Bit Digital plans to raise $67.3 million in direct share offering to buy more Ethereum

The Block

Jul 15, 2025 10:30:23

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Nasdaq-listed Bit Digital, which recently launched its Ethereum treasury strategy, plans to raise $67.3 million through a direct offering of 22 million ordinary shares to institutional investors, with the proceeds intended for purchasing ether.

In a statement released Monday, Bit Digital said the shares are priced at $3.06 each, with B. Riley Securities acting as the placement agent. The offering is expected to close on or around July 15, according to the company.

"The Company intends to use the net proceeds from the proposed offering to purchase Ethereum," said Bit Digital.

The latest planned offering follows Bit Digital's announcement last week that it had converted its entire bitcoin treasury to ether. As of July 7, the company held approximately 100,603 ETH, valued at around $301 million based on current market prices.

Bit Digital is a crypto infrastructure company, providing services that encompass validator operations, enterprise-level custody, and yield optimization. It began accumulating and staking ether in 2022.

Meanwhile, in a Monday filing with the Securities and Exchange Commission, the company disclosed that its preliminary estimated revenue for the second quarter ranges between $24.3 million and $26.9 million.

Bit Digital's stock closed down 1.2% at $3.29 on Monday, according to Yahoo Finance data. The shares are up 32.1% over the past month.

Ether edged up 0.6% to $2,991 at the time of writing, rising 18.3% over the past week amid a broader crypto rally, according to The Block's Ethereum price page. Bitcoin, meanwhile, inched down 0.1% at $118,852.

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