Bit Digital Plans to Raise $67.30 Million to Purchase Ethereum

On July 15, The Block reported that Nasdaq-listed Bit Digital announced on July 14 its plan to raise approximately $67.30 million through a direct offering of 22.00 million ordinary shares to institutional investors. The proceeds will be used entirely to purchase Ethereum ($ETH). Priced at $3.06 per share, B. Riley Securities is acting as the placement agent, and the transaction is expected to be completed on July 15. In the previous week, the company converted its entire Bitcoin inventory into Ethereum and currently holds approximately 100,603 $ETH (worth approximately $301.00 million). [Deep Tide TechFlow]