Bit Digital and BitMine Make Strategic Shift, Move Large Holdings to Ethereum

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Bit Digital and BitMine have made major shifts in their corporate treasury strategy that have shocked both the crypto world and Wall Street giants. Both companies have reallocated their treasury reserves to Ethereum. Bit Digital, in particular, sold its Bitcoin and invested the proceeds from the sale in Ethereum.

To many, this is surprising as Bitcoin is known for its digital gold identity and many corporations have already adopted it into their financial strategy. However, this shift aligns with the prediction of many Wall Street firms that view Ethereum as the infrastructure of the future internet, especially given its role in decentralized finance (DeFi), NFTs, stablecoins, and Layer 2 scaling.

Ethereum is no longer seen as a safeguard against inflation but as a productive digital asset that will become the backbone of modern institutional finance. With many big companies adopting it for strategic purposes, everyday users are also embracing Ethereum’s ecosystem in more practical ways. For example, online gamers are choosing Ethereum casinos so they can enjoy faster transactions, lower fees, and greater transparency compared to traditional online platforms.

Why is BitMine Buying Ethereum?

On June 30, BitMine Immersion Technologies (BMNR) made two major announcements. The company announced that it would be appointing Tom Lee, a popular crypto advocate and co-founder of Fundstrat Global Advisors, as its board chairman and that it had a plan to buy $250 million worth of ETH. This news caught the attention of many investors and caused BitMine’s stocks to rise by 1,000% in a single day. The company was previously trading under the radar at $5, but after the announcement, it rose to $48.

BitMine is taking a cue from MicroStrategy’s Bitcoin strategy (now rebranded as Strategy), where the company is investing billions in Bitcoin. With this move, BitMine is about to become the MicroStrategy of ETH. The company has stated that it wants to treat ETH as its primary treasury reserve asset. By investing $250 million in the token, the company is moving from being a crypto miner to an ETH holding company.

BitMine wants to take advantage of the long-term potential of ETH’s growth and become one of the top companies that give investors exposure to the token. This investment comes at a time when ETH is gaining more attention from growth in layer-2 networks and staking rewards. If BitMine is actively executing its plan, and when it's done, it will become one of the largest holders of ETH in the world.

Bit Digital Bets Big on Ethereum

Digital asset firm Bit Digital has moved its corporate treasury strategy from Bitcoin to Ethereum, stating that the shift is part of its belief that ETH will change the financial system. The company used proceeds from selling 280 Bitcoin and $172 million from a public offering to buy large amounts of ETH.

Bit Digital’s CEO, Sam Tabar, says that the sale is part of its plan to become the top ETH-focused company in the world. At the end of the first quarter of 2025, the company held 24,434 ETH, but through direct purchases and staking, the figure has increased to 100,603 ETH. Following the announcement, Bit Digital’s stock increased by more than 29%, raising its market cap above $1 billion.

BitMine and Bit Digital adopting ETH as part of their corporate treasury strategy shows that ETH is gaining more appeal among many leading corporations. With more companies expected to join this trend, stakeholders are saying that these aren’t just investments in cryptocurrency but in the future of Web3 technology.