NEW YORK - Bit Digital, Inc. (NASDAQ:BTBT), a New York-based high-performance computing and digital asset production company, has released its unaudited financial results for December 2024, highlighting revenue generation from GPU Cloud services and updates on its digital assets. The company, currently valued at $534.54 million, has demonstrated remarkable revenue growth of 167% over the last twelve months, according to InvestingPro data.
During the month, Bit Digital's operational servers and GPUs under its AI contracts generated approximately $4.5 million in revenue. The company also received $177,000 from equipment leasing arrangements. Its treasury held significant digital assets, with Bitcoin (BTC) and Ethereum (ETH) valued at approximately $69.3 million and $92.1 million, respectively, as of December 31, 2024. InvestingPro analysis shows the company maintains a strong financial position with a current ratio of 5.27, indicating robust liquidity management. Subscribers can access 12 additional ProTips and detailed financial metrics on the platform. The BTC equivalent of its digital asset holdings stood at roughly 1,731.8 BTC or about $161.8 million.
Bit Digital's liquidity, including cash, cash equivalents, and the fair market value of digital assets, was reported to be around $260.4 million. Additionally, the company's data center colocation services generated revenue of about CAD $757.8k (USD $528.1k) in December, with 14 active customers at its Tier-3 Enovum Data Center facility.
On December 27, 2024, Bit Digital expanded its infrastructure by acquiring a site for a new 5MW Tier 3 data center in Montreal, Canada, for CAD $33.5 million. The development of this site, expected to be operational by May 2025, is part of the company's strategy to increase its data center capacity to 32MW.
In terms of digital asset production, Bit Digital reported a decrease in BTC production compared to the previous month, with 32.4 BTC mined in December, which was a 27.8% drop. This was attributed to changes in hosting arrangements, redeployment of mining assets, and the retirement of older miners. The company's active hash rate also decreased by 28%.
Despite these decreases, Bit Digital continued to invest in its mining operations, purchasing 941 S21 mining units for around $3.2 million and selling 4,506 S19 units for approximately $836.6k. The company also had about 21,568 ETH actively staked, earning a blended annual percentage yield (APY) of 3.3% and aggregate staking rewards of roughly 60.6 ETH for the month. According to InvestingPro data, analysts have set price targets ranging from $5.50 to $7.00, suggesting potential upside from current levels. The stock has shown significant volatility with a beta of 4.9, making it particularly important for investors to conduct thorough due diligence.
Bit Digital's operations span across the US, Canada, and Iceland, with a focus on bitcoin mining and infrastructure services for artificial intelligence applications. The company advises potential investors to carefully consider the risks detailed in its Annual Report before making investment decisions, and to be aware of the forward-looking nature of statements made in its press releases.
This article is based on a press release statement from Bit Digital, Inc.
In other recent news, Bit Digital, Inc. has announced several significant developments. The company has transitioned to U.S. domestic issuer status, a move that necessitates more detailed and timely filings under the Securities Exchange Act of 1934. Bit Digital has also been making strides in the high-performance computing (HPC) sector, securing a $20.2 million contract with DNA Holdings Venture Inc.'s AI Compute Fund and purchasing a new site in Montreal, Canada, for data center expansion.
In the analysis realm, Clear Street, B. Riley Financial, and H.C. Wainwright have all provided updates on Bit Digital. Clear Street initiated coverage on the company, highlighting its transition towards HPC as a key driver for future growth. Both B. Riley Financial and H.C. Wainwright upgraded their stock price targets for Bit Digital, despite a decrease in sales due to the Bitcoin halving event.
These developments reflect Bit Digital's commitment to expanding its operations and maintaining compliance with regulatory requirements. The company's recent performance demonstrates a focus on high-quality revenue opportunities, disciplined capital management, and strategic growth in the HPC market.
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