Digital asset mining firm Bit Digital has made a significant strategic pivot in its corporate treasury away from Bitcoin and toward Ethereum. The firm announced it now holds 100,603 ETH, making it the second-largest publicly traded Ethereum holder globally, trailing only Coinbase.
The shift marks a bold move in a landscape where most public companies have concentrated their digital asset strategies on Bitcoin. Bit Digital’s stock (BTBT) surged over 29% following the announcement, lifting its market cap back above the $1 billion mark.
From Bitcoin to Ethereum: A Strategic Shift
Bit Digital’s massive ETH purchase was made possible through a $172 million public offering and the sale of 280 Bitcoin. The company’s first-quarter ETH holdings stood at 24,434 before ballooning to over 100,000 — an over 300% increase.
CEO Sam Tabar outlined the company’s vision clearly: “We believe Ethereum will rewrite the entire financial system.” He added that Bit Digital aims to align itself with Ethereum’s long-term potential and establish itself as “the most preeminent ETH holding company in the world.”
Shares of Bit Digital have been highly volatile this year. Source: Google Finance
This move differentiates Bit Digital from other corporate players, most of whom have primarily bet on Bitcoin as a treasury asset. It also suggests a longer-term belief in Ethereum’s broader utility, including its staking economy, decentralised finance (DeFi) applications, and smart contract infrastructure.
A Rarity in Corporate Treasury Trends
Crypto treasury strategies have been on the rise in 2025, with most companies continuing to follow Bitcoin-focused models. Industry data shows that over the past month alone, at least 21 entities added BTC to their balance sheets. The largest among them, MicroStrategy (MSTR), now holds a staggering 597,323 BTC.
Publicly-traded Bitcoin treasury companies. Source: BitcoinTreasuries.NET
By contrast, corporate Ethereum adoption remains limited. While some institutions have dabbled in ETH since the approval of Ethereum-based ETFs last year, widespread corporate buy-in has yet to materialise. According to Bloomberg, one company is planning to raise $100 million to acquire BNB, a move that imitates the Bitcoin treasury playbook but is still highly uncommon.
In this context, Bit Digital’s full pivot to Ethereum is both rare and noteworthy. It’s not just buying ETH, it’s staking it too, having begun accumulation as far back as 2022.
Ethereum ETF Inflows Show a Shifting Sentiment
Despite historically low institutional appetite for Ethereum compared to Bitcoin, recent market data indicates shifting sentiment. US-based Ether ETFs have now recorded seven consecutive weeks of inflows. This suggests that investors and perhaps more corporations are warming up to Ethereum’s potential.
Ethereum’s utility as a programmable blockchain continues to evolve. From DeFi protocols to NFT marketplaces and decentralised autonomous organisations (DAOs), Ethereum offers more than just a store of value, it offers infrastructure. Bit Digital’s pivot may be the first major corporate move to reflect this broader vision.
Looking Ahead: A Signal or a Standalone Strategy?
While Bit Digital’s strategy stands out in the current corporate landscape, it raises key questions for the industry. Will other public companies follow suit and diversify their crypto treasuries beyond Bitcoin? Or is Bit Digital’s Ethereum-centric pivot a one-off bet?
Sceptics argue that many crypto treasury plays have been overused, especially by firms without solid business fundamentals. Critics caution that using digital assets as a central corporate identity without a clear operational strategy could be risky.
However, Bit Digital’s bold move could inspire similar strategies among tech-forward or crypto-native firms. If Ethereum continues to mature and institutional interest grows, Bit Digital’s early positioning might look visionary in hindsight.
Ethereum’s Institutional Era Begins?
Bit Digital’s ETH acquisition sends a strong signal: the era of corporate Ethereum accumulation may be dawning. While Bitcoin remains the dominant asset in corporate treasuries, Ethereum’s financial ecosystem and long-term potential are attracting attention.
Whether Bit Digital’s shift proves to be a trendsetter or an outlier, it undeniably reshapes the conversation around crypto treasuries in 2025.
