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Bit Digital Shifts to Ethereum Treasury From Bitcoin: BTBT Surges Surges 26%

  • Bit Digital completed its shift to an Ethereum-based treasury strategy, leading to a 26% surge in its stock price.
  • The company used proceeds from a $172 million equity raise and bitcoin sale to acquire over 100,000 ETH worth nearly $189.2 million, making it one of the largest public corporate holders of ETH.
  • Bit Digital aims to leverage Ethereum’s staking yield model for passive income, citing Ethereum's strong fundamentals and long-term viability compared to Bitcoin mining.
  • The shift from Bitcoin to Ethereum, increased ETH holdings, and BTBT stock surge reflect a broader trend in the industry of crypto companies diversifying into Ethereum-based treasury models amid reduced BTC mining profitability.

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