InvestorWire NewsRoom

InvestorNewsBreak

InvestorNewsBreaks – Bit Digital Inc. (NASDAQ: BTBT) Begins Ethereum Staking Operations, Enters Partnership
December 27, 2022

InvestorNewsBreaks – Bit Digital Inc. (NASDAQ: BTBT) Begins Ethereum Staking Operations, Enters Partnership

Bit Digital Inc. (NASDAQ: BTBT), a digital asset mining company headquartered in New York, has officially begun Ethereum staking operations. The company announced that it plans to delegate, or stake, its ETH holdings to an Ethereum validator node in order to help secure and strengthen the blockchain network; the announcement also noted that stakers will be compensated for this commitment in the form of a reward of the native network token. In addition to beginning operations, the company has entered a new partnership with Blockdaemon, the leading institutional-grade blockchain infrastructure company for node management and staking. The partnership calls for Bit Digital to also participate in liquid staking via Portara, the first-of-its-kind liquid staking protocol developed by Blockdaemon and StakeWise. Liquid staking is designed to enable participants to reach greater capital efficiency by using staked ETH as collateral as well as withdraw from staked positions earlier than natively possible by trading staked ETH tokens on the secondary market. Portara ensures that users can only interact with verified counterparties. The company also reported that, as of Dec. 20, 2022, it had 7,904 ETH and 2,004 sETH-h with a combined worth of approximately $12.1 million. “We are excited to expand from our core bitcoin mining business into validating transactions on the Ethereum blockchain,” said Bit Digital CEO Bryan Bullett in the press release. “This diversification into another blue-chip digital asset ecosystem carries the goal of creating a new, predictable, and recurring stream of digital rewards. To be clear, we will continue to invest in and opportunistically expand our mining operations. Together, we believe Bitcoin mining and ETH staking are complementary business lines that will enhance our overall margin and return profiles. It’s an exciting development for Bit Digital and one that we ultimately believe will maximize value for all stakeholders.”

To view the full press release, visit https://ibn.fm/8ikNG

About Bit Digital Inc.

Bit Digital is a bitcoin mining company headquartered in New York City. The company’s mining operations are located in North America. For additional information about this company, visit www.Bit-Digital.com.

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.

As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.

For more information, please visit https://www.investorwire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]

InvestorWire is part of the InvestorBrandNetwork

Recent NewsBreaks

NewsBreaks Categories

Get Started with InvestorWire

To distribute a release in the next 24 hours. Contact our client services team.

(310) 299-1717

Distribute a press release. Submit your release to get started.

Submit Press Release

Set up a Live demonstration. Schedule a date and time that works for you.

Schedule a LIVE Demo

Press Distribution

Explore Press Distribution Solutions

All releases include an unlimited word count* with full wire-grade syndication, our press release enhancement service, and a follow-up InvestorNewsBreak article distributed to thousands of editorial syndication partners.

Discover Add-on Solutions

Increase the impact of your achievements by adding these exclusive solutions from InvestorWire, delivered in conjunction with the InvestorBrandNetwork (IBN).