Bit Digital, a company previously known for Bitcoin mining, is making a huge shift towards Ethereum. They’re selling off Bitcoin and buying a lot of ETH. This isn’t just a small move; they’re seriously committed to Ethereum.
A Massive Ethereum Purchase
Bit Digital’s Ethereum buying spree started earlier this month. They sold $172 million worth of Bitcoin to buy over 100,000 ETH. They followed that up with another purchase of almost 20,000 ETH. This puts them in the top ten corporate holders of Ethereum!
Bit Digital explained their move on X (formerly Twitter), saying they see a shift in the global economy. They cited volatile interest rates, inflation, and declining trust in traditional currencies as reasons for switching to Ethereum. They believe ETH offers better growth potential and even income through staking, surpassing Bitcoin’s value as a store of assets.
Funding the Future: More ETH on the Way
Bit Digital wants to buy even more Ethereum. They’ve filed with the SEC to increase their authorized shares, aiming to raise more money to fuel their ETH purchases. A shareholder vote on this is scheduled for September 10, 2025.
Ethereum’s Hot Streak
Interestingly, Ethereum’s price has been soaring since Bit Digital started buying. The price has jumped significantly, and it’s outperforming Bitcoin. This is backed up by huge inflows into Ethereum ETFs – over $7.5 to $8 billion in just a couple of weeks! This institutional investment is driving up the price and making people more confident in Ethereum.
Ethereum is currently trading at its highest point this year, showing strong momentum. All this suggests that Ethereum might be entering a new phase of growth.