Bit Digital Inc Stock Price, News & Analysis

Bit Digital, listed on Nasdaq under BTBT, has finalized a significant contract expansion with a major High-Performance Computing (HPC) customer. The agreement involves supplying an additional 2,048 GPUs over three years, bringing the total to 4,096 GPUs for the period. This contract is valued at approximately $275 million, equating to $92 million annually.

Bit Digital has ordered 256 servers from Dell Technologies, equipped with Nvidia HGX H100 GPUs, expected to be delivered in July 2024 and operational by August 2024 in Iceland. The company plans to finance this deal through a combination of cash and digital assets. Additionally, a sale-leaseback agreement for 1,024 GPUs will reduce upfront costs, and the company is exploring further debt financing options.

This expansion aligns with Bit Digital’s goal of achieving a $100 million annualized revenue run-rate by the end of 2024, covering over 90% of this target. CEO Sam Tabar highlighted the company’s commitment to supporting customer AI ambitions and scaling the HPC segment.

Bit Digital, a sustainable platform for digital assets and AI infrastructure, reported its unaudited financial and operational results for May 2024.

The company generated $4.2 million in revenue from 256 servers under its initial Bit Digital AI contract. However, Bitcoin production dropped by 47% to 63.3 BTC, largely due to the April halving event. The active hash rate was 2.54 EH/s, impacted by voluntary curtailment.

Bit Digital's treasury holdings included 1,038.4 BTC and 20,508.3 ETH, with a fair market value totaling $147.7 million. The company maintained cash and cash equivalents of $47.3 million, and total liquidity of $195 million.

Proof-of-Stake activities yielded 45.8 ETH in rewards with a blended annual percentage yield of 3.1% on staked ETH.

Upcoming events include Bitcoin Prague 2024, Singular Research Summer Solstice Conference, and others scheduled in June.

Bit Digital (Nasdaq: BTBT) announced its unaudited financial results for Q1 FY2024, ending March 31, 2024. Key highlights include a 266% revenue increase to $30.3M, driven by its new AI business and higher bitcoin prices. Bitcoin mining revenue surged 166% to $21.9M, while the AI segment earned $8.1M. A $1.3M service credit was issued for decreased AI utilization. Adjusted EBITDA rose to $58.5M from $1.5M YoY, and GAAP EPS was $0.43 compared to a loss of $0.03. The company mined 410.7 bitcoins and 111.1 ETH, with total liquidity of $163.2M. Operationally, the active hash rate was 2.76 EH/s, and 48,898 miners were active. 85% of electricity was carbon-free. Management highlighted ongoing growth strategies and post-halving readiness.

Bit Digital, Inc. announced the release date for its First Quarter 2024 financial results and conference call. The results will be disclosed on May 15, 2024, with a live webcast and conference call hosted by senior management on May 16, 2024. Participants can register for the earnings call and join via dial-in. The press release will be available on the company's website.

Bit Digital, Inc. announced its unaudited digital asset production and corporate updates for April 2024. The company produced 119.3 BTC, a 12.5% decrease from the prior month, mainly due to reduction in block rewards post-halving. The active hash rate was 2.76 EH/s, with BTC and ETH holdings valued at $60.2 million and $61.0 million, respectively. Cash equivalents stood at $43.7 million. Bit Digital AI had 251 revenue-generating servers, earning $4.1 million in revenue. The company staked 17,184 ETH with a 1.0% APY and earned 13.9 ETH in rewards.