Bit Digital (NASDAQ: BTBT) experienced an 18% surge on Monday, with its stock rising over 68% in the past week. The company has shifted its focus from Bitcoin mining to Ethereum treasury and staking services, recently acquiring approximately 100,000 ETH using $172 million raised from a public offering and Bitcoin sales. This positions Bit Digital as the second-largest corporate holder of ETH, following Coinbase.
As of now, Bit Digital’s market capitalization is approximately $1 billion. The company reported a 136.6% increase in revenue over the past year, growing from $67 million to $159 million. However, it faces challenges with an operating margin of just 14.6% and has shown underperformance during market downturns. The company’s price-to-sales ratio is 4.0, compared to 3.1 for the S&P 500.
