Bit Digital will switch from Bitcoin mining to Ethereum.

Froklog · 2025-06-25T23:20:01+00:00

Bit Digital plans to shift from Bitcoin mining to focusing on Ethereum staking and storage, considering a complete exit from Bitcoin mining and reallocating funds towards Ethereum-related projects. The move comes as public interest in Ethereum grows.

Froklog

2025-06-25 23:20:01

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Bit Digital will switch from Bitcoin mining to Ethereum

The 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 options for changing its strategy — up to and including a complete cessation of bitcoin mining and asset sales. The funds obtained are planned to be directed towards projects related to Ethereum.

The market capitalization of Bit Digital is $490 million. Data: Yahoo Finance. The company began accumulating Ethereum and creating staking infrastructure in 2022. As of March 31, its reserves included 24,434 ETH ($44.6 million) and 417.6 BTC ($34.5 million). In the near future, Bit Digital plans to liquidate the remaining reserves of digital gold.

Bitcoin reserves of Bit Digital and other public companies. Data: Bitbo Ethereum is the second largest cryptocurrency after Bitcoin. Its market capitalization is $299 billion, according to CoinGecko. Interest in the asset from public companies is currently limited, but is gradually increasing.

The transition of Ethereum 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 complete abandonment of mining by the network.

The annual yield for staking Ethereum is approximately ~3%. Data: Staking Rewards.

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

SharpLink Gaming is one of the prominent examples of public companies focusing on Ethereum as part of their treasury management strategy.

At the beginning of the month, the company raised $425 million in a private placement led by Consensys. The funds obtained by SharpLink were directed towards the development of its Ethereum strategy. The company’s treasury holds 188,478 ETH worth $490 million.

Let us remind you that the number of coins in the staking of the second largest cryptocurrency reached a record level of ~35.12 million ETH. This is about 29% of the total available supply of Ethereum.

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