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Why Bit Digital, Inc. (BTBT) stock is gaining today?

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Shares of the Bit Digital, Inc. (BTBT) stock were gaining in the pre-market trading session today after experiencing the fall in the last trading session. BTBT stock price surged by 9.47% to reach $15.60 a share as of this writing. In the previous trading session, BTBT went up by 25% in the early day but then it went down and closed with a 6.74% drop. Let’s deep dive to explore more of it.

What’s happening?

The rising stock price of BTBT stock is not attributed to any activity of Bit Digital today. Neither the BTBT stock announced any news, nor any analyst upgraded the Bit stock. BTBT was happened to be green at one time before dropping in the last trading session due to the increasing prices of Bitcoin in recent days. Bit Digital is known for mining bitcoin and is headquartered in New York.

Previous activity by Bit Digital:

On April 12, 2021, BTBT appointed Bryan Bullett and Sam Tabar as Chief Executive Officer and Chief Strategy Officer, respectively. Erke Huang will remain to serve as the Chief Financial Officer of Bit Digital. The new appointments in Bit Digital are due to the intention of rapid growth as well as accessing new strategic opportunities. Mr. Bryan Bullett has experience of 20 years in investment banking capital, financial technology, and financial services. Mr. Sam Tabar has been working on financial technology, financial services, and law for more than 20 years.

BTBT stock development in Mining Capacity:

Back to the previous week, on April 06, 2021, BTBT stock did announce the completion of purchasing 4,871 bitcoin miners representing the hash rate of 324 Ph/s in Q1 of 2021. Bit Digital hash rate would increase to 2,574 Ph/s from 2,250 Ph/s after the deployment of all the newly purchased miners in North America. Installation of these miners would result in a declined average utility cost and increased daily bitcoin production capacity of Bit Digital.

Financial View of BTBT stock.

The recently announced full-year results of 2020 by BTBT stock this month explain that Bit Digital generated $21.07 million revenue in 2020 and its net income was $1.92 million as compared to a net loss of $2.00 million in the previous year. Total assets of $39.89 million represented a  whooping surge of 783.28% as compared to 2019.

Conclusion:

Bit Digital stock has been hot among the investors as far as market sentiment is concerned despite no activity by BTBT stock today, but the recent past developments and earnings report show that BTBT stock is growing with time and playing the lead role in the bitcoin miners. In short BTBT stock can be a good bet for investors in the long run.

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