The former Bitcoin extraction company, Bit Digital, has dropped strongly this week, the share price amounting to almost 19% over the period of five days to close to $ 1.99 on Friday, with a drop of 15% in just 24 hours.
The dive follows important announcements from the company, including a public offer of $ 150 million and a strategic pivot with ether. Thursday, the company announced a public offer of 75 million ordinary shares which aim to raise $ 150 million.
Bit Digital plans to issue the 75 million ordinary shares to $ 2 each. The product will be used to buy Ether (ETH), double its previous decision to move to a company focused on Ethereum.
After the news, the actions of the company fell to $ 1.86 before recovering slightly during the exchanges after the opening hours.
Bit Digital Pivots in a Eth Eth Ja Instruction and Treasury Company
The news follows the company’s decision earlier this week to abandon Bitcoin (BTC) for ETH. On Wednesday, the company revealed that it would go to a “business of the Ethereum Pure play Treasury”, focused on the increase in its eTH assets.
The company said that it had accumulated ETH for its cash reserves and had started its infrastructure of staking in 2022. It plans to liquidate its Bitcoin holders to buy more ETH.
As of March 31, Bit Digital held 24,434 ETH and 417 BTC, valued at around $ 44.6 million and $ 34.5 million, respectively.
When it converts all its BTC into ETH, the company would have around 42,000 ETH, worth around $ 103 million at current market prices.
In relation: Bitcoin Mining Company Bit Digital reports that income of almost 40%
A Digital Stock bit decreases 19% in five days
Investors reacted unfavorably at the quarter work. Bit Digital shares fell by almost 4% on Wednesday after the announcement of the ETH pivot.
Throughout the week, the company’s equity prices decreased by almost 19%, from a summit of $ 2.40 to a hollow of $ 1.86 on Friday. Despite the reaction, the company has shown no signs of stopping its visit to ETH.
Bit Digital was the 12th largest Bitcoin extraction company by market capitalization. However, since its ETH pivot, CompaniesmarketCap has been a decline in 13th place. The data also shows that equity prices have decreased by more than 40% this year.
Cointtelegraph set out to Bit Digital to comment but had not received an answer by publication.
https://www.youtube.com/watch?v=GD81DFCMI4
Review: New York Bitcoin Pubkey Bar will be Orange-Pill Washington DC Next
