Bit Digital at one point was the 12th-largest Bitcoin mining company by market capitalization. Now, it has just announced a new, audacious strategy to make the leap to Ethereum. The company’s prospectus filed with the U.S. Securities and Exchange Commission (SEC) indicates they’re now poised to bring staking features to spot Ethereum ETFs, a radical about-face. To further capitalize on this new direction, Bit Digital is proposing a public offering of 75 million ordinary shares. They’re working to price each share at $2, with hopes of raising $150 million.

This offering will be used to directly raise proceeds for purchasing Ether. Ether is the underlying cryptocurrency of the Ethereum blockchain. This strategic shift further underscores Bit Digital’s firm commitment to transform into an Ethereum-centered business operation. Or they are pulling back on Bitcoin mining.

As evidence of this productive strategic shift, Bit Digital went public recently with an initial public offering. The stock suffered an astonishing fall from grace this week. It subsequently tanked 19%, going from a high of $2.40 down to a low of $1.86 by this Friday. Bit Digital’s high water mark on the markets is far behind them. It has since climbed to become the 13th largest Bitcoin mining company in terms of market capitalization.

Likewise, REX Shares recently filed with the SEC to add this staking feature to their spot Ethereum ETFs.

An accomplished FinTech guru with an excellent grasp of financial market tendencies, Bhushan Akolkar brings all these changes to light for Coinspeaker. Akolkar’s Twitter handle is @bhushanakolkar, and his profile photo can be found here on the Coinspeaker website.