Bit Digital, Inc. (BTBT) stock surged 9.13% in pre-market trading on Thursday, continuing its upward momentum from the previous day's session. The cryptocurrency-focused company's shares are attracting significant investor interest amid a strategic shift in its operations.
The pre-market rally follows Bit Digital's announcement of a substantial $150 million fundraise, coupled with plans to pivot its business model. The company intends to use the newly acquired capital to purchase Ethereum (ETH), signaling a major transition in its cryptocurrency strategy. Additionally, Bit Digital revealed its intention to exit the Bitcoin (BTC) mining business, marking a significant departure from its previous core operations.
This strategic move by Bit Digital comes amidst a broader trend of cryptocurrency-related stocks performing well in the market. On Wednesday, BTBT shares had already climbed 13.85%, reflecting positive investor sentiment towards the company's new direction. The shift from Bitcoin mining to Ethereum investment suggests Bit Digital is adapting to the evolving landscape of the cryptocurrency market, potentially positioning itself for growth in the Ethereum ecosystem.
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