Bit Digital BTBT has made a decisive pivot away from Bitcoin BTC/USD, converting its entire treasury to Ethereum and accumulating roughly 100,000 ETH on its balance sheet.

What Happened: Speaking to CNBC on Monday, CEO Sam Tabar described Ethereum as “alive,” “institutional,” and “the only blockchain capable of rewriting the financial system.”

“We sold a profitable business—we exited Bitcoin mining,” Tabar said. “We took the cash on our balance sheet, sold all our Bitcoin, and did this raise. I actually personally participated in that raise myself with my own savings, and we poured that all into Ethereum.”

With $172 million in capital raised and over 417 Bitcoin liquidated, the firm has…

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