Digital Asset Company Bit Digital has spun its corporate financial policy from Bitcoin to Ether, which he said reflects its belief that Ethereum will “rewrite the entire financial system.”
Bit Digital used $172 million in revenue from its recent public offering, as well as the sale of 280 Bitcoin funds (BTC), obtain ether (eth), company public on Monday.
BIT Digital had 24,434 ETH as of the end of the first quarter, and has since grown to 100,603 ETH. The company’s stock was traded at the price of symbolic BTBT, and the news soared more than 29%, bringing its market capitalization back to $1 billion.
According to Coingecko data.
COINTELEGRAPH reports Bit Digital’s public offering and Ether Pivot on June 27, but the company has been accumulating and accumulating ETH since 2022.
BIT Digital Ceo Sam Tabar said the company “aligns with Ethereum’s long-term potential and positions itself as a centralized Ethereum fiscal platform in the public market and plans to become “the world’s most outstanding ETH Holding Company.”
Related: Vitalik proposes fuel caps to enhance Ethereum security, stability
Encrypted commemorative strategy gains traction
Company cryptocurrency strategy While most activity has focused on accumulating and holding bitcoin, it has gained momentum this year.
According to industry data, at least 21 entities have added BTC to their balance sheets in the past month alone. The largest company holder strategy (MSTR) has accumulated 597,323 BTC.
However, some analysts have raised concerns about the treasury strategy Especially for companies that lack strong basic businesses or clear plans to manage their BTC holdings are becoming increasingly common.
Apart from Bitcoin, cryptocurrency strategies are far less common. According to Bloomberg, a new company Plan to raise $100 million The cumulative two strongest BNB (BNB), which reflects the Bitcoin treasury model of the strategy.
So far, Ethereum’s institutional interests remain relatively heavy, from inflows into funds traded on the ETH exchange since its approval last year. However, the tide may start turning and our ether funding records flow in Seven consecutive weeks.
Related: Circuit reveals recovery systems to solve the “permanent loss” puzzle of encryption
