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Bit Digital's stock price fell 4% after abandoning Bitcoin mining in favor of Ethereum.
According to Gate News bot, CoinTelegraph reported that on Wednesday, crypto mining company Bit Digital announced it would shut down or sell its Bitcoin mining infrastructure and use the proceeds to purchase more Ether, after which the company's stock price fell nearly 4%.
The company stated in a statement that it will gradually convert all of its Bitcoin (BTC) into Ether (ETH), but did not specify a deadline for completing this action.
Bit Digital pointed out that its goal is to become a "pure Ethereum staking and fund management company." The company began purchasing ETH as its capital reserve and started building its staking service infrastructure in 2022.
As of the quarter ended March 31, the company held reserves of 24434.2 Ether and 417.6 Bitcoin.
If the company converts all its held Bitcoins to ETH today, Bit Digital's ETH reserves will increase by more than 18,000 ETH, reaching over 42,000 ETH.
At the same time, Bit Digital also announced that it will sell its own stock and use the net proceeds to purchase more Ether.