Market Brief
Daily market recaps with key events, stock movements, and global influences
Bit Digital exits Bitcoin mining, raises $172M, now holds 100,603 ETH for staking treasury.
Proceeds and $172M share offering used to acquire ~100,603 ETH ($255M)Nasdaq-Listed Bit Digital Sells Bitcoin, Raises $172 Million, Holds 100,603 ETH, Stock Up 30% After Ethereum Pivot
BTBT now focuses on Ethereum staking and treasury managementNasdaq-Listed Bit Digital Sells Bitcoin, Raises $172 Million, Holds 100,603 ETH, Stock Up 30% After Ethereum Pivot
Shares surged over 30% after transition announcement; closed at $3.78 on July 8Nasdaq-Listed Bit Digital Sells Bitcoin, Raises $172 Million, Holds 100,603 ETH, Stock Up 30% After Ethereum Pivot
Bit Digital (BTBT) fully exited Bitcoin mining, selling ~417 BTC for $28–34.5MBit Digital Exits Bitcoin Mining with 417 BTC, 24,434 ETH; BitMine Raises $250M, Tom Lee Named Chairman
BitMine (BMNR) raised $250M for Ethereum treasury strategy; Tom Lee named chairmanBit Digital Exits Bitcoin Mining with 417 BTC, 24,434 ETH; BitMine Raises $250M, Tom Lee Named Chairman
BitMine aims to become a major public ETH holder, backed by Founders Fund and PanteraBit Digital Exits Bitcoin Mining with 417 BTC, 24,434 ETH; BitMine Raises $250M, Tom Lee Named Chairman
Bit Digital’s shift from Bitcoin mining to an Ethereum-focused treasury and staking model marks a notable change in strategy among crypto-related public companies. By selling its entire Bitcoin position and raising $172 million to amass over 100,000 ETH, BTBT is now positioned as one of the largest public holders of Ethereum. The market responded positively, with shares gaining over 30% and trading volume increasing sharply.
BitMine’s $250 million capital raise and the appointment of Tom Lee as chairman indicate a similar pivot, with the company aiming to build a significant Ethereum treasury. The involvement of institutional investors such as Founders Fund and Pantera further underscores growing interest in Ethereum as a corporate asset.
For traders, the focus should remain on price action in BTBT and BMNR, both of which are now leveraged to Ethereum’s performance and staking yields. Monitor ETH price trends, regulatory developments, and any updates on staking returns, as these will directly impact the valuation and trading volatility of these stocks. Elevated trading volumes and headline-driven moves are likely as the market adjusts to this sector rotation.
Bit Digital exits Bitcoin mining, raises $172M, now holds 100,603 ETH for staking treasury.
Proceeds and $172M share offering used to acquire ~100,603 ETH ($255M)Nasdaq-Listed Bit Digital Sells Bitcoin, Raises $172 Million, Holds 100,603 ETH, Stock Up 30% After Ethereum Pivot
BTBT now focuses on Ethereum staking and treasury managementNasdaq-Listed Bit Digital Sells Bitcoin, Raises $172 Million, Holds 100,603 ETH, Stock Up 30% After Ethereum Pivot
Shares surged over 30% after transition announcement; closed at $3.78 on July 8Nasdaq-Listed Bit Digital Sells Bitcoin, Raises $172 Million, Holds 100,603 ETH, Stock Up 30% After Ethereum Pivot
Bit Digital (BTBT) fully exited Bitcoin mining, selling ~417 BTC for $28–34.5MBit Digital Exits Bitcoin Mining with 417 BTC, 24,434 ETH; BitMine Raises $250M, Tom Lee Named Chairman
BitMine (BMNR) raised $250M for Ethereum treasury strategy; Tom Lee named chairmanBit Digital Exits Bitcoin Mining with 417 BTC, 24,434 ETH; BitMine Raises $250M, Tom Lee Named Chairman
BitMine aims to become a major public ETH holder, backed by Founders Fund and PanteraBit Digital Exits Bitcoin Mining with 417 BTC, 24,434 ETH; BitMine Raises $250M, Tom Lee Named Chairman
Bit Digital’s shift from Bitcoin mining to an Ethereum-focused treasury and staking model marks a notable change in strategy among crypto-related public companies. By selling its entire Bitcoin position and raising $172 million to amass over 100,000 ETH, BTBT is now positioned as one of the largest public holders of Ethereum. The market responded positively, with shares gaining over 30% and trading volume increasing sharply.
