Bit Digital, Inc. (NASDAQ: BTBT) has just announced the commencement of a public offering of its ordinary shares. The company intends to use the net proceeds from the proposed offering to purchase Ethereum.
The offering is being underwritten by B. Riley Securities, with Clear Street, Craig-Hallum, and Northland Capital Markets acting as co-managers.
Bit Digital is making this move as a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The company has been accumulating and staking ETH since 2022 and currently operates one of the largest institutional Ethereum staking infrastructures globally.
In terms of financial performance, Bit Digital reported a 17% increase in revenue and a 25% increase in net income compared to the same period last year. Additionally, the company's total assets have grown by 30% since the last reporting period.
Bit Digital's strategic partnerships across the Ethereum ecosystem aim to deliver exposure to secure, scalable, and compliant access to on-chain yield.
For more information about the offering, interested parties can visit the Securities and Exchange Commission's website. Following these announcements, the company's shares moved 1.0%, and are now trading at a price of $2.01. For the full picture, make sure to review Bit Digital, Inc's 8-K report.
