Bit Digital Dumps Bitcoin for Ethereum, Becomes One of the Largest Public ETH Holders

Bit Digital (Nasdaq: BTBT) has made a bold pivot in its corporate treasury strategy, selling off all of its Bitcoin (BTC) holdings and using the proceeds, along with capital from a recent public offering, to purchase Ethereum (ETH). The move positions Bit Digital as one of the largest publicly listed holders of ETH.

Ethereum Now at the Core of Bit Digital’s Treasury

In a press release issued Monday, Bit Digital confirmed the sale of 280 BTC, worth around $28 million. It combined those funds with $172 million raised in a public offering to purchase approximately $192.9 million in ETH. This massive buy increased Bit Digital’s total holdings to 100,603 ETH, valued at $254.8 million, up from just 24,434 ETH as of March 31.

“We are returning to our roots: a cryptocurrency company positioned as a focused Ethereum treasury platform directed at one of the most impactful assets of our generation: ETH. There is no second best,” the company stated.

CEO: Ethereum Is “Where Economic Throughput Is Heading”

In an interview with CNBC, CEO Sam Tabar emphasized the long-term vision:

“Many investors felt like they missed the Bitcoin wave. Ethereum represents that next wave.”

Tabar noted that Ethereum isn’t just a cryptocurrency—it’s a protocol driving trillions in on-chain value. He compared Ethereum to traditional strategic assets like gold or treasury bonds, but with a modern twist: it’s alive and programmable.

He explained:

• Ethereum has the largest developer base in Web3.
• Real economic activity (stablecoins, tokenization, on-chain fees) flows back to ETH holders.
• Bitcoin doesn’t capture this same feedback loop.

“Ethereum captures real activity, real economic throughput. Bitcoin does not participate in that value loop.”

Stock Market Reaction: Investors Are Bullish

The market reacted swiftly and positively:

• Bit Digital’s stock surged +18.37% at close on July 7.
• After-hours trading saw an additional +10.3% gain.

This comes amid a wider trend of companies pivoting to Ethereum-focused treasury models. For example:

• BitMine saw a 684.8% rise in stock price after its ETH pivot.
• Sharplink now holds $462.9 million in ETH—making it the largest corporate ETH holder.

Demand vs. Supply: ETH Accumulation Outpacing Issuance

According to on-chain analyst Eric Conner, public firms have collectively purchased 388,000 ETH, while only 70,000 ETH were minted in the same period.

“The public-company demand wave for ETH > new issuance keeps getting stronger,” Conner wrote on X. “Keep an eye on the next 10-Q filings—ETH on corporate balance sheets might be the stealth metric of this cycle.”

Final Thoughts

Bit Digital’s pivot from a Bitcoin miner to a full-fledged Ethereum treasury platform signals a larger institutional trend. If this ETH demand continues, it could mirror the price impact that corporate Bitcoin accumulation had in previous cycles.

With Ethereum’s growing role in DeFi, tokenization, and on-chain finance, the crypto market could be entering a new phase—one where Ethereum becomes the go-to corporate reserve asset.

July 2025, Cryptoniteuae