BTBT Stock Soars on Cloud Pivot and Strong Earnings

Bit Digital Inc.'s stock price has surged by 5.18% due to upbeat sentiment surrounding its expanding Bitcoin mining operations and a major pivot towards cloud infrastructure.

The company's Q2 loss per share narrowed to $0.31 from $0.45 as revenue jumped to $32.1 million, topping the $22.61 million consensus.

Bit Digital Inc. is shifting from Bitcoin mining towards its WhiteFiber/NC-1 cloud infrastructure platform, with over $540 million in multi-year cloud services contracts signed and more than $200 million in annualized revenue expected once fully deployed.

The company has tapped a treasury-backed ETH structure to fund the NC-1 build without selling ETH or issuing new equity, which is seen as a non-dilutive move that signals confidence in its crypto holdings.