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Quick take:
The additional funds came from underwriters who chose to exercise their options to buy 11,250,000 shares.
In total, Bit Digital issued and sold 86,250,000 ordinary shares in the underwritten public offering.
B. Riley Securities was the sole bookrunning manager in the offering, while Clear Street, Craig-Hallum and Northland Capital Markets were co-managers.
Bit Digital, Inc. (NASDAQ: BTBT) has raised an additional $21.4 million before expenses after the underwriters of its share offering chose to exercise the option to purchase 11,250,000 shares.
The money raised from the exercised options brings the total net proceeds from the offering to nearly $163 million, from the issuance and sale of 86,250,000 shares.
Bit Digital plans to use the capital to establish a strategic Ethereum treasury, the company said in a press release seen by NFTgators.
According to the announcement, B. Riley Securities was the sole bookrunning manager in the offering, while Clear Street, Craig-Hallum and Northland Capital Markets were co-managers.
“The net proceeds to the Company from the underwritten public offering, including the full exercise of the underwriters’ option to purchase additional ordinary shares, are approximately $162.9 million, after deducting the underwriting discount and estimated offering expenses payable by us,” Bit Digital wrote in a statement.
The announcement follows several other companies that have sought to establish strategic digital asset treasuries, mostly focused on Bitcoin. However, like Bit Digital, not all are anchoring their digital asset portfolios on BTC.
Online gaming company SharpLink is another that is building a crypto treasury focused on ETH, while Chinese-based company Webus has chosen Ripple (XRP). On the other hand, SOL Strategies, which is eyeing a U.S. listing, has been building its digital asset portfolio around Solana (SOL).
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