The pullback in Bitcoin may be an attractive opportunity for cryptocurrency and cryptocurrency-mining stocks, like Bit Digital, for example.
For one, there’s still a good deal of institutional and retail interest. In fact, according to CoinTelegraph, “Crypto investment products, which include exchange-traded funds (ETFs), saw weekly inflows totaling $154 million for the week ending Nov. 20, according to CoinShares‘ latest fund flows report. Like in previous weeks, Bitcoin investment products attracted most of the inflows at $114.4 million.”
Two, the company appears to be well positioned in the Bitcoin market. The Company owned 27,744 miners as of September 30, 2021, with an estimated maximum total hash rate of 1.603 Exahash. The Company purchased 851 miners on the spot market during the quarter. Also, subsequent to September 30, 2021, the Company signed an agreement with Bitmain Technologies Limited to purchase 10,000 Bitcoin miners. In addition, BTBT earned 248.36 bitcoins.