Bit Digital Inc. (BTBT) completed its transition to an ethereum treasury strategy following a $172 million public equity offering, the company announced Monday.

The digital asset platform deployed net proceeds from the offering to purchase ethereum and sold approximately 280 bitcoin to acquire additional ETH. The company now holds approximately 100,603 ETH, compared to 24,434 ETH as of March 31, 2025.

"We believe Ethereum has the ability to rewrite the entire financial system," said Sam Tabar, Chief Executive Officer of Bit Digital. "Bit Digital is aligning itself with Ethereum’s long-term potential and positioning itself as a focused Ethereum treasury platform in the public markets."

Tabar stated the company intends to add more ethereum holdings to become what he described as "the preeminent ETH holding company in the world."

Bit Digital operates ethereum staking infrastructure and began accumulating and staking ETH in 2022. The company’s platform includes validator operations, custody services, protocol governance, and yield optimization.

The information is based on a press release from Bit Digital.