24/7 Market News Snapshot 14 March, 2025 – Bit Digital, Inc. Ordinary Shares (NASDAQ:BTBT)

March 14, 2025

DENVER, Colo., 14 March, 2025 (247marketnews.com) – (NASDAQ:BTBT) are discussed in this article.
Bit Digital, Inc. has officially opened at $2.33, with trading currently at $2.574, reflecting a notable increase of approximately 13.39%, following a previous close of $2.270. This surge indicates heightened investor interest, supported by a trading volume of 3.14 million shares, significantly exceeding the average. Technically, the stock appears to be breaking through key resistance levels, suggesting the potential for continued upward momentum. Investors should keep an eye on support levels around $2.33 and $2.27, as sustained buying could further enhance bullish market sentiment in the short term.

In addition to its favorable trading performance, Bit Digital has reported exceptional financial results for the fiscal year 2024, showcasing a transformative phase for the Company. Total revenues reached an impressive $108.1 million, marking a significant 141% increase year-over-year. This growth is propelled by a robust $58.6 million generated from the Company’s bitcoin mining operations, representing a 32% rise compared to the prior year. The launch of high-performance computing (HPC) services, alongside rapid adoption of cloud services and colocation segments, has contributed substantially to the overall financial success.

Management emphasized that 2024 has been particularly pivotal, as the shift towards HPC services has not only enhanced profitability but also operational efficiencies while aligning with sustainable practices through carbon-free energy utilization. As of December 31, 2024, Bit Digital reported total cash and equivalents of $98.9 million, with total assets valued at $538.2 million and an Adjusted EBITDA of $73 million, a significant increase from previous figures.

In January 2025, the Company signed multiple cloud service agreements, further advancing its expansion strategy. The rebranding of its HPC division as WhiteFiber, Inc. underscores its commitment to innovation and responsiveness to market demands, solidifying Bit Digital’s position as a leader in high-performance computing solutions. With this trajectory, Bit Digital is poised for continued growth, aiming to deliver substantial shareholder value in a dynamic industry landscape.

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