Bit Digital Inc BTBT shares are falling in Wednesday’s after-hours session after the company announced a public offering.

What To Know: Bit Digital said it commenced an underwritten public offering of ordinary shares. The company did not provide details of the offering, but said it plans to use net proceeds to purchase Ethereum ETH/USD.

In connection with the offering, Bit Digital said it initiated a strategic transition to become a pure-play Ethereum staking and treasury company.

Bit Digital started buying Ethereum in 2022. The company held a total of 24,432.2 ETH as of March 31. Bit Digital also held 417.6 Bitcoin BTC/USD as of the end of March. The company plans to convert its Bitcoin holdings into Ethereum over time as it winds down its Bitcoin mining operations.

After market close on Wednesday, Bit Digital also announced it confidentially submitted a draft registration statement with the SEC related to a proposed initial public offering of its subsidiary WhiteFiber. The company has not yet determined the number of shares to be offered or the price range for the proposed IPO.

BTBT Price Action: Bit Digital shares are down nearly 20% year-to-date. The crypto stock was down 3.40% in after-hours, trading at $2.27 at the time of publication Wednesday, per Benzinga Pro.

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