Bit Digital drops after stock offering launch

Bit Digital,

25/06/2025 21:37

**  Shares of bitcoin miner Bit Digital BTBT.O down 8.9% in extended trading to $2.14 after equity offering news

** New York-based co commences stock offering to purchase cryptocurrency Ethereum ETH=

** B. Riley Secs sole bookrunner

** Co has ~208.5 mln shares outstanding as of Jun 23, per the prospectus filing, giving it $490 mln market cap

** BTBT shares on Weds finished down 3.7% at $2.35

** YTD, stock down 20%

** All 5 analysts rate BTBT "buy" and median PT is $5.50, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))