Bit Digital, a former Bitcoin mining company, has announced a $100 million public offering of senior convertible bonds to fund its Ethereum-focused strategy. The bonds are senior, unsecured obligations of the company and are set to mature on October 1, 2030, unless converted, repurchased, or redeemed earlier.
Proceeds from the offering will primarily be used to purchase Ethereum and support general corporate purposes, including potential investments, acquisitions, and other digital asset-related opportunities. According to Ethereum Treasuries, Bit Digital ranks sixth among Ethereum holders, with a portfolio of 120,306 ETH.
The company is also granting underwriters a 30-day option to purchase up to an additional $15 million in bonds to meet potential excess demand. Bondholders will have the flexibility to convert their holdings at any time up to two business days before maturity, receiving cash, Bit Digital common shares, or a combination, at the company’s discretion. Interest rates, initial conversion price, and other terms will be set during the pricing stage.
In June 2025, Bit Digital announced the full exit from Bitcoin mining and a pivot to an Ethereum-centric strategy, focusing on institutional staking and using ETH as a key store of value. Despite the revenue decline from ceasing mining operations, the company reported a net profit of $14.9 million in Q2 2025, a sharp turnaround from losses in the same quarter of 2024, driven largely by Ethereum staking income.
This move reinforces Bit Digital’s commitment to positioning itself as a major institutional player in Ethereum, leveraging convertible bonds to expand holdings while providing investors with flexible participation options.
