Digital bit (BTBT) Change the course to become a dedicated ether
Exploitation of staggered and treasury, the company announced on Wednesday.
The company based in New York will leave Bitcoin
The entirely mining activities, reusing its assets and capital in its increasing Ethn Strategy.
The company began to build its ether position and its Ethereum ignition infrastructure in 2022. On March 31, Digital Bit held 24,434.2 ETH, worth $ 44.6 million and 417.6 BTC worth $ 34.5 million. It plans to convert the remaining bitcoin to ether over time.
To finance the transition, Bit Digital launched a process to sell or finish its Bitcoin extraction operations. The net transfer product will be reinvested in ether. No specific calendar has been given for the sale or conversion of assets.
The announcement marks an important pivot for a company formerly rooted in Bitcoin extraction, in particular given the incredible race that BTC was on ETH. The ETH / BTC ratio has been down 75% since December 2021.
However, this decision is not a big surprise given to what extent the mining industry has become difficult since the reduction by half of last year reduced the BTC awards for minors half, tightening the beneficiary margins, despite the Bitcoin prices rally.
The company has also announced that it would sell actions to finance the purchase of more ether and its high performance IT (HPC) The subsidiary, Whitefiber, submitted a project of registration letter to the Securities and Exchange Commission with regard to the meeting in public.
BTBT is down 3.41% after negotiation hours.
