HomeTop MoversHere is why Bit Digital Inc. (BTBT) stock skyrocketed on Monday?

Here is why Bit Digital Inc. (BTBT) stock skyrocketed on Monday?

Bit Digital Inc. (BTBT) shares declined 10.94% in after-hours on Monday, July 26, 2021, and closed the day at $7.90. Earlier in the regular trading session, BTBT’s stock gained 109.69%. The stock volume remained 207.98 million shares, which was higher than the average daily volume of 6.68 million shares within the past 50 days. BTBT shares have risen 364.40% over the last 12 months, and they have moved up 106.28% in the past week. Over the past three months, the stock has lost 34.05%, while over the past six months, it has shed 45.82%.

Let’s see why Bit Digital stock skyrocketed in the morning and later it faced a minor loss on Monday?


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BTBT and Digihost Announce Expansion of Strategic Collaboration

On July 26, 2021, Bit Digital, Inc (BTBT) and Digihost Technology Inc entered into a second strategic co-mining agreement. According to the agreement, Digihost will provide certain premises to Bit Digital for the operation of a 100 MW Bitcoin mining system to be delivered by Bit Digital for a term of two years. This expanded collaboration between Digihost and Bit Digital is expected to facilitate an additional increase in the hash rate of approximately 2 EH between the companies, and a total increase in hash rate between the two companies of approximately 2.4 EH including the initial collaboration agreement that was previously announced on June 10, 2021.

 BTBT signed Crypto Climate Accord

On June 24, 2021, Bit Digital, Inc signed the Crypto Climate Accord.

The Crypto Climate Accord (CCA) is a private sector-led initiative to decarbonize the crypto and blockchain sector. The CCA brings together organizations that inform, develop, test, and implement new solutions that accelerate crypto’s transition to renewable energy.

BTBT new US Office in Miami Beach

On July 23, 2021, Bit Digital, Inc leased office space at 429 Lenox Avenue, Miami Beach, Florida. Its Miami Beach office is Bit Digital’s second US office location. The office will be managed and overseen by Bit Digital’s existing US management team.

BTBT participation in the investor conference

On July 22, 2021, Bit Digital, Inc presented highlights from its second-quarter operations at Sequire’s Blockchain Conference on July 15th. The company was presented by its CEO Bryan Bullett during the conference.

New appointments

On July 20, 2021, Bit Digital, Inc (BTBT) appointed Justin Zhu as Vice President of Finance. He will report to CEO Bryan Bullett and CFO Erke Huang.

On May 26, 2021, Bit Digital, Inc appointed Brock Pierce, Chairman of the Bitcoin Foundation, to its advisory board and leadership team.

Conclusion

The BTBT stock surged in the regular trading session after the company announced its expansion of strategic collaboration with Digihost. There was no reason for Bit Digital stock price to decline in the after-hours on Monday.

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