Key takeout
- BitDigital Plan triples its approved equity capital to one billion ordinary shares and funds its Ethereum growth strategy.
- The expanded stock certification is intended to allow for substantial stock financing focused on Ethereum purchases.
BitDigital, BitDigital, is a digital asset miner from Bitcoin to the Ethereum Treasury, and it held a major shareholder meeting in September, seeking approval to triple the accredited stock capital that supports Ethereum’s accumulation plan and growth initiatives.
The company plans to increase the number of certified common stock from 340 million to 1 billion, and plans to increase its certified stock capital from $3.5 million to $10.1 million. Preferred stocks remain at the 10 million cap.
“Our management believes that current approved equity capital is not sufficient for our needs,” the company said in its filing.
The proposal requires approval from a majority of ordinary and preferred shareholders. The board unanimously recommended that shareholders vote in favor of the increase.
According to Coingecko data, BIT Digital has grown Ethereum Holding to 120,306 ETH, valued at around $450 million. It is one of Ethereum’s largest publicly traded institutional owners, tracking only Bitmine Immersion Technologies and Sharplink games.
Bit Digital CEO Sam Tabar said Ethereum has high hopes for the foundation of future digital financial infrastructure due to its programmership, widespread recruitment and staking yield.