Bit Digital falls 4% as it ditches Bitcoin mining for Ethereum

Shares successful Bit Digital fell by astir 4% connected Wednesday aft the crypto mining steadfast announced it would upwind down oregon merchantability its Bitcoin mining infrastructure and usage the proceeds to bargain much Ether.

In a statement, the institution said it would gradually person its full Bitcoin (BTC) stack to Ether (ETH), but it did not specify a deadline for completing the move.

Cointelegraph reached retired to Bit Digital, but did not person a effect by the clip of publication.

Bit Digital said it aims to go a “pure play Ethereum staking and treasury company.” The steadfast started buying ETH for its treasury reserve and began its staking services infrastructure successful 2022.

As of the 4th ended March 31, the steadfast held 24,434.2 ETH and 417.6 BTC successful its reserves.

If the steadfast converted each of its Bitcoin holdings into ETH today, Bit Digital’s ETH reserve would summation by much than 18,000 ETH to implicit 42,000 ETH.

Meanwhile, Bit Digital besides announced that it volition beryllium selling its ain stock, with the nett proceeds being utilized to bargain much Ether.

Stock terms dips connected Ether move

Investors soured connected Bit Digital’s pivot distant from Bitcoin, causing Bit Digital’s banal (BTBT) to alteration by 3.69% to $2.35 connected Wednesday’s trading session. 

The banal further fell 3.83% aft the adjacent of trading, ending the after-hours trading league astatine $2.26, according to Google Finance.

Bit Digital dipped further successful after-hours trading . Source: Google Finance

The banal is down astir 25% year-to-date and is down by 39% from its Jan. 6 highest of $3.88.

Related: Bitcoin mining steadfast Bit Digital reports revenues up astir 40% 

For the March quarter, the institution reported its nett gross declined by 18% year-on-year, portion its nett net borderline fell drastically, by 240%.

In April, the steadfast acquired an concern building successful Madison, North Carolina, for $53 cardinal to bolster its artificial quality and high-performance computing offerings.

More firms are making moves toward ETH 

Some publically traded firms person accrued their ETH vulnerability successful caller weeks.

Sport betting steadfast SharpLink Gaming bought $463 cardinal worthy of ETH connected June 13, making it the largest publically traded company successful the satellite to clasp ETH. On Tuesday, SharpLink bought an further $30 cardinal successful Ether.

According to Strategic ETH Reserve, a information tracker that tracks institutions holding much than 100 ETH, Bit Digital is the 3rd largest publically traded institution to clasp ETH successful its reserve, with SharpLink taking the apical spot and speech Coinbase ranking second.

Magazine: Why being a Gen Z crypto laminitis is simply a ‘blessing and a curse’