Stronghold Digital Mining Inc (SDIG)

[Thompson_AMM]

Cryptocurrency prices have finally turned around (for now). That has brought plenty of bullish and speculative interest in related public companies. Stronghold Digital is one of the companies in question, and shares surged higher on Tuesday thanks to a move in Bitcoin price. One of the reasons for this has to do with the company’s business model.

Stronghold is a bitcoin mining company. It focuses on environmentally friendly operations, one of the hang-ups for those analysing digital currency ESG activities. Higher energy consumption for traditional mining operations has strained an already fragile power grid. Companies like Stronghold have taken the proactive approach of mitigating this strain through creative strategies.

Moreover, last month’s insider activity has come back into focus. CEO Gregory Beard bought over 600,000 shares of SDIG stock at an average price of $1.66 per share. The roughly $1 million purchase caught the attention of some traders at the time.