On the 25th, local time, BitDigital made another thrilling announcement about their transition. The bitcoin mining company intends to move away from mining and towards an Ethereum stockpiling and staking business. This is certainly no small change for the company, and it’s a first for any Bitcoin mining operation. It is a big strategic shift for the company. This change partly addresses the profitability issues that most mining companies have been dealing with since Bitcoin’s last halving.

As of March 31, BitDigital held 24,434.2 Ethereum and 417.6 Bitcoin. After reaching an all-time high of $79.21 the day after March 31, the company’s stock price plummeted. On the 25th, immediately after the announcement, it had dropped to just over $10.28.

This decision marks a dramatic departure in course from the rest of the mining industry. Though they work to repurpose their assets into servers for AI development, our approach is quite different. BitDigital’s move is the opposite of what most Bitcoin-focused companies have been doing.

Recently, the Ethereum stash strategy has started to gain popularity, with Sharplink Gaming launching the strategy on the 2nd. On the 20th, Sharplink Gaming had an impressive 188478 Ethereum. Just a week later, on the 27th of last month, its stock price shot up by an average of 433.18% in one day! Ever since launching its Ethereum stockpile strategy, Sharplink Gaming has collected another 120 Ethereum.

BitDigital’s move towards Ethereum stockpiling and staking is a strategic shift. This action is a smart response to shifting market trends in the cryptocurrency space and ongoing issues with the Bitcoin mining industry. The company has a greater ambition, looking to help customers get the full benefit out of Ethereum staking.