The strategic shift, disclosed on June 25, 2025, follows the company’s accumulation of ethereum ( ETH) and staking infrastructure since 2022. Bit Digital disclosed it will convert its existing bitcoin (BTC) holdings into ETH over time and cease all mining operations.

As of March 31, 2025, Bit Digital held 24,434.2 ETH valued at approximately $44.6 million and 417.6 BTC worth $34.5 million. All proceeds from BTC conversions and mining divestitures will be redirected toward expanding its ETH portfolio.

Concurrently, the company initiated a strategic alternatives process for its global bitcoin mining operations, spanning the United States, Canada, and Iceland. This process is expected to result in the sale or wind-down of all mining assets.

Founded in 2015 and headquartered in New York City, Bit Digital previously operated high-performance computing infrastructure for bitcoin mining and artificial intelligence (AI) cloud services. It rebranded from Golden Bull Limited in 2020.

While the company now focuses exclusively on ethereum-native strategies, it did not mention changes to its AI cloud strategies.

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