What's Going On With Bitcoin Mining Stock Bit Digital Thursday?

Author: Adam Eckert | May 16, 2024 12:49pm

Bit Digital Inc (NASDAQ:BTBT) shares are rising Thursday on the heels of the Bitcoin (CRYPTO: BTC) mining company’s first-quarter financial results. Here’s a look at what you need to know.

• Q1 Revenue: $30 million, versus estimates of $27.733 million

• Q1 EPS: 43 cents, versus estimates of 1 cent

Total revenue increased 266% on a year-over-year basis. Bitcoin mining revenue was up 166%. Bit Digital said its AI business began generating revenue in January and recognized $8.1 million of revenue during the quarter. 

Bit Digital mined 410.7 Bitcoin during the quarter, up 13% year-over-year. The company also noted it earned 111.1 Ethereum (CRYPTO: ETH) in native staking and 1.3 ETH in liquid staking in the first quarter. As of March 31, Bit Digital held 956.4 Bitcoin and 16,031.411 Ethereum.

Bit Digital purchased approximately 2,350 bitcoin mining units in the first quarter. The company's active hash rate was approximately 2.76 EH/s as of March 31.

“We continue to believe that capital allocation optionality provided by our complementary business lines is a key differentiator for our Company. We are actively evaluating a number of growth opportunities, both organic and inorganic, across each of our business lines,” the company said.

“We are in the late stages of finalizing an agreement to double the size of the GPU fleet for our anchor client and our negotiations with prospective clients are progressing well. Our target of reaching a $100 million annualized revenue run-rate by year-end for this segment remains intact.”

Bit Digital’s conference call is scheduled to kick off at 10 a.m. ET.

See Also: ‘Dogecoin Killer’ Shiba Inu Pumps 6%: ‘I Felt Underexposed,’ Says Trader Who Sees More Short-Term Upside

BTBT Price Action: Bit Digital shares were up 0.84% at $2.39 Thursday morning, per Benzinga Pro.

Photo: Shutterstock.

Posted In: $BTC $ETH BTBT