Bit Digital (BTBT), Bitcoin Mining Company that is quoted at Nasdaq, announced yesterday, June 25, which launched a transition to form an Ether Treasury (ETH), Ethereum’s native cryptocurrency.
Within the framework of this transformation, the firm will close its Bitcoin mining operations and will issue corporate debt to increase your holdings in ETH.
With respect to mining, as reportedthe company has already started a process to evaluate alternatives that include the sale or liquidation of its operations. Any income will be destined to buy more units of the native currency of Ethereum.
As part of the same plan, BTBT plans to convert its Bitcoin (BTC) holdings to ETH over time.
As of March 31, BTBT had a total of 24,434.2 ETH and 417.6 BTC, valued at approximately 44.6 million dollars and 34.5 million dollars, respectively. It should be noted that BTBT began with its ETH accumulation and staking strategy since 2022.
After knowing the news, BTBT shares closed the day with a 3.7% dropas observed in the following trainingView graph:
As cryptootics has reported, There is an institutional fever by ETH in the market. Companies such as BTBT, BTCS Inc. and Sharplink are imitating Strategy’s strategy, the firm that leads Michael Saylor, which consists of debt issuance to finance ETH’s purchases, without depending on operational income.
The difference is that Saylor is accumulating BTC, while the aforementioned signatures opted for ETH. One of the reasons behind this choice is that Ether allows us to generate additional value through staking.
