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 Inc (NASDAQ:BTBT) reported strong Q1 earnings, with revenue up 266% year-over-year to $30 million, beating estimates. The company also reported earnings of 43 cents per share, significantly above the 1 cent estimate. The stock rose 5.06% in after-hours trading.

Portfolio Pulse from Adam Eckert

May 15, 2024 | 9:18 pm

Bit Digital (NASDAQ:BTBT) reported Q1 2024 earnings of $0.43 per share, significantly beating the analyst estimate of $0.01. The company's sales were $30.3 million, also surpassing the estimate of $27.733 million.

Portfolio Pulse from Benzinga Newsdesk

May 15, 2024 | 8:43 pm

Bit Digital, Inc. (NASDAQ:BTBT) reported a 12.5% decrease in BTC production for April 2024, producing 119.3 BTC due to reduced bitcoin block rewards post-halving. The company's active hash rate was 2.76 EH/s, with treasury holdings of BTC and ETH valued at approximately $121.9 million. Cash and equivalents stood at $43.7 million. Bit Digital's AI segment generated $4.1 million in revenue from 251 servers. Additionally, the company had 17,184 ETH staked, earning a 1.0% APY and 13.9 ETH in staking rewards for April.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 8:01 pm

Bit Digital (NYSE:BTBT) has seen a 13.95% increase in short interest since its last report, with 18.13 million shares sold short, representing 15.52% of its float. This is higher than the peer group average of 8.17%. The rise in short interest suggests a bearish market sentiment, but it's also noted that an increase in short interest can sometimes be bullish.

Portfolio Pulse from Benzinga Insights

April 25, 2024 | 2:15 pm

Bit Digital's CEO revealed the company's diversification strategy, including staking ETH and renting computational power for AI development, indicating a move beyond just bitcoin reliance.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 1:49 pm

Bit Digital's CEO revealed that the company's direct production cost per Bitcoin (BTC) was approximately $15,000 for 2023. Despite the upcoming halving event, which will reduce the reward for mining new blocks, the company expects to maintain an attractive mining margin at the current BTC prices.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 1:48 pm

Bit Digital's CEO announced that post-halving, miners will receive 3.125 BTC per block, halving their reward for the same effort. This statement directly impacts the outlook for Bit Digital and the broader cryptocurrency mining industry.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 1:48 pm

Bit Digital's CEO, Sam Tabar, discussed the upcoming Bitcoin halving with Benzinga, highlighting that the block reward for miners will be reduced by half from the current 6.25 BTC per block solved.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 1:48 pm

Bit Digital reported a 6% increase in BTC production in March 2024, producing 136.4 BTC. The company's active hash rate was 2.76 EH/s, with cash equivalents of $34.9 million. It operated 251 servers under the Bit Digital AI contract, generating an estimated $4.3 million in revenue.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 8:34 pm

Crypto-related stocks including COIN, HUT, MARA, MSTR, and RIOT are trading lower due to a decline in Bitcoin's value.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 11:05 am

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