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

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PETV Stock

Bit Digital Inc. (BTBT) shares soared 4.15% in after-hours on Tuesday, October 5, 2021, and closed the daily trading at $10.78. Even in the regular trading session BTBT stock performed well and gained 36.36%. BTBT shares have risen 169.53% over the last 12 months, and they have moved up 17.88% in the past week. Over the past three months, the stock has gained 85.82%, while over the past six months, it has declined 32.88%.

Let’s have a look at its recent news and developments.

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BTBT closed an $80 million private placing

On October 5, 2021, Bit Digital, Inc (BTBT) closed its previously announced private placement for the sale of 13,490,728 ordinary shares, with institutional investors. The investors can purchase up to an aggregate of 10,118,046 extraordinary shares. The purchase price for one ordinary share and one warrant to purchase three-fourths of an ordinary share is $5.93. The warrants have an exercise price of $7.91 per whole ordinary share.

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BTBT new board member

On September 28, 2021, Bit Digital, Inc. (BTBT) appointed Brock Pierce, Chairman of the Bitcoin Foundation, to its board of directors, effective October 31, 2021.

BTBT participation in the recent investor conference

Bit Digital, Inc. (BTBT) recently participated at the HC Wainwright Investor Conference which was held from September 13 to 15, 2021. CEO Bryan Bullett presented highlights of recent operations of the company.

BTBT partnership with Blockfusion 

On September 7, 2021, Bit Digital, Inc. (BTBT) and Blockfusion USA, Inc. entered into a strategic co-mining agreement. Blockfusion will provide certain premises and services to Bit Digital for the operation of a 35 MW bitcoin mining system for a term of 2 years, with automatic one-year renewals. Bit Digital’s hash rate will increase up to approximately 1.2 Exahash (“EH”). Bit Digital expects to complete the first (of four) phases of miner equipment deliveries for installation on or about September 15, 2021.

Recent financial results announcement

On August 20, 2021, Bit Digital, Inc. (BTBT) released its unaudited financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • Revenue from bitcoin mining was a record $28.3 million in Q2 2021 compared to $0.67 million in Q2 2020.
  • Total operating expenses were $17.6 million in Q2 2021 compared to $0.92 million in Q2 2020.
  • It suffered a net loss of $1.3 million and a loss per share of$0.03, compared with a net loss of $0.3 million and a loss per share of $0.01 for Q2 2020.

    >> 7 Top Picks for the Post-Pandemic Economy << 


The recent private placing of stock was the reason behind its top-notch performance on Tuesday and we can expect it to further surge on Wednesday as well.


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