Bit Digital fully shifts to Ethereum! Close all positions in Bitcoin, with a single-day stock price rising nearly 20%, aiming for the largest ETH corporate holdings.

📈 Nasdaq-listed company Bit Digital's strategic transformation: close all positions in BTC, All in ETH

According to an official press release, Nasdaq-listed company Bit Digital has decided to adopt an Ethereum reserve asset strategy and has sold all of its holdings in Bitcoin. The company sold 280 BTC, ending its history of Bitcoin holdings, and will use the proceeds to purchase ETH.

💰 Significant financing boosts ETH reserves, position volume soars

Moreover, Bit Digital recently raised $172 million through underwriting a public offering. The report clearly states that these funds will be fully used to increase its holdings in Ethereum. Through this aggressive accumulation strategy, Bit Digital's ETH holdings have achieved a leap in growth — from a mere 24,434 ETH to 100,603 ETH.

🤔 Why choose Ethereum? Bit Digital explains the transformation logic.

Bit Digital revealed that shifting from Bitcoin to Ethereum is a relatively easy decision and listed several advantages of Ethereum. The primary reason is Ethereum's programmability and staking yield model, which the company believes will help Ethereum "reshape the global financial system."

The press release stated: "Bit Digital is aligned with the long-term potential of Ethereum and is committed to positioning itself in the public market as a focused Ethereum reserve platform."

🏆 Goal: the largest enterprise-level ETH holdings globally, stock price should soar.

With more than 100,000 ETH on its balance sheet, Bit Digital plans to continue increasing its holdings of Ethereum, aiming to become the largest corporate holder of the asset. In the race for the title of "largest publicly traded Ethereum holder," the company faces fierce competition from SharpLink Gaming.

This strategic transformation announcement has sparked a strong market reaction: Bit Digital's stock price soared by 19.56% in a single day, closing at $3.52, with an increase of over 60% within a week.

On July 8, the market showed that Bit Digital rose 16.4% before the opening, with the stock price soaring nearly 75% over the past six trading days.

🌐 Corporate ETH reserves surge, running parallel with BTC reserves.

Despite the attention on Bitcoin reserve companies, the recent trend of enterprise-level cryptocurrency allocation shifting towards Ethereum has significantly accelerated. Led by SharpLink Gaming, many companies are betting heavily on Ethereum, recognizing its increasingly important role in the global financial market.

The Bitcoin mining company BitMine has also followed in the footsteps of Bit Digital, turning its attention to Ethereum. The company raised $250 million to purchase ETH, and appointed Tom Lee as chairman of the board. Ethereum co-founder Joseph Lubin pointed out that this new trend of "ETH reserve companies" will accelerate Wall Street's adoption of DeFi (decentralized finance).

⚖️ Market Dynamics: ETH under short-term pressure vs. BTC continuing to accumulate

Despite the strong momentum of institutional adoption, concerns over the U.S. government's suspected transfer of ETH to CEX triggering a sell-off have affected the market. As of the time of writing, the ETH price has dropped nearly 2% in the past 24 hours (according to the latest market data from Gate, ETH is currently priced at 2,553.20 USD, with a 24-hour decline of 0.63%).

On the other hand, Bitcoin reserve activities remain active, with relevant entities increasing their holdings by 8,400 BTC, setting a new record last week. However, it is worth noting that the Strategy led by Michael Saylor has paused its continuous Bitcoin purchasing activities for 12 weeks, reflecting that companies are beginning to explore strategies to include altcoins as reserve assets.