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Bit Digital Raises $150 Million to Purchase ETH and Exit Mining Industry
Summary: According to The Miner Mag, Bit Digital has raised $150 million through a public offering to accelerate its transition from Bitcoin mining to Ethereum staking and financial operations. The company priced 75 million shares at $2 each and offered an additional 11.25 million shares to underwriters through a 30-day option. The proceeds from this offering ...
According to The Miner Mag, Bit Digital has raised $150 million through a public offering to accelerate its transition from Bitcoin mining to Ethereum staking and financial operations. The company priced 75 million shares at $2 each and offered an additional 11.25 million shares to underwriters through a 30-day option. The proceeds from this offering will be used to purchase Ethereum, marking one of the largest public ETH financial commitments to date. This fundraising formalizes Bit Digital's strategy to exit the Bitcoin mining business, with plans to sell or gradually phase out its mining operations. With the tightening of the mining industry's economy, Bit Digital relied on third-party hosting partners like Coinmint to operate its mining fleet, but the termination of that agreement late last year left its mining business in disarray. Additionally, Bit Digital has filed a confidential IPO application for its wholly-owned subsidiary, WhiteFiber Inc., which focuses on high-performance computing (HPC) business.
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Link: Bit Digital Raises $150 Million to Purchase ETH and Exit Mining Industry [Copy]
