“Crypto Miner Bit Digital Will Sell Off It Bitcoin Operations to DeEpen Its Eth Staking and Treasury Shift.”, – WRITE: www.coindesk.com
Staking and treasury Operation, The Company Said Wednesday.
The New York-Based Firm Will Exit the Bitcoin
Mining Business Entirely, Repurposing Its Assets and Capital Into It Growing Eth Strategy.
The Company Began Building Iter Position and Ethereum Staking Infrastructure in 2022. As of March 31, bit Digital Held 24.434.2 ETH, VALUED AT $ 44.6 Million, and 417.6 It Plans to Convert the Remaining Bitcoin Into Ether Over Time.
To Fund The Transition, Bit Digital Has Started a Process To Sell or Wind Down ITS Bitcoin Mining Operations. NET PROCEEDS from the DIVESTITURE WILL BE REINVESTED IN ETHER. No Specific Timeline Was Given for the Sale or Conversion of Assets.
The Announcement Marks A Significant Pivot for A Company Once Rootted in Bitcoin Mining, Especially Considering The Incredible Run Btc Has Been On Compared to Eth. The Eth/BTC Ratio is Down 75% Since December 2021.
However, The Move Isn’t a Big Surprise Given Howen Tough The Mining Industry Has Become Since Last Year’s Halving Cut the Btc Rewards for MINers to Half, SQuezing Profit Marg. prices.
The FIRM HAS ALSO ANNUNCED THAT IT WILL BE SELING SHARESE OF MORE ETHER, AND THAT ITS HIGH-PERFORMANCE Computing (HPC) Subsidiary, Whitefiber, Has Submitted. Securities and Exchange Commission with Regards to Going Public.
BTBT IS DOWN 3.41% IN After Hours Trading.
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