Bit Digital (BTBT) is now the owner of more than 100,000 ether (ETH) after swapping out its bitcoin stack along with a $172 million capital raise for even more of the world's second-largest crypto.
From a holding of 24,434 ETH as of the end of March , Bit Digital now has approximately 100,603 ETH ($189.2 million) making it one of the largest corporate ETH holders, the company said on Monday .
Bit Digital revealed its plans to focus solely on ETH staking last month, in a move that wasn't entirely unexpected given the more challenging environment bitcoin miners have experienced since last year's halving .
Ether staking is the process of locking up ETH to help secure the network in return for rewards.
Stakers validate transactions and create new blocks to earn a passive income.
The quadrennial halving event sees the reward for adding new blocks Bitcoin network reduced by 50%, taking a considerable bite out of miners' revenue stream, notwithstanding a rally in BTC's price.
BTBT shares were higher by 26% on Monday to $3.71. They were trading at around $2 shortly after the late June announcement of the ether focus..
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