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

4.18

Mkt cap

634M

Volume

18M

High

4.42

P/E Ratio

20.43

52-wk high

5.27

Low

4.06

Div yield

N/A

52-wk low

1.76

Bitcoin's surge to $73,000 overshadows the appearance of Death Cross signals in HIVE Digital Technologies Ltd (NASDAQ:HIVE) and Bit Digital Inc (NASDAQ:BTBT) stocks, indicating potential downward trends. HIVE reported strong Q3 earnings with $30.1 million in revenue and a 38% Gross Operating Margin, despite a 30.68% drop YTD. Bit Digital experienced a 47.04% decline YTD but remains active in mining and staking, with a production of 128.7 BTC in February 2024. The Death Cross, a bearish signal, has been triggered for both stocks, aligning with economist Peter Schiff's concerns about the underperformance of Bitcoin mining stocks.

Portfolio Pulse from Surbhi Jain

March 13, 2024 | 4:51 pm

Bit Digital, Inc. (NASDAQ:BTBT) reported a decrease in BTC production by 11.7% in February 2024, producing 128.7 BTC. The company's active hash rate was 2.73 EH/s, with treasury holdings of BTC and ETH valued at approximately $104 million. Cash and equivalents stood at $34.3 million. Bit Digital also highlighted its Proof-of-Stake activities, with 12,784 ETH staked, earning a 4.4% APY and 43.4 ETH in rewards. Additionally, the company's AI division generated $4.0 million in revenue from 251 servers.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 9:32 pm

Economist Peter Schiff raised concerns about the underperformance of bitcoin mining stocks despite Bitcoin's recent surge. He noted that while Bitcoin and other related stocks hit record highs, major bitcoin mining stocks like Marathon Digital Holdings, Riot Platforms, HIVE Digital Technologies, Bit Digital, CleanSpark, and Core Scientific experienced losses. Schiff suggests this divergence could indicate potential trouble for Bitcoin. The Valkyrie Bitcoin Miners ETF also saw a premarket drop.

Portfolio Pulse from Shanthi Rexaline

March 05, 2024 | 12:27 pm

Wall Street experienced mixed reactions as inflation cooled in January, with the Nasdaq 100 up 0.4%. AMD surged over 6%, hitting a record high, while Apple dropped 1%. Treasury yields fell, boosting the iShares 20+ Year Treasury Bond ETF. Bitcoin declined over 2%. Notable stock movements included Marathon Digital and Snowflake plummeting, while Hormel Foods soared after exceeding earnings expectations.

Portfolio Pulse from Piero Cingari

February 29, 2024 | 7:30 pm

Bitcoin mining stocks such as Marathon Digital Holdings Inc (MARA), Riot Platforms Inc (RIOT), CleanSpark Inc (CLSK), Hut 8 Corp (HUT), HIVE Digital Technologies Ltd (HIVE), Bit Digital Inc (BTBT), and Bitfarms Ltd (BITF) are experiencing gains due to the continued rise in Bitcoin's price, which recently surpassed $60,000. This surge is attributed to increased demand following the approval of spot ETFs and anticipation of the upcoming halving event in April. CleanSpark's recent strong earnings report and the upcoming earnings reports from other miners are also contributing factors.

Portfolio Pulse from Adam Eckert

February 28, 2024 | 2:16 pm

Bitcoin mining stocks are experiencing significant gains alongside the rising price of Bitcoin, which has surpassed $57,000, reaching its highest level in over two years. This surge is attributed to increased demand following the approval of spot ETFs and anticipation of the April halving event. CleanSpark's shares soared after reporting strong earnings, with other Bitcoin miners also expected to report soon. Notable gainers include CleanSpark, Marathon Digital Holdings, Hut 8 Corp, HIVE Digital Technologies, Bit Digital, and Riot Platforms.

Portfolio Pulse from Adam Eckert

February 27, 2024 | 2:20 pm

Shares of crypto-related stocks are trading higher due to an increase in Bitcoin's value. This includes companies across various sectors within the cryptocurrency industry.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 2:20 pm

Shares of software companies, including ADEA, ADSK, AI, ANSS, and others, are trading lower due to rising Treasury yields following higher-than-expected U.S. January inflation data.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 8:30 pm

Northland Capital Markets has initiated coverage on Bit Digital (NASDAQ:BTBT) with an Outperform rating and set a price target of $6.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:25 pm

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

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