Bit Digital Converts BTC to 160K ETH, Shares Jump 30%
Bit Digital (NASDAQ: BTBT) has completed a strategic shift, converting its entire Bitcoin (BTC) treasury into more than 160,000 Ethereum (ETH). The move used $172 million raised in a recent public offering alongside existing BTC reserves. As a result, Bit Digital has become the largest public company holder of ETH, a position previously held by Coinbase.
Following the announcement, BTBT shares jumped around 30%, lifting the company’s market cap above $1 billion. Management cited strong conviction in Ethereum’s long-term growth and upcoming network upgrades as drivers. Traders viewed the reallocation as a sign of growing institutional interest in diversifying crypto treasury strategies beyond BTC. ETH prices saw a modest rally, while BTC remained relatively stable.
Bullish
The announcement that Bit Digital has converted its BTC treasury into 160,000+ ETH signals strong institutional demand for Ethereum. In the short term, this has already triggered a modest ETH price rally and elevated market sentiment. Over the long run, the move underscores growing confidence in Ethereum’s smart-contract platform and upcoming network upgrades, potentially attracting further institutional treasury diversification into ETH. Historical precedents show similar large-scale corporate allocations can bolster price momentum and improve market stability, supporting a bullish outlook for ETH.