Bit Digital drops on $150 mln equity raise for Ethereum pivot
Bit Digital's BTBT.O shares down 8.9% premarket to $2.14 as co raises equity amid pivot to Ethereum
New York-based co announces pricing offering of 75 mln shares at $2 for $150 mln gross proceeds to purchase cryptocurrency Ethereum ETH=
Offering price represents 14.9% discount to stock's last close
BTBT late Weds announced it would wind down its bitcoin mining operations in strategic shift to become a pure play Ethereum (ETH) staking and treasury co
Said as of Mar 31, it held 24,434 ETH and 417.6 BTC, and intends to convert its BTC holdings into ETH over time
Co has ~208.5 mln shares outstanding as of Jun 23, per the prospectus filing, giving it about $490 mln market cap through Weds
B. Riley Secs is sole bookrunner for stock offering
Through Weds, BTBT shares shed 20% YTD
All 5 analysts rate BTBT "buy" and median PT is $5.50, LSEG data reflects
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