Bit Digital Inc Stock Price, News & Analysis

Bit Digital, Inc. (Nasdaq: BTBT) has acquired Enovum Data Centers for CAD $62.8 million (USD $46MM), vertically integrating its HPC operations. The acquisition includes a fully operational 4MW Tier 3 datacenter in Montreal and a 288 MW development pipeline in major metropolitan areas. Key points:

1. Transaction funded by CAD $56 million cash and 1.62 million share equivalents.
2. Enhances Bit Digital's competitive positioning in the HPC market.
3. Immediate plans to bring 8MW online by end of 2Q 2025 for USD $50MM capex.
4. Expected run-rate colocation EBITDA of USD $13MM by 2Q25.
5. Retention of key Enovum employees for operational continuity and expansion.

The acquisition aims to capture additional margin from HPC customers and offer integrated GPU cloud solutions.

Bit Digital, Inc. (Nasdaq: BTBT) released its unaudited production update for September 2024. Key highlights include:

- 256 servers actively generating revenue from Bit Digital AI contract
- Approximately $4.2 million in unaudited revenue from AI contract
- 51.5 BTC produced, a 3.6% decrease from the previous month
- Active hash rate of 2.43 EH/s
- Treasury holdings: 731.3 BTC ($46.3 million) and 27,388.9 ETH ($71.3 million)
- Total liquidity of $222.0 million

In proof-of-stake operations, Bit Digital had 21,568 ETH staked, earning a 3.3% APY and 57.9 ETH in staking rewards for September. The company will participate in the AIM Summit Dubai Conference on October 21-22.

Bit Digital, Inc. (Nasdaq: BTBT), a New York-based sustainable platform for digital assets and AI infrastructure, has adjourned its 2024 Annual Meeting of Shareholders until October 2nd, 2024, at 9AM ET. The initial meeting, held on September 25, 2024, at 9AM ET, failed to meet quorum requirements, resulting in a one-week adjournment. The company is urging shareholders to vote on the proposals presented at the meeting.

Bit Digital, Inc. (Nasdaq: BTBT) has announced key appointments to bolster its high-performance computing (HPC) business. Benjamin Lamson joins as Head of Revenue, bringing expertise in scaling revenue and driving growth, notably achieving a 350% increase in topline revenue over 18 months at Paperspace. Tom Sanfilippo takes on the role of Chief Technology Officer (CTO), bringing decades of experience in systems programming and software development, including leadership in GPU Compute Cloud and AI/ML platforms.

Both executives will report directly to CEO Sam Tabar and are expected to play critical roles in the growth and development of Bit Digital's HPC business. The company has also added additional headcount across sales and AI/ML engineering roles to scale its HPC operations. These strategic hires aim to position Bit Digital as a major player in the HPC industry, focusing on delivering high-performance, reliable, and affordable solutions for AI/ML applications.

Bit Digital, Inc. (Nasdaq: BTBT) released its unaudited production update for August 2024. Key highlights include:

- $4.3 million in unaudited revenue from AI infrastructure services
- 53.4 BTC produced, an 11.7% decrease from the previous month
- Active hash rate of 2.43 EH/s as of August 31
- Treasury holdings: 682.4 BTC ($40.2M) and 27,331 ETH ($68.7M)
- Total liquidity of $216.5M, including $106.9M in cash and cash equivalents
- 21,568 ETH staked, earning a 3.1% APY and 56.6 ETH in rewards

The company issued a $579k service credit for downtime during an equipment upgrade. Bit Digital will participate in upcoming investment conferences in September.

Bit Digital (Nasdaq: BTBT) has signed a binding term sheet with Boosteroid Inc. for its high-performance computing (HPC) business. The initial agreement includes a purchase of GPU servers with a five-year service duration, expected to generate $13 million in revenue over the term. Boosteroid has options to expand up to 50,000 GPU servers, representing a potential $700 million revenue opportunity for Bit Digital. The initial deployment, featuring AMD EPYC 4th Gen CPUs and RX7900XT GPUs, is planned across 10+ data centers in the U.S. and Europe, starting within 2-3 months. This partnership aims to enhance Boosteroid's position in the global cloud gaming market while expanding Bit Digital's HPC business into new end-markets.

Bit Digital (NASDAQ: BTBT) reported its Q2 2024 financial results, showing significant growth. Total revenue increased 220% to $29.0 million, driven by the new high performance computing (HPC) services and higher bitcoin prices. Bitcoin mining revenue grew 80% to $16.1 million, while HPC services contributed $12.5 million. The company's liquidity reached $191.9 million, with total assets of $315.5 million. However, Adjusted EBITDA was $(3.8) million, including an $11.5 million unrealized loss on digital assets. GAAP loss per share was $0.09. Operationally, Bit Digital mined 244.2 bitcoins, a 23% decrease due to halving and increased network difficulty. The company maintained a strong focus on sustainable practices, with 86% of its fleet's electricity from carbon-free sources.

Bit Digital (Nasdaq: BTBT), a sustainable platform for digital assets and AI infrastructure based in New York, has announced the release date for its Second Quarter 2024 financial results. The company will publish its earnings on Monday, August 19, 2024, after the stock market closes. A live webcast and conference call with senior management to review the results is scheduled for Tuesday, August 20, 2024, at 10 a.m. ET. Investors can register for the earnings call online or join by dialing 1-800-289-0459 (passcode: 633917). The earnings press release will be available on the company's website at www.bit-digital.com prior to the conference call.

Bit Digital (Nasdaq: BTBT) released its unaudited production update for July 2024. The company's AI infrastructure generated an estimated $4.3 million in revenue from 256 active servers. Bitcoin production slightly decreased to 60.5 BTC, with an active hash rate of 2.46 EH/s. Treasury holdings included 641.8 BTC and 27,274.4 ETH, valued at $41.5 million and $88.1 million, respectively. The total liquidity stood at $211.9 million, including $82.1 million in cash and cash equivalents. In its proof-of-stake operations, Bit Digital had 17,184 ETH staked, earning a 3.3% APY and 47.5 ETH in staking rewards for July. The company is set to participate in the 2024 Annual Gateway Conference in September.