Bit Digital Stock Skyrockets on Ethereum Focus

Bit Digital (NASDAQ:BTBT) stock surged 18% and is up 68% in the past week. The company shifted focus from Bitcoin mining to Ethereum treasury and staking, becoming the second-largest corporate holder of ETH with 100,000 coins. The pivot was driven by Ethereum’s utility in decentralized applications and smart contracts.

Despite recent gains, BTBT stock remains volatile with a $1 billion market cap and a price-to-sales ratio of 4.0. Revenue growth has been impressive at 63% annually, but profitability and market resilience are concerns. Investors should exercise caution, considering the stock’s performance in market downturns and potential economic uncertainties.

Read more at Nasdaq: Why Bit Digital Stock Is Surging