Bit Digital Stock Falls 15% as Firm Pivots to Ethereum and Launches $150M Offering
Bit Digital's share price fell nearly 19% over five days, closing at $1.99 on June 27, with a 15% drop in 24 hours. The decline followed a $150 million public offering announcement, where the company plans to issue 75 million shares at $2 each to fund the purchase of Ether (ETH). Bit Digital is transitioning from Bitcoin (BTC) mining to becoming a pure-play Ethereum staking and treasury company, aiming to increase its ETH holdings. As of March 31, it held 24,434 ETH and 417 BTC, valued at approximately $44.6 million and $34.5 million, respectively. The stock dipped to $1.86 before slight recovery in after-hours trading. The pivot to ETH has led to a drop in market capitalization rank from 12th to 13th among Bitcoin mining companies, with stock prices down over 40% this year.
