Home  »  Trendy Stocks   »  Bit Digital Inc. (BTBT) Stock on the Rise Followin...

Bit Digital Inc. (BTBT) Stock on the Rise Following Closure of Private Placement

Bit Digital Inc. (BTBT) stock prices were up by 2.90% as of the market closing on October 8th 2021. This brought the price per share up to USD$11.35 at the end of the trading day. Subsequent premarket fluctuations have seen the stock surge by 5.20%, bringing it up to USD$11.94.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


BTBT Stock’s Private Placement

October 5th 2021 saw BTBT stock report the closure of its previously announced private placement. The private placement with institutional investors will see the sale of 13,490,728 shares of the company’s common stock. The company also issued unregistered warrants to purchase up to an aggregate of 10,118,046 shares of common stock. The purchase price for one ordinary share and one warrant to purchase three-fourths of an ordinate share has been set at USD$5.93. The warrants have been set with an exercise price of USD$7.91 per whole ordinary share. The warrants will be exercisable immediately and will have a term of three and a half years as of the effective date of the resale registration statement registering the ordinary shares and warrant shares. Gross proceeds from the placement are expected to amount to roughly USD$80 million.

Collaboration with Blockfusion

September 7th 2021 saw BTBT stock announce having entered into a strategic co-mining agreement with Blockfusion. As per the agreement, the partnering company will provide certain premises and services to BTBT. These premises and services will facilitate the operation of a 35 MW bitcoin mining system for a term of two years, with the automatic renewal of one year. The collaboration is forecasted to facilitate in increase in BTBT’s hashrate of up to roughly 1.2 Exahash. The first of four phases of miner equipment deliveries for installation are expected around September 15th 2021.

Details of the Arrangement

The energy used by the mining system is expected to be generated primarily from zero carbon emission sources. This reflects BTBT stock’s continued commitment to sustainability. As per the agreement, the company has advanced its partnering company USD$3,750,000. This represents an average of roughly USD$107,000 per megawatt across the entire 35MW Agreement.

Future Outlook for BTBT

The company reported a strong quarter, consolidated by its recent private placement and partnership with Blockfusion. BTBT stock is poised to capitalize on the expanded scope of opportunities afforded to it as a result of these developments. Current and potential investors are hopeful that management will be able to effectively leverage the resources at its disposal. This is hoped to facilitate significant and sustained increases in shareholder value.

Leave a Comment

Your email address will not be published. Required fields are marked *

Related Posts

635

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam