PancakeSwap DEX rolls out CakePad to offer early access to new token listingsBit Digital said Monday it has proposed offering convertible notes for $100 million in order to buy more ETH.
This past June, Bit Digital pivoted to become “a pure-play” Ethereum staking and treasury company.
Ethereum digital asset treasury Bit Digital said Monday it has proposed offering convertible notes for $100 million in order to buy more ETH +0.33%.
“The net proceeds from the offering will primarily be used to purchase Ethereum and may be used by the company for general corporate purposes, including potential investments, acquisitions and other business opportunities relating to digital assets,” the company said in a statement.
Bit Digital (ticker BTBT) filed a preliminary prospectus with the U.S. Securities and Exchange Commission. Barclays, Cantor, and B. Riley Securities are lead book-running managers for the offering.
In June, Bit Digital, founded in 2015, pivoted from a bitcoin mining operator to become “a pure-play” Ethereum staking and treasury company. The Nasdaq-listed company reported a decline in total revenue for the second quarter of this year.
Bit Digital’s move has been part of a trend of firms launching digital asset treasury (DAT) strategies, which offer investors leveraged exposure to assets like BTC, ETH, and SOL. Ahead of Bit Digital, BitMine Immersion, and SharpLink Gaming are the two largest DATs holding Ethereum.
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