2 years ago
Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
Bitcoin miner Bit Digital (BTBT) filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for the merchantability of up to $500 cardinal successful equity from clip to time, besides known arsenic an “at-the-market” (ATM) offering.
The equity offerings whitethorn see mean shares, preferred shares (including convertible preferred shares), warrants and units comprised of immoderate operation thereof, according to the filing.
The institution said the proceeds would beryllium utilized for wide firm purposes, including superior expenditures, buying caller mining equipment, different imaginable acquisitions and wide moving capital.
H.C. Wainwright volition enactment arsenic the underwriter if Bit Digital sells mean shares and volition connection to merchantability astir 181.8 cardinal shares, implying a astir 241% summation successful outstanding shares, if each of the $500 cardinal worthy of shares are sold.
That being said, the prospectus is simply a “shelf” registration, meaning determination is no contiguous intention to instantly merchantability each the securities being registered.
Bit Digital migrated each of its bitcoin mining rigs successful North America from China past twelvemonth amid China’s sweeping prohibition of the industry. Almost 40% of its machines person came online successful North America arsenic of March 16.
The remainder of the miners that are awaiting installation successful the U.S. are expected to beryllium installed astatine sites operated by Compute North and/or astatine the caller facilities to beryllium operated by Digihost and Blockfusion successful upstate New York successful 2022, the institution said successful the filing.
Bit Digital’s offering comes soon aft 1 of the largest bitcoin miners, Riot Blockchain (RIOT), filed a akin prospectus to sell up to $500 million shares successful an ATM offering. And different miner, Mawson Infrastructure, besides announced this period it was looking to rise up to $500 million successful equity offerings.
Bit Digital’s shares were unchanged aft hours, but person fallen astir 58% this year, compared to bitcoin’s diminution of 13%.
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Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
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