Bit Digital Switching to Pure Play Ethereum Company

By Stephen Nakrosis

Bit Digital said it will transition to a pure play Ethereum staking and treasury company, adding it plans to sell or wind-down its bitcoin mining operations.

The company said it began accumulating Ethereum and operating staking infrastructure in 2022, and has increased its holdings since that time.

As of March 31, the company said, it held 24,434.2 ETH cryptocurrency tokens, valued at about $44.6 million. On that same date, Bit Digital said, it held 417.6 bitcoin, which had a value of about $34.5 million.

Bit Digital also said it has begun a strategic alternatives process for its bitcoin mining operations, which could include the sale or wind-down. Net proceeds are slated for re-deployment into ETH, the company added.

Following the announcement, shares were down 9% after hours Wednesday at $2.13. Shares closed the day's regular session at $2.35, falling 3.6%.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com