Bit Digital falls 15% after a public sale worth 150 million dollars, Ethereum shifts direction

Bit Digital – a company that once mined Bitcoin – has fallen nearly 19% in stock price over the past week, closing at 1.99 USD on Friday, after announcing a plan to issue 75 million shares to raise 150 million USD to purchase more Ethereum (ETH). This is the next step in the strategy to fully pivot to staking and holding ETH, rather than continuing with Bitcoin.

As of March 31, Bit Digital holds 24,434 ETH and 417 BTC. The company stated it will sell all of its BTC to buy more ETH, raising the total to approximately 42,000 ETH, equivalent to 103 million USD at current prices.

This move has caused investors to worry, leading to the company's stock falling consecutively and currently losing more than 40% of its value since the beginning of the year. Bit Digital has also dropped from the 12th position to the 13th in the Bitcoin mining market capitalization ranking.