Bit Digital Inc (NASDAQ:BTBT) Stock Attempts To Bounce Back: Now What?
Bitcoin mining company headquartered in New York City, Bit Digital (NASDAQ:BTBT) on 21st July, 2021 announced appointment of Justin Zhu as Vice President of Finance. The company, owning one of the largest owned-fleets among listed bitcoin miners, confirmed that Zhu will report to CEO Bryan Bullett and CFO Erke Huang.
Zhu, who joined in July 2021, has over 9 years’ experience in financial services, with 6 years at Ernst & Young’s Financial Accounting Advisory Services practice in New York providing accounting and reporting to Fortune 500 companies for meeting regulatory reporting requirements. Beginning career with PwC’s audit practice, Zhu has in-depth knowledge in matters pertaining to mergers and acquisitions and is a Certified Public Accountant holding a Master’s degree in Taxation and a Bachelor’s degree in Accounting, both from Baruch College in New York City.
Bullett said that Justin’s professional experience will enhance Bit Digital’s capabilities related to public company compliance. He added that the firm will be able to institutionalize the rank of its US-based management team.
In another update, the company also came out with its unaudited bitcoin production as well as mining operations update for the second quarter ended June 30, 2021.
Bit Digital said that more than 70.8% of miner fleet by hash rate was ongoing or awaiting installations by end of June. The firm also suspended mining operations increasing its migration program to North America. It also said owning of 32,500 miners with maximum total hash rate of 1.92 EH/s. The firm confirmed a small gain on miner sales and expecting to reinvest sale proceeds of $5.4 million.
Treasury holdings surged to 588.4, with market value of $20.6 million by June 30, 2021.
Market Reaction:
On Wednesday, BTBT stock soared 11% at $4.73 with more than 3.40 million shares, compared to its average volume of 2.23 million shares. The stock has moved within a range of $4.3600 – 4.8550 after opening the trade at $4.54. Over the past 52-week, the stock has been trading within a range of $1.8600 – 33.0000.
