Summary
- Bit Digital stated that it is considering selling or reducing its Bitcoin mining business.
- It was announced that the secured funds will be reinvested in Ethereum-related business.
- They also stated a plan to gradually convert their holdings of Bitcoin into Ethereum.
Nasdaq-listed Bit Digital is showing signs of focusing on business related to Ethereum (ETH) rather than Bitcoin (BTC).
According to The Block on the 26th (local time), Bit Digital is considering selling or reducing its Bitcoin mining business, and the funds secured from this will be reinvested into Ethereum-related business.
Previously, Bit Digital began acquiring Ethereum and building staking infrastructure from 2022. As of the end of March 2024, the company holds 24,434 ETH (worth about $44.6 million) and 417.6 BTC (about $34.5 million). The company also plans to gradually convert its holdings of Bitcoin into Ethereum in the future.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
