Crypto mining company Bit Digital has filed to triple its authorized shares from 340 million to 1 billion, aiming to raise $1 billion specifically for Ethereum acquisitions. This strategic pivot shifts the firm's focus from Bitcoin mining to becoming a dedicated Ethereum treasury platform. Shareholder approval is expected in September 2025.
CEO Sam Tabar emphasized Ethereum's transformative potential, stating: "We believe Ethereum has the ability to rewrite the entire financial system. Its programmable nature, growing adoption, and staking yield model represent the future of digital assets." Bit Digital currently holds over 100,000 ETH and plans to aggressively accumulate more to establish itself as the world's premier ETH holding company.
The announcement triggered a 10% surge in Bit Digital's stock, reflecting market optimism. This corporate treasury strategy mirrors MicroStrategy's Bitcoin accumulation playbook and could significantly impact Ethereum's liquidity, staking dynamics, and price volatility. The move signals growing institutional validation of Ethereum's utility beyond Bitcoin's store-of-value proposition.