Bit Digital, Inc Announces Second Quarter of Fiscal Year 2021 Financial Results prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
10 Best Bitcoin Stocks to Buy Now
Bitcoin is gaining momentum as the global economy recovers due to increasing consumer market demand. The world’s largest digital currency by market value soared to more than $64,000 on April 14 before plummeting to around $48,000 in the fourth week of the month. However, bitcoin’s price bounced back from the downturn, and it appears that the crypto’s market framework has remained unchanged, at least for the time being, with Bitcoin trading at above $58,000 as of May 3.
Bitcoin’s price has already doubled since the beginning of the year, as mainstream investors have flocked to cryptocurrencies. As of the end of March, American EV behemoth Tesla, Inc. (NASDAQ:
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RIOT stock gained nearly 1,500% in 2020, handily outpacing the 314% gains made by bitcoin during the same period. On Dec. 21, the company said it would spend $35 million to acquire more mining capacity, known as Bitmain Antminers, bringing its equipment to approximately 37,000 miners.
RIOT finances its new miner purchases through available working capital and does not have any long-term debt.
There was a lot of skepticism when the company shifted from a biotechnology company to a digital currency miner back in 2017. However, it now boasts a market cap of $1.15 billion, up from approximately $27 million a year ago.
Sales are expected to grow 412.5% next year. That may seem ambitious. However, this is a company that has beat analyst estimates in five of the last six quarters. RIOT is forecasting profitability next year and will play a significant role in maintaining bitcoin’s network.