Bit Digital has changed its treasury strategy from Bitcoin to Ether, acquiring 100,603 ETH worth approximately $172 million. This move positions Bit Digital as the second-largest ETH holder among publicly traded companies, second only to Coinbase. The company financed its purchase through recent public offering proceeds and Bitcoin sales. The strategic pivot reflects its belief in Ethereum's potential to transform the financial system. Bit Digital’s CEO expressed intentions to align with Ethereum’s long-term prospects and establish itself as a primary ETH holding company in public markets. Following the announcement, Bit Digital’s stock surged over 29%, restoring its market capitalization above $1 billion. Historically, Bitcoin has attracted more corporate treasury strategies; however, this move towards Ethereum signifies a potential shift in institutional interest in ETH, which has been relatively subdued compared to Bitcoin. Despite a slow start for institutional Ethereum funds, recent inflows indicate a changing trend in market dynamics around Ether.

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