Bitcoin mining company Bit Digital has raised 150 million USD to purchase ETH and exit the mining industry.

CoinVoice has learned that, according to The Miner Mag, Bit Digital raised $150 million through a public offering to accelerate its transition from Bitcoin mining to Ethereum staking and financial operations. The company priced 75 million shares at $2 per share and additionally offered 11.25 million shares to underwriters through a 30-day options. The proceeds from this issuance will be used to purchase Ethereum, marking one of the largest public ETH financial commitments to date.

This fundraising formalizes Bit Digital's strategy to exit the Bitcoin mining business, as the company now plans to sell or gradually phase out its mining operations. With the tightening of the industry's mining economy, Bit Digital relies on third-party hosting partners like Coinmint to operate its mining fleet, but the termination of that agreement late last year has thrown its mining operations into disarray.

In addition, Bit Digital has submitted a confidential initial public offering (IPO) application for its wholly-owned subsidiary WhiteFiber Inc., which focuses on high-performance computing (HPC) business.