Crypto Shares Gain Premarket; Bit Digital up 15%; SharpLink Gaming up 6%; Iren up 3%; Circle up 2%

Crypto shares gained in premarket trading as Bitcoin reached nearly $109K.

Bit Digital rose 15%; SharpLink Gaming rose 6%; Iren rose 3%; Circle up 2%; Strategy, CleanSpark, MARA rose 1%.

Bit Digital Ditches Bitcoin

Bit Digital (BTBT) continued its rally as the New York-based crypto outfit confirmed a number of recent overhauls to its business. The former bitcoin miner on Monday announced that it has completed its transition to an ethereum strategy.

The company on Monday announced that it has completed its transition to an ethereum treasury and sold off a substantial portion of its bitcoin holdings.

Bit Digital had earlier announced, on June 25, its transition to a pure-play ethereum staking and treasury company. As part of the shift, Bit Digital expects to convert its bitcoin holdings to ethereum over time, and sell or wind down its bitcoin mining operations and redeploy the proceeds into ETH.

Bit Digital has already sold about 280 bitcoin and used the proceeds to purchase additional bitcoin. The company also raised $172 million in gross proceeds from a recent underwritten public offering and used the capital to purchase ETH.

Bit Digital has now accumulated 100,603 ETH, up from the 24,434 held on March 31. The company on March 31 held 417.6 bitcoin worth about $34.5 million at that time, according to the initial strategy announcement.

BTBT stock soared more than 18% Monday. Shares rallied 46% last week following its ethereum strategy announcement.

IREN Falls On Monthly Update

Shares of bitcoin miner IREN (IREN) rose on Monday.

IREN mined seven fewer bitcoin in June than in May, with 620 bitcoin mined for the month. Still, June's bitcoin revenue increased to $65.5 million from $64.7 million due to higher prices for the cryptocurrency.

AI cloud services revenue was flat month-over-month at $2.2 million. The company's total hardware profit increased slightly to $51.3 million from $49.9 million in May.

Co-CEO Daniel Roberts noted that June saw "another month of record revenues."

Shares rallied 54% over the past two weeks prior to Monday's update. IREN shares are up more than 72% so far this year.

House Preps For 'Crypto Week'

Elsewhere, the House Financial Services Committee on July 3 announced that the week of July 14 will be "Crypto Week." During the week, the House will consider various cryptocurrency-related bills. The agenda includes the Clarity Act, which establishes a framework for digital assets, the Genius stablecoin bill, which passed the Senate in June, and the Anti-CBDC Surveillance State Act, which prohibits Federal Reserve banks from issuing central bank digital currencies.