Bit Digital drops on $150 mln equity raise for Ethereum pivot

Bit Digital,

26/06/2025 12:17

** Bit Digital's BTBT.O shares down 8.9% premarket to $2.14 as co raises equity amid pivot to Ethereum

** New York-based co announces pricing offering of 75 mln shares at $2 for $150 mln gross proceeds to purchase cryptocurrency Ethereum ETH=

** Offering price represents 14.9% discount to stock's last close

** BTBT late Weds announced it would wind down its bitcoin mining operations in strategic shift to become a pure play Ethereum (ETH) staking and treasury co

** Said as of Mar 31, it held 24,434 ETH and 417.6 BTC, and intends to convert its BTC holdings into ETH over time

** Co has ~208.5 mln shares outstanding as of Jun 23, per the prospectus filing, giving it about $490 mln market cap through Weds

** B. Riley Secs is sole bookrunner for stock offering

** Through Weds, BTBT shares shed 20% YTD

** All 5 analysts rate BTBT "buy" and median PT is $5.50, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))