Bit Digital Rally Continues; Stock Up 5%

Bit Digital Inc. (BTBT) shares continued their strong rally, gaining over 5% on Friday morning. Bit Digital's stock price has increased nearly 45% between Monday, October 4 and Friday, October 15.

BTBT is currently trading at $11.23, up $0.53 or 4.95%, on the Nasdaq. The stock has traded between $3.40 and $33.00 in the 52 week period.

On October 12, Bit Digital announced that it has signed agreements with Bitmain Technologies Ltd. to buy 10,000 Bitcoin mining hardware. The announced purchases are expected to increase Bit Digital's miner fleet hash rate by over 1.0 Exahash (EH/s).

On October 5, the company announced that it closed a previously announced private placement of 13.5 million ordinary shares. The purchase price for one ordinary share and one warrant to purchase three-fourths of an ordinary share is $5.93. The proceeds from the private placement were approximately $80 million before deducting placement agent fees and other estimated offering expenses.

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