fund and Pantera Capital. Both companies are pivoting from Bitcoin mining to focus on Ethereum staking and treasury asset management, reflecting growing institutional interest in Ethereum's staking ecosystem and decentralized finance opportunities.