Bit Digital (BTBT) Goes All-In On Ethereum, Sells All Bitcoin: What's Going On?

by Henry Khederian Benzinga Staff Writer

Bit Digital Inc BTBT shares are trading higher Monday morning after the company announced it shifted its corporate treasury strategy to focus solely on Ethereum ETH/USD. Here’s what investors need to know.

What To Know: In a strategic pivot, the firm liquidated its Bitcoin BTC/USD holdings and leveraged a recent capital raise to accumulate Ethereum, signaling strong conviction in the blockchain’s future.

The move was fueled by a recent underwritten public offering that generated approximately $172 million in gross proceeds. Bit Digital deployed the net capital from the offering, along with proceeds from the sale of roughly 280 BTC, to purchase additional ETH.

This series of transactions expanded the company's holdings from 24,434 ETH on March 31, to its current position of approximately 100,603 ETH.

“We believe Ethereum has the ability to rewrite the entire financial system,” stated Sam Tabar, CEO of Bit Digital. “Bit Digital is aligning itself with Ethereum’s long-term potential and positioning itself as a focused Ethereum treasury platform.”

Tabar emphasized the company’s ambitious goals, intending to build on its current holdings. “We intend to aggressively add more so we become the preeminent ETH holding company in the world,” he declared.

Price Action: According to data from Benzinga Pro, BTBT shares are trading higher by 25.7% to $3.69 Monday morning. The stock has a 52-week high of $5.74 and a 52-week low of $1.69.

How To Buy BTBT Stock

By now you're likely curious about how to participate in the market for Bit Digital – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

In the case of Bit Digital, which is trading at $3.33 as of publishing time, $100 would buy you 30.03 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

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