Whitefiber Charges Forward with $132.8M IPO – Bit Digital-Powered Deal Signals Crypto Confidence

Another day, another crypto-adjacent company rolling the IPO dice—but this one’s got heavyweight backing.

Whitefiber just filed for a $132.8 million public offering, with Bitcoin miner Bit Digital anchoring the deal. Because nothing says 'mainstream adoption' like a nine-figure Wall Street play riding on crypto infrastructure.

The move comes as institutional players keep dipping toes—or diving headfirst—into digital asset ventures. Bit Digital’s involvement suggests they’re betting big on Whitefiber’s tech stack, even if the rest of us are still figuring out what they actually *do*.

Watch this space: If the IPO pops, expect a fresh wave of 'blockchain-powered' S-1 filings. If it flops? Well, there’s always the metaverse.

What Whitefiber Does

Whitefiber offers cloud GPU services and runs high-performance computing (HPC) data centers. Its services are mainly for AI and machine learning developers, providing the tools and infrastructure needed to build and run AI applications efficiently.

Whitefiber is currently part of Bit Digital, a public company that shifted its focus from Bitcoin mining to ethereum staking and AI data centers. After the IPO, Bit Digital will still own around 77.6% of Whitefiber.

The company is growing fast. In the first quarter of this year (ending March 31), Whitefiber made $1.4 million in profit on $16.8 million in revenue. That’s nearly double the revenue and profit it had in the same period last year.

Bit Digital’s Strategy Shift

Bit Digital is part of a broader trend where former Bitcoin miners are transitioning to AI and ETH staking after mining rewards declined.

The company recently sold $30 million worth of Bitcoin to buy Ethereum and invest in Whitefiber Inc. It also added 19,683 ETH to its treasury using funds from a $67.3 million offering, bringing its total ETH holdings to 120,306, worth around $436 million.

With this, Bit Digital becomes the third-largest public Ethereum holder. Its upcoming Whitefiber IPO reflects a strategic MOVE to expand and monetize its AI business while still keeping majority control.

Also Read: Bit Digital to Raise $67.3M to Expand Ethereum Holdings