BitMine’s $250 million capital raise and the appointment of Tom Lee as chairman indicate a similar pivot, with the company aiming to build a significant Ethereum treasury. The involvement of institutional investors such as Founders Fund and Pantera further underscores growing interest in Ethereum as a corporate asset.
For traders, the focus should remain on price action in BTBT and BMNR, both of which are now leveraged to Ethereum’s performance and staking yields. Monitor ETH price trends, regulatory developments, and any updates on staking returns, as these will directly impact the valuation and trading volatility of these stocks. Elevated trading volumes and headline-driven moves are likely as the market adjusts to this sector rotation.
14 posts • OpenAI (o3)
Published
BitMine Immersion Corp. surged as much as 130% to roughly $147 in New York trading on Wednesday before being halted for volatility, extending an extraordinary rally that has lifted the little-known crypto-focused stock about 30-fold in less than a week.
The move follows BitMine’s 27 June disclosure that it intends to establish a $250 million Ethereum-denominated treasury, a strategy publicly championed by Fundstrat Global Advisors co-founder Tom Lee. The plan, announced as Bitcoin and Ether prices edge higher, has ignited speculative interest and forced short sellers to cover positions.
More than $3.8 billion worth of BitMine shares changed hands on Wednesday, according to consolidated tape data—volumes that rival larger-capitalisation names and underscore the renewed appetite for crypto-linked equities. The frenzy has spilled into other digital-asset proxies such as MicroStrategy and Bitcoin exchange-traded products, reviving talk of a new ‘alt-season’ in the stock market.
$BMNR The newly announced $ETH treasury company is up 1,588%... since FRIDAY! I repeat, once again. Alt season is happening, just in crypto stocks. Ethereum may never pull this move... and a company buying it can.
BMNR stock with the 100% pop today to $135 Now up 30x on the week and a clean 10x from the announcement of Tom Lee and the $250M treasury
Soooooooo awesome to see $BMNR now in the $147s, up from my tweet this morning at $81 LOLOLOL, what an EPIC short squeeze, the shorts will never post their massive losses publicly (insecure much?), so we must comfort them and tell them how much we appreciate their
$BMNR Scaled into this yesterday near close. The best charts overall right now are in Crypto via $IBIT, $MSTR and alike. As crypto inches higher into breakout this presented the perfect vehicle for speculation. Tom Lee has been the poster child of the bull market over the
$BMNR Look at what Tom Lee did?! LOOK AT IT!! A god candlestick if I have ever seen one.. @fundstrat
34 posts • GPT (4.1 mini)
Published
Bit Digital, a Nasdaq-listed cryptocurrency firm, has completed a strategic transition from Bitcoin mining to becoming a pure-play Ethereum staking and treasury company. The company has fully exited Bitcoin mining operations and sold its entire Bitcoin holdings of approximately 417.6 BTC, valued around $28 million, converting these proceeds into Ethereum. Bit Digital raised approximately $172 million through a public offering to fund the purchase of Ethereum, significantly expanding its ETH treasury. As a result, the firm now holds about 100,603 ETH, valued at approximately $255 million, making it one of the largest public Ethereum holders. The company’s CEO, Samir Tabor, has emphasized the shift towards Ethereum staking and treasury management as a core strategic focus. Following this transition, Bit Digital’s shares have rallied nearly 90% over six trading sessions, reflecting investor confidence in its new direction.
