Streetbeat News

BTBT

Bit Digital, Inc.

https://bit-digital.com

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

Bit Digital aims to achieve $100M in run-rate AI revenue by the end of 2024. The company's priorities include expanding its bitcoin mining fleet, diversifying and growing its AI segment, maintaining a strong balance sheet, increasing treasury holdings of staked ETH, and focusing on sustainability. These priorities are subject to change based on market conditions.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:18 pm

Bit Digital reported a production of 145.7 BTC in January, marking a 14% decrease from the previous month. The company's active hash rate was around 2.50 EH/s as of January 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 10:05 pm

Bit Digital has finalized an agreement to secure an additional 6 megawatts of hosting capacity for its cryptocurrency miners at a facility in Massena, New York, operated by a subsidiary of Coinmint LLC. This expansion brings Bit Digital's total contracted hosting capacity with Coinmint to around 46 megawatts.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 9:32 pm

Bit Digital's CEO confirmed the potential to increase the company's annualized revenue from its initial HPC AI customer contract to $50M per year. Additionally, it was confirmed that margins in the HPC business are significantly higher than in Bitcoin mining, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 4:31 pm

Bit Digital, Inc. (NASDAQ:BTBT) has started generating revenue from its first AI contract, with 1,536 GPUs already operational and an additional 512 GPUs expected to be online by the end of January 2024. The contract's total value exceeds $50 million in annualized revenue. CEO Sam Tabar anticipates that this revenue will bolster the company's financial stability and support the acquisition of new bitcoin mining rigs, aiming to double the operating fleet to approximately 6.0 EH/s in 2024.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 1:07 pm

TechTarget, Inc. (TTGT) shares rose by 14.4% after announcing a strategic combination with Informa Tech's digital businesses. Other stocks experienced significant movements in Thursday's mid-day session, with various companies reporting acquisitions, financial results, and other business updates. Notably, First Financial Northwest, Inc. (FFNW) surged 53% due to an acquisition announcement, and Transphorm, Inc. (TGAN) jumped 25.3% after a buyout offer. Crypto-related stocks like Canaan Inc. (CAN) and Stronghold Digital Mining, Inc. (SDIG) also rose after the SEC approved the listing and trading of spot Bitcoin ETFs. Conversely, several companies saw their shares fall, such as Clearmind Medicine Inc. (CMND), Office Properties Income Trust (OPI), and Plug Power Inc. (PLUG), which was downgraded by an analyst.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 6:32 pm

Crypto-related stocks are trading higher following the SEC's approval of spot Bitcoin ETFs. This regulatory milestone is seen as a positive development for the industry, potentially increasing investor confidence and participation in the cryptocurrency market.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 2:26 pm

In Thursday's pre-market session, U.S. stock futures were up, with Nasdaq futures gaining about 50 points. Transphorm, Inc. (TGAN) saw a significant rise after Renesas Electronics announced plans to acquire the company at $5.10 per share in cash, causing TGAN shares to surge 30.6% to $4.95. Other stocks experiencing gains included Canaan Inc. (CAN), TeraWulf Inc. (WULF), Bitdeer Technologies Group (BTDR), Nukkleus Inc (NUKK), Bitfarms Ltd (BITF), Bit Digital, Inc. (BTBT), Hut 8 Corp. (HUT), iRobot Corporation (IRBT), and HIVE Digital Technologies Ltd. (HIVE), largely due to strength in Bitcoin prices and regulatory developments.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 10:00 am

Bit Digital has expanded a customer contract for its AI division, now worth over $50M in annual revenue for 2,048 GPUs. To meet this demand, the company ordered 64 servers from Super Micro Computer, Inc., containing Nvidia HGX H100 GPUs, to be delivered by January 2024 and deployed in Iceland. Additionally, Bit Digital has entered a sale-leaseback agreement for 96 AI servers to finance this growth.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 1:33 pm

Bit Digital, a Bitcoin mining company, reported an increase in production, generating 169.5 BTC in December, which is a 19% rise from the previous month.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 2:17 pm

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