Bit Digital Shifts Focus to Ethereum, Sees Stock Surge

Bit Digital, known for Bitcoin mining, shifted focus to Ethereum, accumulating 100,603 ETH after selling 280 BTC. The move reflects a bet on Ethereum’s utility over Bitcoin. Shares surged 20% post-announcement, signaling bullish sentiment.

Q1 2025 earnings showed a 17% revenue drop, with BTC mining revenue down 64%. Cloud services revenue surged 84%, becoming the top earner. Bit Digital’s strong balance sheet, with $61.3 million in cash and $140 million in liquidity, positions them for growth.

Bit Digital’s pivot to Ethereum reflects a belief in its utility for global finance. Staking provides yield and exposure to tokenized assets. Analysts forecast a reduced loss in 2025 and a profitable 2026 for the company.

With an average analyst price target of $5.90 and unanimous “Strong Buy” rating, Bit Digital stock shows potential upside. The Street-high target price of $7 suggests a possible 87% rally. The company’s growth pipeline positions it well for future returns.

Read more at Yahoo Finance: Bit Digital Is Going All in on Ethereum. Should You Buy BTBT Stock Here?