Bit Digital plunges 15% after $150M public offering, Ethereum pivot

Bit Digital’s stock plummeted after announcing a $150 million share sale and a transition from Bitcoin mining to Ethereum staking.

Former Bitcoin mining firm Bit Digital fell sharply this week, with its share price tumbling almost 19% over the five-day period to close at $1.99 on Friday, with a 15% drop in just 24 hours. 

The plunge follows major company announcements, including a $150 million public offering and a strategic pivot to Ether staking. On Thursday, the company announced a public offering of 75 million ordinary shares that is intended to raise $150 million. 

Bit Digital plans to issue the 75 million ordinary shares at $2 each. The proceeds will be used to purchase Ether (ETH), doubling down on its previous decision to shift to an Ethereum-focused company. 

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  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
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  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
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