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BTBT

Bit DigitalNasdaqCM:BTBT Stock Report

Market Cap

US$786.6m

7D

6.3%

1Y

197.1%

Updated

19 Oct, 2021

Data

Company Financials +
BTBT fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends0/6

BTBT Overview

Bit Digital, Inc. engages in the bitcoin mining business.

Bit Digital Competitors

Marathon Digital Holdings

NasdaqCM:MARA

US$5.4b

Riot Blockchain

NasdaqCM:RIOT

US$3.0b

MGT Capital Investments

OTCPK:MGTI

US$25.7m

SBI Holdings

TSE:8473

JP¥733.2b

Price History & Performance

Summary of all time highs, changes and price drops for Bit Digital
Historical stock prices
Current Share PriceUS$11.35
52 Week HighUS$3.40
52 Week LowUS$33.00
Beta4.84
1 Month Change13.61%
3 Month Change139.96%
1 Year Change197.12%
3 Year Change62.14%
5 Year Changen/a
Change since IPO145.67%

Recent News & Updates

Sep 20

Bit Digital: A Potential Buy As They Relocate To North America

For being one of the largest public cryptocurrency miners, Bit Digital is not as well known as some major players. Bit Digital's stock price has taken a beating from the China crackdown, where most of their operations used to be located. Bit Digital offers an opportunity to investors who think they can quickly get their mining fleet back online in North America.

Sep 17
Returns On Capital Are A Standout For Bit Digital (NASDAQ:BTBT)

Returns On Capital Are A Standout For Bit Digital (NASDAQ:BTBT)

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll...

Aug 31

Market Still Discounting Bit Digital Despite China Issue Turning To Tactical Advantage

From a market cap to max current hash rate perspective, Bit Digital compares well to its peers with 1.9 EH/s to only a $685m valuation. As of June 30th, 45% of Bit Digital's 32,500 miners were either in transit or awaiting installation in the US, with 29% of the fleet still in China. During the second quarter, Bit Digital purchased 3,515 miners on the Chinese spot market, including 1,259 Bitmain S17Pro, 954 MicroBT M20S, and 930 Bitmain S17+. Bit Digital has a new, relatively large 100MW co-mining agreement with Digihost. The recent dislocation of Chinese miners should both increase availability and lower the costs across the spectrum of equipment types in China.

Aug 22
Bit Digital, Inc. (NASDAQ:BTBT) Stock Catapults 162% Though Its Price And Business Still Lag The Market

Bit Digital, Inc. (NASDAQ:BTBT) Stock Catapults 162% Though Its Price And Business Still Lag The Market

Bit Digital, Inc. ( NASDAQ:BTBT ) shareholders would be excited to see that the share price has had a great month...

Shareholder Returns

BTBTUS SoftwareUS Market
7D6.3%6.0%4.0%
1Y197.1%35.7%30.5%

Return vs Industry: BTBT exceeded the US Software industry which returned 34.3% over the past year.

Return vs Market: BTBT exceeded the US Market which returned 30% over the past year.

Price Volatility

Is BTBT's price volatile compared to industry and market?
BTBT volatility
BTBT Beta4.84
Industry Beta0.97
Market Beta1

Stable Share Price: BTBT is more volatile than 90% of US stocks over the past 3 months, typically moving +/- 39% a week.

Volatility Over Time: BTBT's weekly volatility has increased from 30% to 39% over the past year.

About the Company

FoundedEmployeesCEOWebsite
20176Bryan Bulletthttps://bit-digital.com

Bit Digital, Inc. engages in the bitcoin mining business. The company was formerly known as Golden Bull Limited and changed its name to Bit Digital, Inc. in September 2020. Bit Digital, Inc. was incorporated in 2017 and is headquartered in New York, New York.

Bit Digital Fundamentals Summary

How do Bit Digital's earnings and revenue compare to its market cap?
BTBT fundamental statistics
Market CapUS$786.65m
Earnings (TTM)US$36.74m
Revenue (TTM)US$92.67m

21.4x

P/E Ratio

8.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BTBT income statement (TTM)
RevenueUS$92.67m
Cost of RevenueUS$36.80m
Gross ProfitUS$55.87m
ExpensesUS$19.13m
EarningsUS$36.74m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.53
Gross Margin60.29%
Net Profit Margin39.65%
Debt/Equity Ratio0.0%

How did BTBT perform over the long term?

See historical performance and comparison

Valuation

Is Bit Digital undervalued compared to its fair value and its price relative to the market?

21.41x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate BTBT's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate BTBT's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: BTBT is good value based on its PE Ratio (21.4x) compared to the US Software industry average (56.3x).

PE vs Market: BTBT is poor value based on its PE Ratio (21.4x) compared to the US market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: BTBT's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BTBT is overvalued based on its PB Ratio (7.5x) compared to the US Software industry average (7.3x).


Future Growth

How is Bit Digital forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-6.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BTBT's earnings are forecast to decline over the next 3 years (-6.7% per year).

Earnings vs Market: BTBT's earnings are forecast to decline over the next 3 years (-6.7% per year).

High Growth Earnings: BTBT's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BTBT's revenue (1.1% per year) is forecast to grow slower than the US market (9.9% per year).

High Growth Revenue: BTBT's revenue (1.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if BTBT's Return on Equity is forecast to be high in 3 years time


Past Performance

How has Bit Digital performed over the past 5 years?

69.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BTBT has a high level of non-cash earnings.

Growing Profit Margin: BTBT's current net profit margins (39.6%) are higher than last year (-106.3%).


Past Earnings Growth Analysis

Earnings Trend: BTBT has become profitable over the past 5 years, growing earnings by 69.6% per year.

Accelerating Growth: BTBT's earnings growth over the past year (796.4%) exceeds its 5-year average (69.6% per year).

Earnings vs Industry: BTBT earnings growth over the past year (796.4%) exceeded the Software industry 24.1%.


Return on Equity

High ROE: BTBT's Return on Equity (35%) is considered high.


Financial Health

How is Bit Digital's financial position?


Financial Position Analysis

Short Term Liabilities: BTBT's short term assets ($59.6M) exceed its short term liabilities ($3.2M).

Long Term Liabilities: BTBT's short term assets ($59.6M) exceed its long term liabilities ($47.7K).


Debt to Equity History and Analysis

Debt Level: BTBT is debt free.

Reducing Debt: BTBT had no debt 5 years ago.

Debt Coverage: BTBT has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: BTBT has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Dividend

What is Bit Digital current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate BTBT's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BTBT's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BTBT's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BTBT's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BTBT's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.6yrs

Average management tenure


CEO

Bryan Bullett (49 yo)

0.58

Tenure

Mr. Bryan Bullett serves as Chief Executive Officer at Bit Digital, Inc. since March 31, 2021. He has served as a consultant to the Company since February 2021, and has served as a consultant or independen...


Leadership Team

Experienced Management: BTBT's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.


Board Members

Experienced Board: BTBT's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 58.6%.


Top Shareholders

Company Information

Bit Digital, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Bit Digital, Inc.
  • Ticker: BTBT
  • Exchange: NasdaqCM
  • Founded: 2017
  • Industry: Application Software
  • Sector: Software
  • Market Cap: US$786.647m
  • Shares outstanding: 69.31m
  • Website: https://bit-digital.com

Number of Employees


Location

  • Bit Digital, Inc.
  • 33 Irving Place
  • New York
  • New York
  • 10003
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/19 23:51
End of Day Share Price2021/10/19 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.