Bit Digital Drops On $150 Mln Equity Raise For Ethereum Pivot
Bit Digital (BTBT) said Thursday it has priced a public offering of 75 million ordinary shares at $2.00 each, for expected gross proceeds of $150 million.
The company said it plans to use the net proceeds to acquire Ethereum.
Underwriters have a 30-day option to buy an additional 11.25 million shares, Bit Digital said.
The offering is scheduled to close on or around Friday, subject to customary conditions, the company added.
Bit Digital shares were down by 13% in recent Thursday premarket activity.
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