Winning a big order, blockchain stock BTBT soared 40%
At the same time, analysts maintain a buy rating on BTBT and a target price of $6
Bit Digital (BTBT) surged nearly 40% overnight to close at around $4, with a slight increase of nearly 4% in after-hours trading.
Bit Digital announced yesterday that it has signed a three-year, $275 million cryptocurrency mining agreement with a client. The company has completed a transaction with an unnamed existing client to provide an additional 2,048 graphics processing units over the next three years.
The client has already paid for the 2,048 GPUs and will pay $275 million for the service over the three-year period.
To fulfill the order, Bit Digital has agreed to purchase 256 Dell servers equipped with 2,048 Nvidia chips, with delivery expected in July.
Meanwhile, Northland Securities analyst Michael Grondahl has maintained a buy rating on BTBT with a target price of $6.
BitDigital, Inc. is engaged in digital asset mining and staking operations. The company was founded in November 2015 and is headquartered in New York City, New York.
It is worth noting that recently, as the US stock market adjusted, BTC briefly fell below $60,000 but has since stabilized in the short term:
