NEW
YORK, July 6, 2023 /PRNewswire/ -- Bit
Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a
digital asset mining company headquartered in New York, announced its unaudited digital
asset production and corporate updates for the month of
June 2023.
Corporate Highlights for June
2023
- In June 2023, the Company
produced 119.1 BTC, a 5% increase compared to the prior month.
The increase in production was primarily driven by a higher average
active hash rate and was partially offset by a decrease in
transaction fees compared to the prior month.
- The Company's active hash rate was approximately 1.78 EH/s
as of June 30,
2023.
- Treasury holdings of BTC and ETH
were 485.0 and 11,738.9 with a fair market value of
approximately $14.8 million and
$22.7 million, respectively, on
June 30, 2023.
- The BTC equivalent[1] of our digital asset holdings
as of June 30, 2023 (defined as if
all ETH, sETH-H, LsETH and USDC holdings
were converted into BTC as of that date and added to our BTC
holdings) was approximately 1,445.2, or approximately $44.0 million.
- As of June 30, 2023, Bit Digital
had transferred 129 BTC to its strategic partner,
Auros Global Limited, as collateral for yield optimization
strategies connected to 430 BTC that Auros
is conducting on behalf of Bit Digital. This allocation
relates to the Company's broader objective to enhance its overall
treasury management solutions.
- The Company had cash and cash equivalents of $18.5 million as of June
30, 2023.
Proof-of-Stake Highlights
- The Company had approximately 11,716 ETH
actively staked in native and liquid staking protocols as of
June 30, 2023. Approximately 9,312
were natively staked and 2,404 ETH were deployed in
liquid staking protocols as of that date.
- Additionally, The Company has 960 ETH
(30 Nodes) deposited but in queue to be activated on
the Ethereum staking network, which are
estimated to come online by the end of July
2023.
- Bit Digital earned a blended APY of approximately 5%
on its staked ETH position for the month
of June 2023.
- The Company earned aggregate staking rewards of approximately
27 ETH during June
2023.
About Bit Digital
Bit Digital, Inc. is a sustainability focused generator of
digital assets headquartered in New York
City. Our mining operations are located in the US,
Canada, and Iceland. For additional information, please
contact ir@bit-digital.com or visit our website
at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 3.D of our most recent Annual Report
on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to
occur, our business, financial condition or results of operations
would likely suffer. In that event, the value of our securities
could decline and you could lose part or all of your investment.
The risks and uncertainties we describe are not the only ones
facing us. Additional risks not presently known to us or that we
currently deem immaterial June also impair our business operations.
In addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. Future changes in the
network-wide mining difficulty rate or bitcoin hash
rate June also materially affect the future performance of Bit
Digital's production of bitcoin. Actual operating
results will vary depending on many factors including network
difficulty rate, total hash rate of the network, the operations of
our facilities, the status of our miners, and other factors.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of Bit Digital, Inc., and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects," or
similar expressions, involving known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations June prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that
are filed with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
[1] "BTC equivalent" is a hypothetical illustration of the
value of our digital asset portfolio in bitcoin terms.
BTC equivalent is defined as if all non-BTC digital assets,
comprised of ETH, sETH-h, LsETH, and USDC, were
converted into BTC as of June 30,
2023, and added to our existing BTC balance. Conversion
values are found using the closing price on coinmarketcap.com. The
closing price of ETH is used as a proxy for the price
of sETH-H (receipt token) on a 1:1 basis.
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SOURCE Bit Digital, Inc.