Bit Digital exceeds $1B Market Cap

Bit Digital, a New York-based Bitcoin mining firm, now grew from a market valuation of $6.2M to over $1B within one year. 

Bit Digital officially went public on the Nasdaq in March-2018. It was formerly a china based P2P lending and car rental business. Before 2020, it could not boast of a half a billion-dollar valuation, but since it pivoted to a Bitcoin mining operation in April, the shares skyrocketed. 

The firm expanded from a lending company to a bitcoin mining firm, owning about 10,000 Antminer and Whatsminer machines when it invested $13.9M in early November. 

Bit Digital’s shares have soared nearly 7,500% in the past year, currently trading just above $25.

This expansion led to about three other billion-dollar public mining firms, Riot BlockchainMarathon Patent Group, and Hive Blockchain. have recently joined Bit Digital.