The former Bitcoin Bit Digital mining company dropped rapidly this week, and the price of the shares dropped by almost 19% within five days, closing $ 1.99 on Friday, with a 15% decline in just 24 hours.
Plunge is in line with the announcements about the main company, including a public offer in the amount of $ 150 million and strategic trading to the ether. The company on Thursday announced Public offer 75 million ordinary shares, which is to collect $ 150 million.
Bit Digital plans to spend 75 million ordinary shares $ 2 each. The revenues will be used to buy an ether (ETH), doubled your previous decision to switch to an Ethereum -oriented company.
After the news, the company’s shares fell to USD 1.86 before they recover slightly during trade after hours.
Bit Digital Pivots in Eth Staking and Treasury Treasury Company
The message follows the company’s decision at the beginning of this week to Ditch Bitcoin (BTC) for ETH. On Wednesday, the company revealed that it would go to “Pure-Play Ethereum Staking and Treasury Treasury Company”, focused on increasing its ETH resources.
The company announced that it collected ETH for its tax reserves and started the articular infrastructure in 2022.
As at March 31, Bit Digital maintained 24,434 ETH and 417 BTC, worth $ 44.6 million and $ 34.5 million, respectively.
When it transforms all its BTC into etc, the company would have about $ 42,000, worth about $ 103 million at current market prices.
Related: Bitcoin Mining Bit Digital Reports increased by almost 40%
Bit digital actions fall 19% in five days
Investors reacted adversely to change. Bit Digital shares fell by almost 4% on Wednesday after the announcement of ETH Pivot.
Throughout the week, the company’s shares prices fell by almost 19%, from $ 2.40 to the lowest level of USD 1.86 on Friday. Despite the reaction, the company showed no signs of stopping its transition to ETH.
Bit Digital was 12. As for the size, Bitcoin mining company according to market capitalization. However, from the moment ETH, Companiesmarketcap can be seen decline to 13th place. Data also shows that their share prices have dropped by more than 40% this year.
Cointelegraph contacted Bit Digital to Comment, but did not receive an answer through the publication.
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