Bit Digital Shifts Focus from Bitcoin Mining to Ethereum

Nasdaq-listed miner Bit Digital will shift its focus from digital gold to staking and storing the second-largest cryptocurrency by market capitalization, reports The Block.

The company is considering various strategic changes, including the complete cessation of bitcoin mining and the sale of assets. The proceeds are planned to be directed towards Ethereum-related projects.

The firm began accumulating ether and building staking infrastructure in 2022. As of March 31, 2025, its reserves included 24,434 ETH ($44.6 million) and 417.6 BTC ($34.5 million). Bit Digital plans to liquidate its remaining digital gold reserves soon.

Ethereum is the second-largest cryptocurrency after bitcoin, with a market capitalization of $299 billion, according to CoinGecko. Interest in the asset from public companies is currently limited but gradually increasing.

The transition of ether to the Proof-of-Stake algorithm, known as The Merge, took place in September 2022. It ended the use of the energy-intensive Proof-of-Work mechanism and marked the network’s complete abandonment of mining.

“This has attracted the attention of companies interested in passive income from crypto assets,” noted experts at The Block.

SharpLink Gaming is a notable example of public companies focusing on ether as part of their treasury management strategy.

Earlier this month, the firm raised $425 million in a private placement led by Consensys. SharpLink directed the funds towards developing its Ethereum strategy. The company’s treasury holds 188,478 ETH valued at $490 million.

The amount of coins staked in the second-largest cryptocurrency has reached a record level of approximately 35.12 million ETH. This is about 29% of the total available supply of Ethereum.