Global law firm White & Case LLP has advised Bit Digital, Inc., a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies, on its US$172.5 million underwritten public offering, comprised of 86.25 million ordinary shares at a public offering price of US$2.00 per share.
The net proceeds to Bit Digital from the offering, including the full exercise of the underwriters' option to purchase additional ordinary shares, were approximately US$162.9 million, after deducting the underwriting discount and estimated offering expenses.
Bit Digital intends to use the net proceeds from this offering to purchase Ethereum, further advancing the company's Ethereum staking operations, already one of the largest of its kind globally.
The White & Case team was led by Capital Markets partner Laura Katherine Mann (Houston) and M&A partner Prat Vallabhaneni (New York), and included Tax partner Neil Clausen (Houston); Data, Privacy & Cybersecurity partner F. Paul Pittman (Washington, DC) and associate Yuhan Wang (Silicon Valley); Real Estate partner Jason McCoy (Houston) and associate Julia Garcez (New York); Capital Markets associates Bryson Manning, Chanel Holmes and Daniel Quesenberry (all in Houston); and Environment & Climate Change associate Sam McCombs (Houston).
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