Shares of Bit Digital (NASDAQ:BTBT) surged more than 17% in pre-market trading on Wednesday. BTBT stock has had a volatile past few weeks as the price claws back from a late-March low of $13.10 per share.
Depending how you look at Bit Digital, today’s move could be attributed to the updraft lifting all things crypto. namely today’s Coinbase Global (NASDAQ:COIN) initial public offering.
Coinbase is the leading U.S. cryptocurrency exchange. Through its platform, investors have access to Bitcoin (CCC:BTC-USD) and several other popular tokens. The IPO comes just as Bitcoin has set a new all-time high, and the crypto market just hit a total value above $2 trillion. Trading in recent days has seen altcoins simply skyrocket.
However, the BTBT stock move could also be attributed to observers taking notice of several announcements from the New York-based firm.
BTBT Stock Bolsters Mining Capacity
BTBT stock surged earlier this month after announcing the purchase of 4,871 bitcoin miners representing a total hash rate of around 324 Ph/s in the first quarter of 2021. The North American miner will increase the Bit Digital’s total hash rate from 2,250 Ph/s to 2,574 Ph/s, which the company said would contribute to “furthering its lead as one of the highest operating bitcoin mining computing power (or hash rate) among all listed bitcoin miners.”
CFO Erke Huang said the firm expects to “continue to invest in miners to increase our overall hash rate capacity in the near future.”
The other recent news evidenced the strengthening of Bit Digital’s executive team. Earlier this week, the company announced the appointment of Bryan Bullett as CEO and Sam Tabar as chief strategy officer. Both bring solid financial services and blockchain experience to the company.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including stints with Bloomberg News and as a sell-side equities research editor.
