Shares in BIT Digital fell nearly 4% on Wednesday after crypto mining companies announced that they would lower or sell their Bitcoin mining infrastructure and use earnings to buy more Ether.
In a statement, the company explain It will gradually convert the entire Bitcoin (BTC) Stacked to ether (eth), but no deadline was specified to complete the move.
Cointelegraph made contact with bit numbers but received no response at the time of publication.
BIT Digital said it aims to be a “pure gaming Ethereum accumulation and finance company.” The company began purchasing ETH for its Treasury bills and began its Staging Services Services infrastructure in 2022.
The company held 24,434.2 ETH and 417.6 BTC in its reserves for the quarter ended March 31.
If the company converts all its Bitcoin holdings to ETH today, Bit Digital’s ETH reserves will increase by more than 18,000 ETH to more than 42,000 ETH.
At the same time, the digits are also Announce It will sell its own stock and net income is used to buy more ether currency.
Ether Mobile’s stock price falls
Investors were sore in Bit Digital’s Pivot’s hub of breaking away from Bitcoin, causing BIT Digital’s stock (BTBT) to drop 3.69% to $2.35 in Wednesday’s trading session.
The stock fell further 3.83% after the deal ended, ending an after-hours trading session at $2.26, according to for Google Finance.
The stock fell by only nearly 25% year-on-year, down 39% from its January 6 peak to $3.88.
Related: Bitcoin Mining Company Digit Reports Nearly 40% Revenue
In the March quarter, the company reported a 18% year-on-year decline in net revenue, while its net profit margin fell sharply, down 240%.
In April, the company Obtained an industrial building In Madison, North Carolina, its AI and high-performance computing products are strengthened for $53 million.
More and more companies are moving towards ETH
In recent weeks, some publicly traded companies have increased their ETH exposure.
Sports bookmaker Sharplink Games purchased on June 13 for $463 million The largest listed company Have ETH in the world. On Tuesday, Sharplink purchased another $30 million Ether.
According to the Strategy ETH Reserve data Tracker Tracking institutions holding more than 100 ETHs, BIT Digital is the third largest public trading company to hold ETHs on its reserves, Sharplink ranked first and Coinbase ranked second.
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