TLDR:Bit Digital will use all $67.3M proceeds from the offering to buy Ethereum.The deal involves 22M ordinary shares priced at $3.06 each for institutions.B. Riley Securities is the exclusive placement agent for the transaction.The firm aims to strengthen its Ethereum staking position with this funding.Bit Digital has announced plans to raise $67.3 million through a registered direct offering, targeting institutional investors with a specific aim: growing its Ethereum holdings. The offering comes at a time when digital asset firms are doubling down on Ethereum-native strategies. The company intends to allocate all net proceeds to purchasing ETH, aligning with its staking-focused business model. The move reflects continued confidence in Ethereum’s long-term value and network dominance. Bit Digital expects the offering to close on or about July 15, pending routine closing requirements.Bit Digital Direct Offering to Institutional BuyersThe offering will consist of 22 million ordinary shares priced at $3.06 each. Bit Digital confirmed that B. Riley Securities is acting as the exclusive placement agent. The shares are being offered under an existing shelf registration filed in April and made effective in June. Bit Digital expects gross proceeds of approximately $67.3 million before fees and expenses. The transaction structure and pricing were designed specifically for institutional buyers under a registered format.According to the company, proceeds will be used solely to purchase Ethereum. Bit Digital began accumulating ETH in 2022 and has steadily built a reputation as a large institutional staker. The firm operates a comprehensive ETH staking platform that includes validator management, protocol participation, and optimized yield strategies. This capital injection could allow Bit Digital to strengthen its position in Ethereum’s ecosystem ahead of any network upgrades or market shifts.Regulatory and Filing DetailsThe offering falls under a shelf registration on Form S-3, which includes a base and final prospectus. The company has submitted the preliminary supplement to the U.S. SEC and will finalize the documents upon closing. The release emphasized that this is not a public solicitation and complies with all relevant securities laws. Investors will be able to access offering documents through official SEC channels or directly via B. Riley Securities.Bit Digital has shifted its focus in recent years to become a major player in Ethereum staking infrastructure. With advanced validator operations and institutional-grade custody, the company positions itself as a long-term ETH-native platform. The timing of this offering suggests the firm is preparing for a potential upswing in Ethereum’s market performance. As staking remains central to ETH’s future, Bit Digital’s capital deployment underscores its strategic commitment to that ecosystem.The post Bit Digital to Raise $67.3M in Ethereum-Backed Direct Offering appeared first on Blockonomi.