Digital bit (BTBT) is changing course to become a dedicated ether
Treasury bet and operation, said the company on Wednesday.
The company based in New York will leave Bitcoin
Business Mining completely, reusing its assets and capital in its growing ETH strategy.
The company began to build its ether and stagnation infrastructure position of Ethereum in 2022. As of March 31, BIT Digital had 24,434.2 ETH, valued at $ 44.6 million and 417.6 BTC for a value of $ 34.5 million. Plan to convert the remaining bitcoin into an ether over time.
To finance the transition, Bit Digital has begun a process to sell or reduce its mining Bitcoin operations. The net income of the divestment will be reinvested in Ether. There was no specific timeline for the sale or conversion of assets.
The announcement marks a significant pivot for a company once rooted in Bitcoin mining, especially considering that the incredible BTC race has been compared to ETH. The ETH/BTC ratio has dropped 75% since December 2021.
However, the movement is not a great surprise given how difficult the mining industry has become since the reduction of the middle of last year the BTC rewards for the miners in half, squeezing the margins of profits, despite the rally in the prices of Bitcoin.
The firm has also announced that it will sell shares to finance the purchase of more ether and that its high performance computer science (HPC) The subsidiary, Whitefiber, has presented a draft of the registration letter with the stock exchange and securities with respect to public publication.
BTBT has dropped 3.41% in the negotiation after the hours.
