BIT Digital Shares drops as a business bitcoin for Ethereum – BIT Digital (Nasdaq: BTBT)

Bit Digital Inc BTBT Shares fall in the after-hours session on Wednesday after the company has announced a public offer.

What to know: Bit Digital said it started with an endorsed public offer of ordinary shares. The company has not provided any details about the offer, but said it is planning to use the net yield to buy Ethereum ETH/USD.

In connection with the offer, BIT Digital said that it has initiated a strategic transition to use a pure-play Ethereum and become a treasury company.

Bit Digital started buying Ethereum in 2022. The company had a total of 24,432.2 ETH as of 31 March. Bit Digital also had 417.6 Bitcoin BTC/USD At the end of March. The company plans to turn Bitcoin Holdings into Ethereum over time, because it expires its bitcoin mining activities.

After the market on Wednesday, BIT Digital also announced that it also confidentially submitted a draft registration statement with the SEC with regard to a proposed first public offer from its subsidiary Whitefiber. The company has not yet determined that the number of shares to be offered or the price range for the proposed IPO.

BTBT -Price promotion: BIT Digital shares have fallen almost 20% to date. The crypto shares fell by 3.40% in after-hours and traded at $ 2.27 at the time of publication Wednesday, per Petrol.

Read next:

Photo: Shutterstock.