Bit Digital falls after pricing $135 mln convertible debt offering

Bit Digital,

30/09/2025 10:42

** Shares of Bit Digital BTBT.O down 5% premarket at $3.04 after co secures capital raise

    ** New York-based digital asset miner early Tues announced pricing public offering of $135 mln 4%
    5-yr convertible bonds

    ** Offering size boosted from $100 mln; initial converson price of $4.16 is 30% premium above stock's last close of $3.20

    ** Co, which has $1 bln market cap, to use net offering proceeds primarily to
    purchase cryptocurrency Ethereum ETH=, and possibly for potential investments, acquisitions

    ** Barclays, Cantor Fitzgerald and
    B. Riley Secs are joint bookrunners for offering

    ** Through Mon, BTBT shares up 9% YTD

    ** In Jun, BTBT priced $150 mln equity offering at $2 for its pivot to ETH

    **
    All 5 analysts covering BTBT rate the stock "buy" and median PT is $5.50, per LSEG

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

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