The American Bit Digital is fully committed to Ethereum (ETH). The company wants to triple its share capital to realize its crypto ambitions. This could make it more than 1 billion dollars to purchase ETH, and nestle in the top of the largest institutional holders in the world.
Shareholders will vote on stock extension in September
BIT Digital has submitted an application to the American stock market watchdog to increase the number of normal shares from 340 million to 1 billion. According to the board, the current stock structure offers too little room for future growth.
“Our management is of the opinion that the current authorized stock capital is not sufficient for our needs,” the application says. The shareholders will vote on the proposal in September. A majority of both ordinary and preferential shareholders must agree.
Ethereum becomes the pivot of Bit Digitals Strategy
The plan follows an earlier capital injection of $ 67.3 million. With that money, BIT Digital bought 19,683 ETH. The total Ethereum stock of the company is now at 120,306 ETH, with an estimated value of $ 450 million. Only Bitmine Immersion Technologies, Coinbase and Sharplink Gaming have more.
CEO Sam Tabar explains why ETH is so important: “With around 120,000 ETH, BIT Digital is one of the largest institutional Ethereum treasuries in the public market.”
The majority of that stock is actively used through a strike. BIT Digital manages its own validators and thus earns returns, while at the same time it contributes to the security of the Ethereum network.
Source: https://newsbit.nl/bit-digital-wil-voor-1-miljard-aan-ethereum-kopen-aandeelhouders-stemmen-in-september/
