Bit Digital Shifts Focus from Bitcoin Mining to Ethereum Staking Strategy

The Nasdaq-listed miner Bit Digital is shifting its focus from digital gold to staking and storing the second-largest cryptocurrency by market capitalization, as reported by The Block.

The company is exploring various strategic changes, including the possibility of completely halting Bitcoin mining and liquidating its assets. The funds raised would be directed towards projects connected to Ethereum.

Since 2022, the firm has been accumulating Ether and building staking infrastructure. As of March 31, 2025, its reserves included 24,434 ETH (valued at $44.6 million) and 417.6 BTC (worth $34.5 million). Bit Digital intends to sell off its remaining Bitcoin holdings shortly.

Ethereum, the second-largest cryptocurrency after Bitcoin, has a market capitalization of $299 billion according to CoinGecko. Interest in this asset from publicly traded companies has been relatively limited thus far, but it is gradually increasing.

The transition of Ethereum to the Proof-of-Stake algorithm, known as The Merge, took place in September 2022. This shift marked the end of the energy-intensive Proof-of-Work mechanism and a complete abandonment of mining within the network.

SharpLink Gaming serves as a notable example of a public company focusing on Ethereum as part of its treasury management strategy.

Earlier this month, the company raised $425 million in a private placement led by Consensys. The funds are being utilized to expand its Ethereum strategy. The company holds 188,478 ETH, valued at $490 million, in its treasury.

It’s worth noting that the quantity of staked coins for the second-largest cryptocurrency has reached a record high of approximately 35.12 million ETH, representing about 29% of the total available supply of Ethereum.