STOCK TITAN

Bit Digital, Inc. Ordinary Shares - BTBT STOCK NEWS

Welcome to our dedicated page for Bit Digital Ordinary Shares news (Ticker: BTBT), a resource for investors and traders seeking the latest updates and insights on Bit Digital Ordinary Shares stock.

Bit Digital, Inc. (NASDAQ: BTBT) is an innovative company primarily engaged in the Bitcoin mining business, Ethereum staking activities, and specialized cloud-infrastructure services for artificial intelligence (AI) applications. Headquartered in New York City, Bit Digital leverages its strategic presence in the United States, Canada, and Iceland to create a sustainable and diversified platform for digital assets and AI infrastructure.

The company operates a high-performance mining platform with the goal of accumulating Bitcoin, which may be sold for fiat currency based on favorable market conditions. Their revenue streams are generated through digital asset mining and Ethereum staking, providing a robust financial foundation for the company's operations.

In 2023, Bit Digital expanded its operations into Iceland, capitalizing on the region's abundant clean energy and supportive government policies. This geographic diversification has allowed the company to enhance its sustainability efforts significantly.

Bit Digital has also made notable strides in the AI sector with the launch of its Bit Digital AI business line. This division focuses on offering specialized cloud-infrastructure services, including GPU rental services for AI applications. The AI business line has already started contributing significant revenue, demonstrating the company’s ability to adapt and thrive in emerging markets.

Bit Digital maintains a strong financial position, ending 2023 with zero debt and a significant liquidity position. The company continuously seeks to improve its fleet efficiency and reduce production costs, positioning itself strategically for future growth.

Recent updates include the release of their fiscal year 2023 results, showcasing substantial growth in bitcoin production and a doubling of their active hash rate. The company’s First Quarter 2024 results highlighted a 250% increase in revenue and a GAAP Net Income exceeding $50 million, driven by the success of their AI business and favorable bitcoin prices.

Bit Digital remains focused on its growth strategy, aiming to reach 6.0 EH/s in bitcoin mining capacity and expanding its AI business to achieve a $100 million annualized revenue run-rate by year-end 2024. The company’s commitment to sustainability, innovation, and strategic growth positions it as a leading player in the digital asset and AI infrastructure landscape.

Rhea-AI Summary

Bit Digital (Nasdaq: BTBT) announced that its Chief Strategy Officer, Samir Tabar, will speak at the Bitcoin 2022 conference in Miami on April 7, addressing the Geopolitical Risks of Bitcoin Mining. The session will occur from 12:30 PM to 1:10 PM at the Mining Stage. The conference runs from April 6 to April 9 and features notable speakers, including El Salvador's President Nayib Bukele. Bit Digital focuses on bitcoin mining operations in North America.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.26%
Tags
conferences
-
Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT), a bitcoin mining company, announced its virtual presentation at the Ladenburg Thalmann Virtual Special Crypto Expo on March 24, 2022, at 08:30 AM ET. Bryan Bullett, CEO, will lead the presentation. An updated investor presentation is available on the company's website. The Expo features presentations from select crypto mining and blockchain technology companies to an invite-only institutional investor audience. Investors are reminded of the risks involved in their investments, particularly regarding bitcoin mining dynamics.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.91%
Tags
none
-
Rhea-AI Summary

Bit Digital (Nasdaq: BTBT) announced its bitcoin production update for Q4 2021, reporting a total of 240.57 bitcoins earned. Notably, 100% of its miner fleet has migrated to North America, with 39.2% operational as of March 15, 2022. The company owns 27,744 bitcoin miners, with expected hash rates increasing to 2.6 EH/s following new purchases. Treasury holdings of BTC reached 808.2, valued at approximately $37.4 million. Importantly, 67% of the fleet's energy consumption is derived from carbon-free sources, highlighting its commitment to sustainability.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
10.84%
Tags
none
Rhea-AI Summary

Bit Digital (NASDAQ: BTBT) has appointed Cameron Schnier as its new Head of Investor Relations. Reporting to Sam Tabar, the Chief Strategy Officer, Schnier will manage investor relations, corporate marketing, and equity research coverage. With over a decade of experience in the financial sector, Schnier previously worked at Wolfe Research and Evercore ISI. The appointment comes as Bit Digital aims to solidify its position as a leading Bitcoin miner in the United States amid rapid operational expansion.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.86%
Tags
management
-
Rhea-AI Summary

