Bit Digital, Inc. Announces Monthly Production Update for June 2023

Rhea-AI Summary

Bit Digital, Inc. announced its unaudited digital asset production and corporate updates for June 2023. The company produced 119.1 BTC, a 5% increase from the previous month. The active hash rate was 1.78 EH/s. Treasury holdings included 485.0 BTC and 11,738.9 ETH with a fair market value of $14.8 million and $22.7 million, respectively. The BTC equivalent of all digital asset holdings was approximately 1,445.2, valued at $44.0 million. Bit Digital transferred 129 BTC to its strategic partner for yield optimization strategies. The company had $18.5 million in cash and cash equivalents. In proof-of-stake, Bit Digital had 11,716 ETH actively staked and earned a blended APY of 5% on its staked ETH position, earning approximately 27 ETH in rewards.

NEW YORK, July 6, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of June 2023.

Corporate Highlights for June 2023

• In June 2023, the Company produced 119.1 BTC, a 5% increase compared to the prior month. The increase in production was primarily driven by a higher average active hash rate and was partially offset by a decrease in transaction fees compared to the prior month.
• The Company's active hash rate was approximately 1.78 EH/s as of June 30, 2023.
• Treasury holdings of BTC and ETH were 485.0 and 11,738.9 with a fair market value of approximately $14.8 million and $22.7 million, respectively, on June 30, 2023.
• The BTC equivalent^[1] of our digital asset holdings as of June 30, 2023 (defined as if all ETH, sETH-H, LsETH and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,445.2, or approximately $44.0 million.
• As of June 30, 2023, Bit Digital had transferred 129 BTC to its strategic partner, Auros Global Limited, as collateral for yield optimization strategies connected to 430 BTC that Auros is conducting on behalf of Bit Digital. This allocation relates to the Company's broader objective to enhance its overall treasury management solutions.
• The Company had cash and cash equivalents of $18.5 million as of June 30, 2023.

Proof-of-Stake Highlights

• The Company had approximately 11,716 ETH actively staked in native and liquid staking protocols as of June 30, 2023. Approximately 9,312 were natively staked and 2,404 ETH were deployed in liquid staking protocols as of that date.
• Additionally, The Company has 960 ETH (30 Nodes) deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of July 2023.
• Bit Digital earned a blended APY of approximately 5% on its staked ETH position for the month of June 2023.
• The Company earned aggregate staking rewards of approximately 27 ETH during June 2023.

About Bit Digital

Bit Digital, Inc. is a sustainability focused generator of digital assets headquartered in New York City. Our mining operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial June also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate June also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations June prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

^{[1] "BTC equivalent" is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-h, LsETH, and USDC, were converted into BTC as of June 30, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis.}

 

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SOURCE Bit Digital, Inc.

FAQ

What did Bit Digital announce for June 2023?

Bit Digital announced its unaudited digital asset production and corporate updates for June 2023.

How much BTC did Bit Digital produce in June 2023?

Bit Digital produced 119.1 BTC in June 2023, a 5% increase from the previous month.

What was Bit Digital's active hash rate as of June 30, 2023?

Bit Digital's active hash rate was approximately 1.78 EH/s as of June 30, 2023.

What were the treasury holdings of BTC and ETH as of June 30, 2023?

The treasury holdings of BTC and ETH were 485.0 and 11,738.9, respectively, with a fair market value of approximately $14.8 million and $22.7 million.

What was the BTC equivalent of Bit Digital's digital asset holdings as of June 30, 2023?

The BTC equivalent of Bit Digital's digital asset holdings was approximately 1,445.2, valued at $44.0 million.

How much BTC did Bit Digital transfer to its strategic partner?

Bit Digital transferred 129 BTC to its strategic partner for yield optimization strategies.

What was Bit Digital's cash and cash equivalents as of June 30, 2023?

Bit Digital had cash and cash equivalents of $18.5 million as of June 30, 2023.

How much ETH did Bit Digital have actively staked in June 2023?

Bit Digital had approximately 11,716 ETH actively staked in native and liquid staking protocols as of June 30, 2023.

What was Bit Digital's blended APY on its staked ETH position in June 2023?

Bit Digital earned a blended APY of approximately 5% on its staked ETH position in June 2023.

How much staking rewards did Bit Digital earn in June 2023?

Bit Digital earned aggregate staking rewards of approximately 27 ETH during June 2023.