Nasdaq-Listed Company Makes Controversial Move: Dumps All Its Bitcoin, Replaces It with Ethereum – Here’s How Much It Bought

Bit Digital, a cryptocurrency mining and digital asset services provider, has made a remarkable move by switching its entire treasury strategy to Ethereum.

In addition to the approximately $172 million in proceeds from the IPO, the company sold approximately $28 million worth of Bitcoin (BTC) and purchased a total of $192.9 million worth of Ethereum (ETH). With these purchases, Bit Digital’s ETH holdings reached $254.8 million.

According to the company’s press release, Bit Digital held 24,434 ETH as of March 31, 2025. After the proceeds from the IPO and the BTC sale, this amount was increased to 100,603 ETH. With this development, Bit Digital has one of the largest Ethereum portfolios among publicly traded companies.

Bit Digital CEO Sam Tabar explained their strategy for migrating to Ethereum with the following words:

“We believe in the potential of Ethereum to rewrite the entire financial system. Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets. At Bit Digital, we align ourselves with Ethereum’s long-term potential and aim to be a focused Ethereum treasury platform in the public market.”

Tabar also stated that they will aggressively purchase more ETH in this new strategy, which they started with more than 100,000 ETH, and said, “We aim to become the largest ETH asset company in the world.”

*This is not investment advice.

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