Shares of bitcoin-miner Bit Digital (BTBT 4.88%) crashed in early trading this morning because a research firm is claiming the company is a fraud. At one point, the company's stock was down 17%. But then around noon EST, Bit Digital stock began skyrocketing.
Full Answer
Why is BTBT stock so volatile today?
Indeed, BTBT stock has been a volatile one today, as investors look to price what the impact of this offering will be over the near-term stock price of this Bitcoin miner. On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Is bit digital (BTBT) stock worth investing in?
The fact is revenues for the latest period came in at $13 million compared to a valuation of nearly $850 million for this crypto. It’s steep. Bit Digital also remains in the red. Still, investors are buying in to the BTBT stock story in a big way and it looks worthy of calculated exposure.
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What is bitcoin mining company BTBT?
According to Yahoo Finance the company engages in Bitcoin mining and recently changed its name from Golden Bull to better reflect its business activities. Despite being a fairly new entrant into the space, New York-based BTBT is one of the largest Bitcoin mining companies listed on Nasdaq.
Is BTBT stock a good buy?
BIT DIGITAL Stock Forecast FAQ Is BIT DIGITAL Stock a good buy in 2022, according to Wall Street analysts? The consensus among 1 Wall Street analyst covering (NASDAQ: BTBT) stock is to Buy BTBT stock.
Will BTBT go up?
Based on our forecasts, a long-term increase is expected, the "BTBT" stock price prognosis for 2027-05-31 is 6.535 USD. With a 5-year investment, the revenue is expected to be around +300.91%. Your current $100 investment may be up to $400.91 in 2027. Get It Now!
What's going on with bit digital?
Summary. Bit Digital managed to generate a profit in 2021 through its bitcoin mining operation. The company has terminated all activities in China and is in the process of redeploying its fleet of mining equipment in North America.
Who owns BTBT stock?
Largest shareholders include Invesco Ltd., State Street Corp, Susquehanna International Group, Llp, BlackRock Inc., Mirae Asset Global Investments Co., Ltd., Susquehanna International Group, Llp, KOMP - SPDR S&P Kensho New Economies Composite ETF, Susquehanna International Group, Llp, Group One Trading, L.p., and IEMG ...
Should I invest in Bit Digital?
Valuation metrics show that Bit Digital, Inc. may be undervalued. Its Value Score of B indicates it would be a good pick for value investors. The financial health and growth prospects of BTBT, demonstrate its potential to outperform the market.
Is Bit Digital a buy or sell?
Bit Digital has received a consensus rating of Buy. The company's average rating score is 3.00, and is based on 1 buy rating, no hold ratings, and no sell ratings.
How high can bit digital stock go?
Stock Price Forecast The 1 analysts offering 12-month price forecasts for Bit Digital Inc have a median target of 14.00, with a high estimate of 14.00 and a low estimate of 14.00. The median estimate represents a +582.93% increase from the last price of 2.05.
Who Owns bit digital?
Brock PierceBrock Pierce He is a Founder and has served as a Managing Member of Percival Services since 2019. He is the Co-founder of EOS Alliance, Block. one, Blockchain Capital, and Tether.
Does bit digital mine ethereum?
The Company owned 27,644 bitcoin miners and 731 Ethereum miners as of March 31, 2022, with an estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s, respectively.
Is BTBT a bitcoin stock?
(Nasdaq: BTBT) ("Bit Digital" or the "Company"), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and corporate updates for the month of April 2022.
Is BTBT an American company?
The firm focuses on its mining business located globally in Asia, Canada, and the United States. The company was founded in November 2015 and is headquartered in New York, NY.
Is bit digital a real company?
Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located in North America. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Is Bit Digital still in the red?
Bit Digital also remains in the red. Still, investors are buying in to the BTBT stock story in a big way and it looks worthy of calculated exposure. Technically, Bit Digital recently broke out of a massive corrective cup-shaped base to new all-time-highs to finish off 2020.
Is crypto going to be red hot in 2021?
Cryptocurrencies continue to be a red-hot with Wall Street in 2021, along with the occasional bout of less triumphant, stomach-churning volatility. But in a market also made up of stocks, three Nasdaq-listed crypto plays are offering investors risk-adjusted exposure that’s more secure both off and on the price chart.
Is Golden Bull a Bitcoin company?
According to Yahoo Finance the company engages in Bitcoin mining and recently changed its name from Golden Bull to better reflect its business activities. Despite being a fairly new entrant into the space, New York-based BTBT is one of the largest Bitcoin mining companies listed on Nasdaq.
What happened
Despite strong rebound momentum lifting the broader cryptocurrency market today, Bit Digital (NASDAQ: BTBT) stock is sinking. The cryptocurrency mining company's share price was down 8% as of 11:30 a.m. on Wednesday despite Bitcoin (CRYPTO: BTC) being up 3.6% today.
So what
Bit Digital's core business revolves around mining Bitcoin, so it's notable to see the stock take such a big hit on a day when the market-leading cryptocurrency is having big gains. The company has roughly 69.4 million shares outstanding, so the possible sale of up to 23.6 million shares in the near future is significant.
Now what
After accounting for the company's share price slide today, Bit Digital has a market capitalization of $274 million. Its stock currently trades around $3.94 per share, so an exercise price of $7.91 per share would suggest significant upside if the warrants were to be exercised.
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