Bit digital (Btbt) is changing course to be a dedicated ether
Staking and Treasury Operation, the company Says Wednesday.
New York -based firm will appear in Bitcoin
The mining business in full, repurcing its properties and capital with the growing approach to ETH.
The company began developing the position of the Ether and Ethereum Staking Infrastructure in 2022. As of March 31, the Bit Digital was held 24,434.2 ETH, worth $ 44.6 million, and 417.6 BTC worth $ 34.5 million. It plans to convert the remaining bitcoin to Ether over time.
To fund the move, Bit Digital has begun a process to sell or overthrow bitcoin mining operations. Net income from divestiture will re -invest in ether. No specific timeline was provided for the sale or converting of properties.
The announcement marks a significant pivot for a company once rooted in Bitcoin mining, especially considering the incredible BTC running is compared to ETH. The ETH/BTC ratio has dropped 75% since December 2021.
However, the move was not a huge surprise given how difficult the mining industry was since the stop of last year cut off BTC’s rewards for half of miners, squeezing income margins, despite the rally in bitcoin prices.
The firm has also had announced that it will sell shares to fund the purchase of more ether, and that is the high performance computing (HPC) The subsidiary, WhiteFiber, submitted a draft registration letter with the Securities and Exchange Commission about going public.
BTBT dropped 3.41% in after trading time.
