Bit Digital underwriters fully exercised the overallotment option, achieving total net proceeds of $163 million, planning to increase Ethereum deployment

ChainCatcher news, Bit Digital (Nasdaq: BTBT) today announced that its recent public offering underwriters have fully exercised their over-allotment option, purchasing an additional 11.25 million shares of common stock, bringing approximately $21.4 million in additional net proceeds to the company. The public offering totaled 86.25 million shares of common stock, with total net proceeds reaching $162.9 million.

The company stated that it will use the proceeds to purchase Ethereum. As a digital asset platform focused on Ethereum-native treasury and staking strategies, Bit Digital currently operates one of the largest institutional Ethereum staking infrastructures in the world.