Bit Digital (BTBT), a company that is quoted at Nasdaq, collected 162.9 million dollars in its last public offer, which will be destined to buy Ether (ETH), the native cryptocurrency of Ethereum.
The sale of these actions is part of the strategic plan that is promoting the company to progressively abandon Bitcoin mining.
This happens after the outsourcing model adopted by the company began generating recurrent problems. Although it seemed an effective strategy, in practice he exposed Bit Digital to interruptions for closures of partners, forced relocations and even fires.
For that reason, the firm said goodbye to Bitcoin mining to bet full of Ethereum’s native currency and generate passive income through staking. It should be noted that BTBT has been accumulating ETH since 2022 and currently has 27,623 eth in its treasury.
After knowing the news, BTBT’s action closed the day with an increase of 5.4%as can be seen in the following graph of TrainingView.
In this way, BTBT joins the list of companies that are copying the strategy that Strategy uses, the firm directed by Michael Saylor. As cryptootics has reported, it consists of issuing debt through shares or convertible bonds to finance Bitcoin’s purchases (BTC), without having to depend on its operating income.
Over the years, Strategy has set aside its products and services, and its main business is currently obtaining benefits from BTC increases. Something similar is doing BTBT with the difference that is accumulating eth instead of BTC.
