Catenaa, Thursday, February 05, 2026-Bit Digital, the Ethereum treasury and AI infrastructure firm backed by Brock Pierce, said it will fully wind down its bitcoin mining operations to focus on Ethereum holdings and high performance computing investments.
In a letter to shareholders Thursday, CEO Sam Tabar said bitcoin mining had become less efficient compared with opportunities that allow active participation, yield generation, and operational leverage.
The company has gradually sold mining assets, allowed hosting contracts to expire, and retired outdated equipment.
Bit Digital has shifted its business model toward Ethereum treasury operations, staking, and AI infrastructure through its majority-owned subsidiary WhiteFiber.
As of July, the company held 153,546 ETH, valued at roughly $428.8 million, with the majority staked. Bit Digital also added 31,057 ETH via a $135 million convertible note offering in October.
The firm’s HPC subsidiary, WhiteFiber, raised nearly $160 million in an August IPO.
Tabar emphasized that WhiteFiber represents a strategic long-term asset, providing exposure to intelligence infrastructure rather than being treated as a financial investment.
Bit Digital originally entered bitcoin mining in 2020, operating in China and the U.S., and briefly mined Ethereum prior to the network’s switch to proof-of-stake in 2022.
The company was among the first crypto mining firms to diversify into high performance computing with the launch of Bit Digital AI in 2023.
Brock Pierce purchased $1 million worth of shares around the time Bit Digital announced its ETH treasury strategy and serves on the company’s board, a role he assumed in 2021.
The company said its pivot aligns with broader market trends rewarding productive and scalable infrastructure assets.
