Bit Digital's stock dropped nearly 4% after the company announced its shift from Bitcoin mining to Ethereum, deciding to sell off its Bitcoin mining infrastructure to invest in Ether. The firm, which aims to become a dedicated Ethereum staking and treasury company, is gradually converting its Bitcoin holdings, but no specific timeline was provided for this transition. As of March 31, Bit Digital held 24,434.2 ETH and 417.6 BTC. If the company sold all its Bitcoin today, it could increase its Ether holdings to over 42,000 ETH. Following the announcement, investors reacted negatively, leading to a decline in stock price to $2.35 during trading hours and $2.26 in after-hours trading. This marks a significant drop of nearly 25% year-to-date. Furthermore, the company's financial performance showed an 18% year-on-year revenue decline and a drastic fall in net profit margin by 240%. Other firms, like SharpLink Gaming, have increased their ETH investments recently, highlighting a trend towards Ethereum among public companies in the crypto space.

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