Bit Digital plunges 15% after $150M public offering, Ethereum pivot
Bit Digital’s stock plummeted after announcing a $150 million share sale and a full transition from Bitcoin mining to Ethereum staking.
Former Bitcoin mining firm Bit Digital fell sharply this week, with its share price tumbling nearly 19% in a five-day period to close at $1.99 on June 27, a 15% drop in just 24 hours.
The plunge follows major announcements from Bit Digital, including a $150 million public offering and a strategic pivot to Ethereum staking. On Thursday, the company announced a massive public offering, issuing 75 million ordinary shares to raise $150 million.
Bit Digital said it intends to issue 75 million ordinary shares priced at $2 each. The proceeds from the sales will be used to purchase Ether (ETH), doubling down on its previous decision to shift to an Ethereum-focused company.
