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Why Bit Digital Stock Is Plummeting Today

TheMotleyFool

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Why Bit Digital Stock Is Plummeting TodayPhoto, wide shot, wide-angle lens, Gold mine, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/94faf2bd-99c1-4ea6-b55d-fdcab23c3865.png

Despite strong rebound momentum lifting the broader cryptocurrency market today, Bit Digital (NASDAQ: BTBT) stock is sinking. The cryptocurrency mining company's share price was down 8% as of 11:30 a.m. on Wednesday despite Bitcoin (CRYPTO: BTC) being up 3.6% today.

Bit Digital published a filing with the Securities and Exchange Commission (SEC) on Tuesday indicating that "selling shareholders" would potentially sell up to about 23.6 million ordinary shares to institutional investors. With a flood of shares potentially hitting the market, investors got nervous, and that wasn't the only potentially concerning point in the SEC filing.

Image source: Getty Images.

Source Fool.com

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