Bit Digital, a Nasdaq-listed crypto firm, is deepening its commitment to Ethereum as it pivots from its previous Bitcoin-centric operations.
In a July 25 filing with the US Securities and Exchange Commission (SEC), the company proposed a significant increase in authorized share capital, from 340 million to 1 billion ordinary shares.
Bit Digital Proposes $10 Million Raise to Expand Ethereum Reserves
According to the filing, the new capital will primarily fund Ethereum acquisitions. The firm stated that its goal is to raise approximately $10 million, with a shareholder vote scheduled for September 10.
The company also clarified that proceeds from the proposed share issuance will support broader corporate initiatives, including mergers and acquisitions, employee compensation, dividend distributions, and general operations.
Bit Digital believes that its current share capital structure restricts its ability to scale, particularly in alignment with its long-term growth strategy centered around Ethereum.
This proposal reflects a dramatic transformation in the company’s strategic direction. Once known for its Bitcoin mining business, Bit Digital now views Ethereum as a core treasury asset.
Earlier in July, the firm sold 280 Bitcoin from its reserves, reallocating roughly $172 million to boost its Ethereum holdings.
Following this move, Bit Digital’s Ethereum balance surged from 24,434 ETH to over 100,600 ETH. An additional purchase of 19,683 ETH on July 18 further lifted its total to approximately 120,306 ETH.
This places it among the top 10 Ethereum treasury reserve holders, behind SharpLink and BitMine. Cumulatively, these kinds of firms hold more than 2.3 million ETH, valued at nearly $9 billion.
Nonetheless, Bit Digital’s aggressive accumulation strategy demonstrates the company’s growing conviction in Ethereum’s future.
“ETH can offer a rare combination of capital appreciation and native yield, making it an institutional titan. Its value is reinforced by strong onchain utility and a global community of developers. No other asset, including BTC, matches the depth of its ecosystem and built-in earning potential,” Bit Digital stated.
Beyond Ethereum accumulation, the company actively stakes its holdings and operates Ethereum validators, transforming its treasury into a yield-generating asset base.
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