BTBT - Why Shares of Bit Digital Stock Were Rising This Week
2024-03-22 14:54:51 ET
Shares of Bit Digital (NASDAQ: BTBT) rose more than 10% this week after reporting its full-year 2023 earnings, according to data from S&P Global Market Intelligence . The cryptocurrency miner and now artificial intelligence (AI) company posted earnings for the fourth quarter. However, the business is still burning tons of cash and heavily diluting shareholders.
Here's why shares of Bit Digital are rising, and what it means for investors.
Bit Digital is a cryptocurrency miner . This means it takes computers and electricity to earn digital currencies like Bitcoin that can sit on its balance sheet. The input costs depend on how expensive electricity is, but the output is determined by the price of Bitcoin. Bitcoin has begun to soar in recent months, nearing all-time highs.
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Why Shares of Bit Digital Stock Were Rising This Week