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Bit Digital Stock Slides After $80M Private Placement

Institutional investors bought 13.5 million shares from the bitcoin mining company.

By Brandy Betz
AccessTimeIconSep 30, 2021 at 2:58 p.m. UTC
Updated May 11, 2023 at 4:07 p.m. UTC
Mining machines (GreenBelka/Shutterstock)
Mining machines (GreenBelka/Shutterstock)
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Bit Digital (Nasdaq: BTBT) announced an $80 million private placement to sell stock to institutional investors. The share price fell 14% to $6.80 as of 14:00 UTC.

The bitcoin mining company agreed to sell 13.5 million ordinary shares and warrants for another 10.1 million shares. The combined purchase price of one share and one warrant is $5.93. The warrants, each of which allows the purchase of three-fourths of a share, will have an exercise price of $7.91 per whole share.

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    • H.C. Wainwright & Co. is the exclusive placement agent. Bit Digital said it expects the placement to close on Oct. 4.

    Bit Digital earlier this week appointed Brock Pierce, chairman of the Bitcoin Foundation, to its board of directors, effective Oct. 31.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz
    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Follow @BrandyBetz on Twitter

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