Controversial Move from a Listed Company on Nasdaq: Dumped All Its Bitcoin and Bought Ethereum Instead! Here is the Purchase Amount

Crypto mining and digital asset services provider Bit Digital made a striking move by converting its entire treasury strategy into Ethereum.

The company, in addition to the revenue obtained from its public offering of approximately 172 million dollars, sold its holdings of approximately 28 million dollars worth of Bitcoin (BTC) to purchase a total of 192.9 million dollars worth of Ethereum (ETH). With these purchases, Bit Digital's ETH assets reached 254.8 million dollars.

According to the company's press release, Bit Digital held 24,434 ETH as of March 31, 2025. This amount was increased to 100,603 ETH following the revenue generated from the IPO and the sale of BTC. With this development, Bit Digital has become one of the largest Ethereum portfolios among publicly traded companies.

Bit Digital CEO Sam Tabar explained their transition strategies to Ethereum with the following words:

"We believe in Ethereum's potential to rewrite the entire financial system. Ethereum's programmable structure, increasing adoption, and staking yield model represent the future of digital assets. As Bit Digital, we align ourselves with Ethereum's long-term potential and aim to be a publicly focused Ethereum treasury platform."

Tabar also stated that they will aggressively purchase more ETH in this new strategy, which they started with over 100,000 ETH, saying, "We aim to become the world's largest ETH asset company."