BTBT Stock Skyrockets on Cloud Contracts and Ethereum Pivot

Bit Digital Inc.'s (NASDAQ: BTBT) stock has surged by 15.47% due to its expanding Bitcoin mining operations and a pivot towards cloud contracts and Ethereum strategy.

The company's Q2 earnings report showed a revenue of $32.1 million, beating the expected $22.61 million, while the EPS loss narrowed to $0.31 from last year's $0.45 loss.

Bit Digital has signed multi-year cloud contracts worth over $540 million at its WhiteFiber/NC-1 position, generating more than $200 million in annualized revenue once fully deployed.