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Why Bit Digital Stock Flew Higher Today

TheMotleyFool

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Why Bit Digital Stock Flew Higher Today:

Shares of Bit Digital (NASDAQ: BTBT) flew higher today, likely because the price of Bitcoin (CRYPTO: BTC) has risen sharply in recent days. When Bitcoin goes up, trading volume on Bit Digital and other cryptocurrency miners tends to rise, leading to outsize gains. Bit Digital stock finished almost 11% higher for the day.

Bit Digital is a company that mines Bitcoin. And it's invested significant resources of late to increase how much Bitcoin it's able to mine. For perspective, it said it mined almost 425 Bitcoin shares in January alone. The company sells these as needed to generate revenue. But it holds them as well (it had 488.5 as of March 2).

Image source: Getty Images.

Source Fool.com

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