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Bit Digital, Inc. (BTBT) Stock Plunged 14.03% Today, Here’s Why 

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Bit Digital, Inc. (BTBT) stock plummeted 14.03% in the current market trading session at the price of $6.80 after announcing a private placement of $80 Million. BTBT is a bitcoin mining enterprise with mining operations in the United States and Canada. 

BTBT Published $80 Million Private Placement 

On 30th September 2021, BTBT published that it had joined an agreement to purchase up to 13,490,728 ordinary shares in a private placement. The purchase price is $5.93 per ordinary share. Bit Digital will also offer its investors warrants to purchase an aggregate of 10,118,046 common shares. These offered warrants have an exercise price of $7.91 per whole ordinary share. Gross proceeds from the private placement are $80 million, including placement agent fees and offering expenses. The private placement will close on 4th October 2021 and is subject to the customary closing conditions. 

Appointment of Brock Pierce to Board of Directors 

On 28th September 2021, BTBT appointed Brock Pierce to its board of directors. The appointment will be effective from 31st October 2021. Brock is the co-founder of EOS Alliance, Blockchain Capital, Tether, and Master coin. He is also the Chairman of the Bitcoin Foundation. Brock Pierce has an exceptional track record of founding, advising, and investing in disruptive enterprises. Pierce has established the digital market and has raised near $5B for his founding companies. 

Chief Strategy Officer of BTBT, Sam Tabar, remarked that Pierce’s appointment as the board of directors is a step further to develop their transition into North America. Brock is an experienced leader with a proven track record in the Bitcoin industry. They are confident his diplomatic vision and relationships will help them administer their growth strategy, he added.

Brock Pierce stated that BTBT is a leading mining industry because of its current fleet size and dedication to becoming carbon-neutral. He looks forward to serving its directing board and offering his experience to the company. 

BTBT Strategic Partnership with Blockfusion 

On 7th September 2021, BTBT announced that it had entered into a strategic co-mining agreement with Blockfusion USA, Inc. Under the terms of the agreement, Blockfusion will deliver specific services to BTBT for a 35 MW bitcoin mining operation under the term of two years. This strategic collaboration will improve Bit Digital’s hash rate to approximately 1.2 Exahash (EH). The company expects to complete the first phase of miner equipment deliveries for installation on 15th September 2021.

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