05:03 PM EDT, 06/25/2025 (MT Newswires) -- (Updates with details about WhiteFiber IPO and Bit Digital ( BTBT ) stock sale throughout.)

Bit Digital ( BTBT ) said late Wednesday it plans an initial public offering of subsidiary WhiteFiber's ordinary shares, and has initiated a transition to become a pure-play Ethereum staking and treasury company.

The company said it also launched an underwritten public offering of an undisclosed number of shares. Net proceeds will be used to buy Ethereum.

For the proposed IPO of WhiteFiber shares, Bit Digital ( BTBT ) filed a confidential registration statement with the US Securities and Exchange Commission. The offering is subject to the SEC's review process and other conditions, with the number of shares to be sold and the price to be determined at a later date, the company said.

Regarding its plans to focus on becoming an Ethereum company, Bit Digital ( BTBT ) said it began accumulating Ethereum and operating staking infrastructure in 2022 and has steadily increased its holdings since then.

Bit Digital ( BTBT ) held 24,434.2 Ethereum and 417.6 bitcoins as of March 31, valued at about $44.6 million and $34.5 million, respectively, with plans to convert its bitcoin holdings into Ethereum over time, it said.

Shares of the company fell 3.8% in recent after-hours activity.

Price: 2.26, Change: -0.09, Percent Change: -3.83