Bit Digital (BTBT), a Nasdaq-listed crypto company that recently pivoted to a treasury strategy centered around ether (ETH), said on Friday it bought 19,683 ETH using funds from a $67.3 million direct offering.
The purchase takes the firm's holdings to more than 120,000 ETH, worth around $432 million at current prices.
The company's stock initially spiked as much as 10% on the news before paring early gains. Recently, it traded 2.5% lower.
Bit Digital is one of the many firms that recently pivoted to a crypto treasury strategy. The company last month announced its exit from bitcoin (BTC) mining to focus solely on ether staking and treasury operations.
Read more: Ethereum's Biggest Wall Street Bull Ups Stock Sale to $6B to Power ETH Treasury
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