Bit Digital (NASDAQ: BTBT) has reaffirmed its commitment to sustainability in the crypto mining sector, emphasizing its proactive environmental practices. The company plans to submit a formal testimony to the New York State Senate and inform U.S. Congress members in response to inquiries regarding its eco-friendly operations. CEO Bryan Bullett highlighted the use of clean energy and partnerships with the Crypto Climate Accord and the Bitcoin Mining Council. Bit Digital aims to achieve net-zero emissions by 2030 while enhancing renewable energy use in its operations.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.42%
Tags
none
-
Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) has reported its unaudited financial results for Q3 2021. Revenue from bitcoin mining reached $10.4 million, with a total of 248.4 bitcoins mined, a decrease from 562.9 bitcoins in Q2 due to miner migration. The company successfully transitioned all miners out of China, now fully operational in North America. Non-GAAP income from operations stood at $4.8 million ($0.09 per share), with a non-GAAP net income of $4.0 million ($0.07 per share). Cash and equivalents totaled $26.5 million, with total liquidity at $61.5 million.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
6.79%
Tags
Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) announced the availability of a new investor presentation on its website, aimed at enhancing investor engagement. The company operates nearly 40,000 bitcoin miners, projecting a power cost of $0.036 kWh and production costs of $5,978 per BTC. In 3Q21, bitcoin production reached 3,335, up significantly from 814 in 3Q20. With a hash rate of 2.6 EH/s, Bit Digital plans to expand its operations with over 200MW of contracted hosting power and a goal of 100% sustainable energy sources.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
6.88%
Tags
none
-
Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) has announced its membership in the Bitcoin Mining Council (BMC), joining notable companies like MicroStrategy and Marathon Digital. The firm aims to enhance sustainability in its operations, committing to the use of 100% carbon-free energy in the future. Michael Saylor, founder of BMC, welcomed Bit Digital, recognizing its efforts in carbon-free energy. The company is refining its strategy in line with BMC's emphasis on transparency and sustainable practices. Extensive media coverage includes features in the Wall Street Journal and Bloomberg.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.8%
Tags
none
-
Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) has reported its unaudited bitcoin production and operational update for Q3 2021, highlighting the completion of its fleet's relocation from China to North America. By September 30, 2021, 100% of its 27,744 miners were in North America, with a maximum hash rate of 1.603 EH/s. The company earned 248.36 bitcoins this quarter, a decline from 588.4 in Q2 due to operational disruptions during the migration. Bit Digital raised $80 million in a private placement and agreed to purchase 10,000 additional miners from Bitmain, anticipated to increase hash rate by 1.0 EH/s.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.57%
Tags
none
Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT), a bitcoin mining company, was featured in a video report by The Wall Street Journal on October 14, 2021, focusing on its operations and commitment to using carbon-neutral energy sources. The company operates a 35 MW bitcoin mining system in collaboration with BlockfusionUSA, Inc. and has the right of first refusal for future asset acquisitions. Bit Digital emphasizes sustainability in its mining operations, located in the U.S. and Canada. The company warns investors of high risks, uncertainties, and forward-looking statements regarding its future performance.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.94%
Tags
none

FAQ

What is the current stock price of Bit Digital Ordinary Shares (BTBT)?

The current stock price of Bit Digital Ordinary Shares (BTBT) is $3.35 as of December 20, 2024.

What is the market cap of Bit Digital Ordinary Shares (BTBT)?

The market cap of Bit Digital Ordinary Shares (BTBT) is approximately 497.4M.

What is the primary business of Bit Digital, Inc.?

Bit Digital, Inc. is primarily engaged in Bitcoin mining, Ethereum staking, and specialized cloud-infrastructure services for AI applications.

Where is Bit Digital, Inc. headquartered?

Bit Digital, Inc. is headquartered in New York City.

What are the key geographic locations for Bit Digital's operations?

Bit Digital operates in the United States, Canada, and Iceland.

What is the purpose of Bit Digital's AI business line?

The Bit Digital AI business line offers specialized cloud-infrastructure services, including GPU rental services for AI applications.

How did Bit Digital perform financially in the first quarter of 2024?

In the first quarter of 2024, Bit Digital's revenue grew by more than 250%, with GAAP Net Income exceeding $50 million.

What are Bit Digital's growth targets for 2024?

Bit Digital aims to reach a bitcoin mining capacity of 6.0 EH/s and expand its AI business to achieve a $100 million annualized revenue run-rate by the end of 2024.

How does Bit Digital ensure sustainability in its operations?

Bit Digital focuses on geographic diversification into regions with clean energy sources, such as Iceland, and continuously works to improve fleet efficiency and reduce production costs.

What recent achievements has Bit Digital announced?

Recent achievements include expanding operations into Iceland, doubling the active hash rate, launching the Bit Digital AI business line, and reporting strong financial results for fiscal year 2023 and the first quarter of 2024.

How does Bit Digital generate revenue?

Bit Digital generates revenue from digital asset mining, Ethereum staking, and providing cloud-infrastructure services for AI applications through its Bit Digital AI business line.

What is the significance of Bit Digital's presence in Iceland?

Bit Digital's presence in Iceland provides access to abundant clean energy and supportive government policies, enhancing the sustainability and efficiency of its operations.

Bit Digital, Inc. Ordinary Shares

Nasdaq:BTBT

BTBT Rankings

BTBT Stock Data

497.37M
152.51M
0.68%
38.35%
17.38%
Capital Markets
Financial Services
Link
United States of America
New York