Crypto Shares Rally in Morning Trading, With Bit Digital Stock Jumping 19%

Tiger Newspress08-20

Crypto shares rally in morning trading. Bit Digital stock jumps 18.9%; MicroStrategy rise over 4%; Marathon Digital rose over 3%.

Bitcoin moved past $61,000 Tuesday as U.S.-spot exchange-traded funds (ETFs) holding the asset recorded their second-highest inflow activity this month.

Shares in Bit Digital rose on Tuesday after the company reported a jump in revenue for the second quarter, beating expectations, and signed a binding service agreement worth a potential $700 million.

The provider of Bitcoin mining and AI infrastructure services said revenue in the period more than tripled to $29.0 million, beating analyst expectations of $26.1 million, according to FactSet.

This was primarily driven by the high performance computing services business, or HPC, in which sales rose to $12.5 million from zero in the year-prior quarter.

Revenue from Bitcoin mining also rose 80% to $16.1 million.

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