Crypto news

Whoa! Bit Digital Ditches Bitcoin for Ethereum—Is This the New Gold Rush or a Total Fiasco?

BBG News

So, guess what? Bit Digital, the computing infrastructure firm that’s been riding the Bitcoin wave like a kid on a slippery slide, has decided it’s time to switch things up and head to Camp Ethereum! 🎉 They’ve been dumping Bitcoin like last season’s chunky sweaters and are all about that ETH life now.

To spice things up, they’ve made some moves so bold, even their accountants fainted. According to some not-so-secret SEC files (you know, the ones you pretend to read), Bit Digital is just getting started on their Ethereum journey. And surprise, surprise! Looks like they picked the perfect moment to hop on board the ETH train, which is chugging along with a fresh coat of paint and a whole lot of institutional love. 🚀

Plot Twist: SEC Filing Unveils Secret ETH Accumulation Strategy

Bit Digital kicked off their Ethereum adventure earlier this month and sold a whopping 280 BTC for about $172 million. That’s like selling your grandma’s heirloom for dessert money! With those shiny new coins, they swooped up over 100,600 ETH. And guess what? They didn’t stop there—another 19,683 ETH landed in their digital shopping cart just a few weeks later. Now they’re sitting pretty with roughly 120,306 ETH, placing them among the coolest kids holding Ethereum on the block! 🤑

And let’s not pretend they didn’t have a reason for this sudden popularity with ETH. They took to X (what was Twitter, but let’s not dwell on that) to declare their strategy shift: “Why Ethereum? Why now? Society is entering a new monetary era.” As if we didn’t know! They’re talking interest rates that could give anyone a panic attack, inflation threats like a villain in a bad rom-com, and a humanity in crisis with fiat currency. But hey, Ethereum promises capital growth and staking perks that outshine even the best money market accounts! 🌟

In another riveting plot twist, their SEC filing on July 25 asked the shareholders if they could multiply their authorized share capital like rabbits in spring—up from 340 million to a jaw-dropping 1 billion ordinary shares. Imagine the share capital ballooning from $3.5 million to $10.1 million without even breaking a sweat. They’re going big or going home! 🏠💸

They’re making it clear this isn’t just a casual switch to ETH. No, they want to secure some extra equity financing – because why not? A shareholder vote for this grand proposal is scheduled for September 10, 2025. Mark your calendars, folks! 🗓️

Ethereum: The New Star of the Crypto Show

Now for the juiciest gossip: Since Bit Digital swapped its Bitcoin obsession for Ethereum, ETH has started flexing its muscles. It’s up about 51% this month, and the ETH/BTC trading pair has climbed roughly 35%. I mean, can we get a round of applause? Bravo, Ethereum! 👏

On-chain analytics from Sentora (formerly known as IntoTheBlock, but who’s counting?) says between $7.5 billion and $8 billion—yes, with a B!—has flowed into US-listed ETH ETFs since July 2. Talk about a crypto party that even the skeptics want to crash! 🎉✨

With its newfound fame, Ethereum’s performance is strutting like it owns the runway, trading at its highest levels of the year. It began the week gaining momentum, took a dramatic dip (the classic “twist”), and bounced back like a rubber ball on caffeine. As of now, it’s bonkers around $3,775 and up 5% in the last week alone. Crypto is wild, am I right? 😏

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2025-07-28 04:13

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