PANews reported on June 27 that according to The Miner Mag, crypto mining company Bit Digital has raised $150 million in a public offering to accelerate its pace of transitioning from Bitcoin mining to Ethereum equity and funding operations. The company issued 75 million shares at $2 per share, with an additional 11.25 million shares available to underwriters via 30-day options. The proceeds from the offering will be used to purchase Ethereum, one of the largest public ETH financial commitments to date. The fundraising formalized the company's strategic exit from the Bitcoin mining industry, and the company now plans to sell or close the business. As of March 31, Bit Digital held approximately 24,434 ETH and 418 BTC, and plans to fully convert its Bitcoin holdings into Ethereum over time.

Earlier yesterday, it was reported that Bit Digital has transformed into a pure Ethereum staking company and adopted an Ethereum reserve strategy, and will shut down its Bitcoin mining business .