The encryption mining company Bit Digital has raised $150 million to purchase ETH.

Gate News bot reported that according to The Miner Mag, the cryptocurrency mining company Bit Digital has raised $150 million in an initial public offering to accelerate its transition from Bitcoin mining to Ethereum equity and fund operations. The company issued 75 million shares at a price of $2 per share, with an additional 11.25 million shares available to underwriters through a 30-day Options.

The proceeds from this issuance will be used to purchase Ethereum, which is one of the largest public ETH financial commitments to date. This fundraising officially confirms the company's strategic exit from the Bitcoin mining industry, and the company now plans to sell or shut down this business. As of March 31, Bit Digital holds approximately 24,434 ETH and 418 BTC, and plans to fully convert its Bitcoin holdings to Ethereum over time.