Shares of the Bit Digital, Inc. (BTBT) stock were rising in the premarket session after it announced an $80 million private placement. BTBT stock price saw a push of 6.09% to reach $7.67 a share at the time of this writing. The stock was gloomy in the previous trade and went low by 8.60% at closing.
Bit Digital is the bitcoin mining company that was previously known as Golden Bull Limited. The company was founded in 2017 and its headquarter are located in New York, New York.
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What’s Happening?
Bit Digital stock today announced that it has signed a definitive agreement with institutional investors to buy 13,490,728 ordinary shares in a private placement. The stock will also issue unregistered warrants to the investors to purchase up to an aggregate of 10,118,046 ordinary shares. The purchase price of one ordinary share as well as the warrant to purchase three-fourths of the ordinary share is $5.93. The exercise price of the warrant is $7.91 per whole ordinary share. The warrant will have a term of three and half years effective from the resale registrations statement to register the ordinary and warrant shares.
BTBT stock expects gross proceeds resulting from the private placement to be approximately $80 million before subtracting placement agent fees and other offering-related expenses. BTBT stock expects to close the private placement on or about October 4, 2021, after meeting customary closing conditions.
New appointment by BTBT stock:
Bit Digital on September 28, 2021, announced that it has appointed Brock Pierce, the Chairman of the Bitcoin Foundation to its Board Members effective October 31, 2021. The addition of Brock in board members will help Bit Digital to execute its growth strategy.
Bit Digital Partners with Blockfusion:
On September 07, 2021, Bit Digital and Blockfusion signed the strategic co-mining agreement. Under the agreement, BTBT stock will get certain premises and services from Blockfusion for a 35 MW bitcoin mining system operating for a tenure of 2 years. Bit Digital expects that this partnership will increase its hash rate up to approximately 1.2 Exahash.
Conclusion
Investors are responding positively to the recent announcement of private placement by the Bit Digital stock today. The per-share price performance is not satisfactory as it lost 75.30% year to date. In short, investors eyeing BTBT stock should be aware of all the facts and figures before adding this stock to their portfolio.
