Bit Digital to sell bitcoin holdings and move into staking

The company will convert all of its bitcoin holdings into the largest altcoin

Miner Bit Digital has abandoned BTC mining in favor of ETH staking

26.06.2025 - 12:15

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3 min

What’s new? New York-based miner Bit Digital (BTBT) is exiting the bitcoin mining industry and completely refocusing its operations, assets, and capital on Ethereum staking.

Press release

What else is known? The company began accumulating ETH and setting up its staking infrastructure in 2022. As of March 31, Bit Digital owned 24 434,2 ETH worth $44,6 million and 417,6 BTC worth $34,5 million. It plans to convert its remaining bitcoin holdings to ETH over time.

To fund the transition, Bit Digital has begun the process of selling or winding down its bitcoin mining sites. The net proceeds from the sale will be reinvested in ETH. The company does not give a specific timeline for the sale or conversion of assets.

In March, the capitalization of the largest miners fell by a cumulative $6 billion

For industry companies, the month was the worst in history in terms of stock returns

The announcement marks an important turnaround for the company, especially given the significant rise in BTC compared to ETH. The ETH/BTC exchange rate is down 58% year-to-date and 75% since December 2021.

However, the move makes sense given the worsening situation for miners after the halving last April, which led to lower profitability despite bitcoin’s rise.

Bitcoin mining difficulty set a new record above 126 T in June

The network hashrate is just 10% below the 1 zetahash milestone

Halving is a programmed event in bitcoin’s code that occurs automatically every four years from the asset’s launch and halves the reward to miners for mining blocks. The fourth halving last year reduced the payout to 3,125 BTC per block.

The company also announced the issuance of additional shares to buy more ETH, and its high-performance computing subsidiary, WhiteFiber, has filed with the US Securities and Exchange Commission (SEC) to go public.