Nasdaq-listed Bit Digital raises $163 million in net proceeds from share offering to fund Ethereum treasury

Nasdaq-listed Bit Digital (BTBT) hauled in an extra $21.4 million to finance its Ethereum treasury plans after underwriters exercised an option to buy 11.25 million additional shares from last week’s public offering, the company said Tuesday.

The full greenshoe lifts the deal to 86.25 million shares and brings net proceeds to roughly $162.9 million. Bit Digital will use the cash to purchase Ether and fund a strategic pivot away from bitcoin mining. In June, the mining and staking provider said it would wind down its BTC mining operations to focus on ETH.

Crypto treasury plays are increasingly popular among publicly traded companies, especially under the pro-crypto Trump administration. The trend provides leveraged exposure to assets such as BTC, ETH, SOL, and XRP. Most firms have typically opted for Bitcoin treasuries. However, at least two BTC mining firms have doubled down on Ether instead.

Bit Digital said it plans to convert its BTC stack, about 417.6 bitcoins worth an estimated $44.9 million, to ETH over time. The firm began accumulating and staking Ether in 2022. It held 24,434.2 ETH coins at the end of the first quarter of 2025, currently valued at over $59.8 million as Ethereum’s native token traded at $2,444 on Wednesday, according to The Block’s price page. BitMine Immersion Technologies, another BTC miner, also plans to raise $250 million for a corporate Ethereum treasury. The miner had previously generated $18 million from share sales to finance Bitcoin purchases before the transition to Ether.

BTBT shares rose almost 4% in after-hours trading following the overallotment announcement, The Block’s data showed. Additionally, its market capitalization has increased to $594 million, up from $488 million the previous week.