As a result, Bit Digital’s share price fell by 3.83% after the market close, ending the after-hours trade at $2.26. This change came on the heels of the company’s recent purchase of an industrial building in Madison, North Carolina, for $53 million. During this time, SharpLink Gaming has established itself as a significant operator in the Ethereum market, with millions of dollars worth of Ether holdings.

Strategic Property Acquisition

Bit Digital recently made a major play, acquiring an industrial building in North Carolina. With this transition, the company is diversifying its asset base beyond its foundation in crypto-mining. To make space for potential future growth, the $53 million acquisition foreshadows scaleseven’s move to solidify its ongoing operational infrastructure. Specific information about what the facility will be used for has not yet been made public.

As Ethereum staking and treasury management have become the mainstays of the company’s business, the company has adapted its focus. Bit Digital aims to position itself as a:

"pure play Ethereum staking and treasury company." - Bit Digital

SharpLink Gaming's Crypto Portfolio

This past week, SharpLink Gaming has been in the headlines thanks to its multi-million dollar investments in Ether (ETH). On June 13, the company acquired $463 million worth of ETH, establishing itself as the largest publicly traded company in the world to hold this cryptocurrency. SharpLink Gaming made an early bet on this trend and then doubled down. With it, they bought another ~$30 million in Ether, further entrenching their commitment to the Ethereum network.

As of March 31, SharpLink Gaming had 417.6 BTC in its treasury, in addition to its massive Ethereum reserves. Its reserves of Ethereum amounted to a total of 24,434.2 ETH as of that date. These numbers illustrate SharpLink Gaming’s strategic commitment to using cryptocurrency as a diversification tool with a particularly sharp focus on Ethereum.

Market Impact and Future Outlook

The moves by Bit Digital and SharpLink Gaming are indicative of the changing tide of the crypto world. Bit Digital's stock dip following the North Carolina property acquisition suggests investor reaction to the company's diversification strategy. SharpLink Gaming’s substantial Ether holdings reflect a high level of confidence in the long-term potential of the Ethereum network.