19 posts • GPT (4.1 mini)
Published
Nasdaq-listed Bit Digital (BTBT) has announced a strategic shift from Bitcoin mining to becoming a pure-play Ethereum staking and treasury company. The firm plans to wind down its Bitcoin mining operations and convert its Bitcoin holdings of approximately 417.6 BTC, valued at around $34.5 million, into Ethereum. As of the end of March 2025, Bit Digital held about 24,434 ETH, valued at approximately $44.6 million. To accelerate this transition, the company raised approximately $163 million in net proceeds through a public share offering, which will be used to expand its Ethereum treasury and staking operations. This move reflects growing institutional interest in Ethereum-based treasury strategies and positions Bit Digital to focus exclusively on Ethereum staking and treasury asset management.
14 posts • OpenAI (o3)
Published
BitMine Immersion Corp. surged as much as 130% to roughly $147 in New York trading on Wednesday before being halted for volatility, extending an extraordinary rally that has lifted the little-known crypto-focused stock about 30-fold in less than a week.
The move follows BitMine’s 27 June disclosure that it intends to establish a $250 million Ethereum-denominated treasury, a strategy publicly championed by Fundstrat Global Advisors co-founder Tom Lee. The plan, announced as Bitcoin and Ether prices edge higher, has ignited speculative interest and forced short sellers to cover positions.
More than $3.8 billion worth of BitMine shares changed hands on Wednesday, according to consolidated tape data—volumes that rival larger-capitalisation names and underscore the renewed appetite for crypto-linked equities. The frenzy has spilled into other digital-asset proxies such as MicroStrategy and Bitcoin exchange-traded products, reviving talk of a new ‘alt-season’ in the stock market.
$BMNR The newly announced $ETH treasury company is up 1,588%... since FRIDAY! I repeat, once again. Alt season is happening, just in crypto stocks. Ethereum may never pull this move... and a company buying it can.
BMNR stock with the 100% pop today to $135 Now up 30x on the week and a clean 10x from the announcement of Tom Lee and the $250M treasury
Soooooooo awesome to see $BMNR now in the $147s, up from my tweet this morning at $81 LOLOLOL, what an EPIC short squeeze, the shorts will never post their massive losses publicly (insecure much?), so we must comfort them and tell them how much we appreciate their
$BMNR Scaled into this yesterday near close. The best charts overall right now are in Crypto via $IBIT, $MSTR and alike. As crypto inches higher into breakout this presented the perfect vehicle for speculation. Tom Lee has been the poster child of the bull market over the
$BMNR Look at what Tom Lee did?! LOOK AT IT!! A god candlestick if I have ever seen one.. @fundstrat
34 posts • GPT (4.1 mini)
Published
Bit Digital, a Nasdaq-listed cryptocurrency firm, has completed a strategic transition from Bitcoin mining to becoming a pure-play Ethereum staking and treasury company. The company has fully exited Bitcoin mining operations and sold its entire Bitcoin holdings of approximately 417.6 BTC, valued around $28 million, converting these proceeds into Ethereum. Bit Digital raised approximately $172 million through a public offering to fund the purchase of Ethereum, significantly expanding its ETH treasury. As a result, the firm now holds about 100,603 ETH, valued at approximately $255 million, making it one of the largest public Ethereum holders. The company’s CEO, Samir Tabor, has emphasized the shift towards Ethereum staking and treasury management as a core strategic focus. Following this transition, Bit Digital’s shares have rallied nearly 90% over six trading sessions, reflecting investor confidence in its new direction.
19 posts • GPT (4.1 mini)
Published
Nasdaq-listed Bit Digital (BTBT) has announced a strategic shift from Bitcoin mining to becoming a pure-play Ethereum staking and treasury company. The firm plans to wind down its Bitcoin mining operations and convert its Bitcoin holdings of approximately 417.6 BTC, valued at around $34.5 million, into Ethereum. As of the end of March 2025, Bit Digital held about 24,434 ETH, valued at approximately $44.6 million. To accelerate this transition, the company raised approximately $163 million in net proceeds through a public share offering, which will be used to expand its Ethereum treasury and staking operations. This move reflects growing institutional interest in Ethereum-based treasury strategies and positions Bit Digital to focus exclusively on Ethereum staking and treasury asset management.
