Streetbeat News

BTBT

Bit Digital, Inc.

Industry

Financial - Capital Markets

Bit Digital, Inc., together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities. The company was formerly known as Golden Bull Limited and changed its name to Bit Digital, Inc. in September 2020. Bit Digital, Inc. was incorporated in 2017 and is headquartered in New York, New York.

Open

4.52

Mkt cap

631M

Volume

19M

High

4.54

P/E Ratio

21.35

52-wk high

5.74

Low

4.17

Div yield

N/A

52-wk low

1.76

Bitcoin miner stocks, including Marathon Digital Holdings Inc (MARA), have seen a surge in trading volumes, surpassing those of major blue-chip companies like Tesla (TSLA) and Apple (AAPL). This increase is attributed to the anticipation of a spot Bitcoin ETF approval and the upcoming Bitcoin halving event in April 2024. Bitcoin miners are expanding operations, with Marathon Digital purchasing new mining sites and TerraWulf Inc (WULF) reporting a significant expansion. Bit Digital Inc (BTBT) and Bitfarms Ltd (BITF) also announced plans to increase their mining capacities. Bitcoin miners' revenue hit the highest level in 2023 on Dec. 28, according to Blockchain.com data.

Portfolio Pulse from Khyathi Dalal

December 28, 2023 | 10:35 pm

The S&P 500 and Dow Jones Industrial Average edged up by 0.1%, while the Nasdaq 100 mirrored this performance with a significant yearly gain. The iShares Russell 2000 ETF (IWM) is down 0.3%, and the iShares 20+ Year Treasury Bond ETF (TLT) declined by 0.6%. Gold remains stable, crude oil tracked by the United States Oil Fund (USO) fell by 1%, and Bitcoin dropped 2.3% after Cathie Wood sold her Grayscale Bitcoin Trust shares. The SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF (DIA), and Invesco QQQ Trust (QQQ) are steady. Utilities sector ETF (XLU) is up, while the Energy sector ETF (XLE) is down. The Invesco Solar ETF (TAN) gains, and the VanEck Gold Miners ETF (GDX) falls. AMD leads gains in large-cap tech, while crypto-related stocks show mixed reactions. Penn Entertainment (PENN) rallies after a hedge fund seeks board nomination authority.

Portfolio Pulse from Piero Cingari

December 28, 2023 | 7:17 pm

In 2023, Nvidia and Meta Platforms were the top performers on the S&P 500, with gains of nearly 240% and 200% respectively. They are part of the 'Magnificent Seven' (Mag7) stocks, which also include Tesla, Intel, Amazon, Alphabet, and Microsoft. These stocks were responsible for a third of the S&P 500's and SPDR S&P 500 ETF's 25% gain. Small-cap stocks like Soleno Therapeutics, Carvana, and Applied Optoelectronics saw gains over 1000%. Cryptocurrency-related stocks like Bit Digital and Bitfarms also surged. The Grayscale Bitcoin Cash Trust outperformed with a 1178% gain, while growth stock ETFs like the Baron Fifth Avenue Growth Fund and Fidelity Blue Chip Growth ETF saw nearly 60% gains.

Portfolio Pulse from Neil Dennis

December 28, 2023 | 7:09 pm

In Thursday's pre-market session, several stocks are moving higher despite mixed U.S. stock futures, with the Dow Jones futures down about 40 points. Altice USA, Inc. (ATUS) saw a significant rise of 14.4% after a 12% gain on Wednesday. TeraWulf Inc. (WULF) continued its upward trend with a 10.8% increase following a 30% gain. Nurix Therapeutics, Inc. (NRIX), HIVE Digital Technologies Ltd. (HIVE), and Bit Digital, Inc. (BTBT) all saw pre-market gains, with BTBT rising due to an expansion of its Bitcoin mining fleet and a surge in Bitcoin's price. Cipher Mining Inc. (CIFR) also benefited from the Bitcoin price increase, rising 6.3%. Bilibili Inc. (BILI), Bitdeer Technologies Group (BTDR), and Maxeon Solar Technologies, Ltd. (MAXN) each saw pre-market gains of around 4.9%.

Portfolio Pulse from Avi Kapoor

December 28, 2023 | 10:41 am

U.S. stocks showed little movement on Wednesday, with major indices near all-time highs. The dollar and Treasury yields fell, with the Invesco DB USD Index Bullish Fund ETF (UUP) down 0.6% and the 10-year Treasury note yield at a five-month low. Gold prices rose, reflected by the SPDR Gold Trust (GLD), up 0.9%. Major ETFs like SPY, DIA, and QQQ were stable. Real Estate (XLRE), Consumer Staples (XLP), and Utilities (XLU) sectors gained, while Energy (XLE) dipped. Gold miners (GDX) and oil services (OIH) ETFs moved in opposite directions. Tesla (TSLA) rose on Model Y news, crypto stocks like Coinbase (COIN), Bit Digital (BTBT), and Marathon Digital (MARA) surged, and Apple (AAPL) remained steady after a legal update.

Portfolio Pulse from Piero Cingari

December 27, 2023 | 7:02 pm

Shares of crypto-related companies are up due to an increase in Bitcoin's price.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 5:57 pm

In Wednesday's pre-market session, several IT stocks showed significant movement. BTC Digital, BIO-key Intl, BIT Mining, Bit Digital, The9, and Inpixon were gainers, with increases ranging from 6.24% to 10.4%. On the losing side, MariaDB, Oblong, Universal Security, Argo Blockchain, ARB IOT Group, and Arqit Quantum saw declines between 3.98% and 9.2%.

Portfolio Pulse from Benzinga Insights

December 27, 2023 | 1:07 pm

Shares of Bit Digital, Inc. (NASDAQ:BTBT) are surging in premarket trading after the company announced plans to double its Bitcoin mining operations to approximately 6.0 EH/s by 2024. Bit Digital produced 142.7 BTC in the last month, a 24% increase from the previous month, and earned 44.93 ETH in staking rewards. The company has started receiving servers equipped with NVIDIA Corporation's (NASDAQ:NVDA) HGX H100 GPUs from Super Micro Computer, Inc. (NASDAQ:SMCI), with more expected to be deployed in Iceland by January 2024. Bit Digital also anticipates $35-37 million in revenue from its first AI business customer in 2024. The company's Q3 2023 revenue was $11.6 million, mainly from Bitcoin mining. BTBT shares rose 5% to $4.410 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 27, 2023 | 12:57 pm

Coherus BioSciences, Inc. (NASDAQ:CHRS) shares surged 34.8% in pre-market trading after the FDA approved UDENYCA ONBODY for pegfilgrastim-cbqv. Other stocks showing pre-market gains include Burford Capital Limited (NYSE:BUR), TeraWulf Inc. (NASDAQ:WULF), Bitfarms Ltd. (NASDAQ:BITF), Bit Digital, Inc. (NASDAQ:BTBT), HIVE Digital Technologies Ltd. (NASDAQ:HIVE), Cipher Mining Inc. (NASDAQ:CIFR), and Altimmune, Inc. (NASDAQ:ALT). U.S. stock futures were slightly lower, with Dow Jones futures down about 5 points.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 11:08 am

Bit Digital, Inc. (NASDAQ:BTBT) has announced plans to double the size of its Bitcoin mining fleet to approximately 6.0 EH/s by 2024. The company, which focuses on sustainable digital assets and AI infrastructure, aims to expand its operations significantly within the next year.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:02 pm

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