Saturday, April 23, 2022 1:00:37 PM
Nancy J. Allen
April 22, 2022
The capital funds will be allocated to capital expenditures, to buy new mining equipments and other potential acquisitions.
Prominent bitcoin miner Bit Digital (BTBT) filed a description with the US Security and Exchange Commission (SEC) for selling up to $500 million in its equity from time to time offering which is also known as an ‘at the market’ (ATM) offering. The offerings of equity would include shares both ordinary and preferred shares which includes convertible preferred shares, warrants and other units of any such combination as per the filing detailed.
The company said that the proceedings would be used for several general corporate purposes that would include capital expenditures, buying of new mining equipment and other potential acquisitions and general capital for working. If Bit Digital sells ordinary shares and if it offers to sell about 181.8 million shares in total then H.C. Wainwright would be acting as the underwriter.
This being followed the prospectus is registration include shelf which means that there is no intention present to sell all the securities immediately that the securities are being registered. Bit Digital reduced its bitcoin mining rigs in North America from the Chinese subcontinent last year when China put a ban and swept out the whole crypto industry from the region. About 40% machines of the company have come online again in North America by 16th March.
Rest of the miners which are awaiting for installation in the US are expected to get installed at the sites that are operated by company named Compute North and at some new facilities to be operated by Digihost and Blockfusion in New York upstate in 2022 according to the company filings.
Offering of the bitcoin miner Bit Digital comes shortly after when one of the largest publicly traded bitcoin miners firm, Riot Blockchain (RIOT) has filed a similar announcement of selling more than $500 million worth share in an ATM offering. Another crypto miner, Mawson Infrastructure (MIGI), also announced the same month that it was looking to raise about $500 million in its equity offerings. Shares of Bit Digital were unchanged after hours but later have fallen about 58% this year when compared to the decline of bitcoin of 13%.
Successful Trading is the art of minimizing long term risk and maximizing capital allocation.
Recent BTBT News
- Bit Digital, Inc. Announces Key Hires for Its HPC Business; Appoints Benjamin Lamson as Head of Revenue and Tom Sanfilippo as CTO • PR Newswire (US) • 09/20/2024 12:00:00 PM
- Grayscale Launches XRP Fund, Coinbase Debuts cbBTC Token, 1inch Reveals Atomic Swap Protocol • IH Market News • 09/12/2024 07:02:06 PM
- Bit Digital, Inc. Announces Monthly Production Update for August 2024 • PR Newswire (US) • 09/05/2024 08:30:00 PM
- Palo Alto Beats Expectations, ECD Shares Rise 12% on Record Revenue, and Latest in Earnings • IH Market News • 08/20/2024 09:57:06 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/19/2024 08:30:22 PM
- Bit Digital, Inc. Announces Binding Term Sheet with New HPC Customer Representing a More Than $700 Million Revenue Opportunity Over Five-Year Term • PR Newswire (US) • 08/19/2024 08:30:00 PM
- Bit Digital, Inc. Announces Second Quarter of Fiscal Year 2024 Financial Results • PR Newswire (US) • 08/19/2024 08:30:00 PM
- U.S. Index Futures Mixed, Oil Prices Dip • IH Market News • 08/19/2024 09:29:39 AM
- Bit Digital, Inc. Announces Date for Second Quarter 2024 Financial Results and Conference Call • PR Newswire (US) • 08/12/2024 09:00:00 PM
- Bit Digital, Inc. Announces Monthly Production Update for July 2024 • PR Newswire (US) • 08/06/2024 09:00:00 PM
- Bit Digital, Inc. Announces Monthly Production Update for June 2024 • PR Newswire (US) • 07/05/2024 12:00:00 PM
- Bit Digital, Inc. Announces Finalized Terms for Contract Expansion with Major HPC Customer; Total Contract Value Now Worth Approximately $275 Million • PR Newswire (US) • 06/25/2024 12:00:00 PM
- Bit Digital, Inc. Announces Monthly Production Update for May 2024 • PR Newswire (US) • 06/05/2024 08:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/15/2024 08:52:14 PM
- Bit Digital, Inc. Announces First Quarter of Fiscal Year 2024 Financial Results • PR Newswire (US) • 05/15/2024 08:30:00 PM
- Bit Digital, Inc. Announces Date for First Quarter 2024 Financial Results and Conference Call • PR Newswire (US) • 05/08/2024 12:00:00 PM
- Bit Digital, Inc. Announces Monthly Production Update for April 2024 • PR Newswire (US) • 05/06/2024 08:00:00 PM
- Bit Digital, Inc. Announces Monthly Production Update for March 2024 • PR Newswire (US) • 04/03/2024 08:30:00 PM
- Bit Digital, Inc. Announces Customer Proposal to Expand Existing Agreement by an Additional 2,048 GPUs • PR Newswire (US) • 03/26/2024 08:30:00 PM
- Bit Digital, Inc. Announces Fiscal Year 2023 Financial Results • PR Newswire (US) • 03/18/2024 08:35:00 PM
- Anticipation Builds on Wall Street for Federal Reserve’s Upcoming Policy Moves; WTI and Brent See Upticks • IH Market News • 03/18/2024 11:12:12 AM
- Bit Digital, Inc. Announces Date for Fiscal Year 2023 Financial Results and Conference Call • PR Newswire (US) • 03/13/2024 08:30:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 03/08/2024 09:30:36 PM
- Bit Digital, Inc. Announces Monthly Production Update for February 2024 • PR Newswire (US) • 03/05/2024 09:30:00 PM
- Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments • Edgar (US Regulatory) • 02/23/2024 09:05:11 PM
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