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Nasdaq-Listed Bit Digital Dumps 280 Bitcoin, Now One of World’s Largest ETH Holders
Bit Digital, a company listed on the Nasdaq stock exchange, has made a significant move by disposing of its entire reserve of 280 Bitcoins and switching to Ethereum (ETH) as its primary focus. This drastic shift in strategy sees Bit Digital amass over 100,000 ETH units, making it one of the world’s largest corporate holders of the cryptocurrency.
The decision to divest from Bitcoin (BTC) is reportedly driven by a strategic shift towards staking and decentralized finance (DeFi) opportunities on the Ethereum network. This dramatic pivot highlights growing institutional confidence in the potential of ETH over BTC for these emerging use cases.
As per reports, Bit Digital’s treasury strategy has been fully transitioned to focus solely on Ethereum, with the 280 BTC reserve being sold off entirely. With a treasury valued at approximately $254.8 million, this marks a significant investment in the digital asset. The company cites Ethereum’s programmable blockchain and growing adoption as key reasons for this shift.
Moreover, Bit Digital has positioned itself as a focused Ethereum treasury platform on public markets. This move showcases institutional interest in ETH staking opportunities and DeFi applications, which have garnered increased attention from public companies like Bit Digital.
Notably, this development also underscores the growing narrative that institutional investors are increasingly turning to Ethereum for long-term potential, rather than Bitcoin, particularly with regards to its proof-of-stake (PoS) model.
Source: www.crypto-news-flash.com
