Bit Digital Raises $67 Million From Share Offering In a Placement Agreement with B. Riley

Bit Digital, Inc. (NASDAQ:BTBT) is one of the Best Affordable AI Stocks to Buy. On July 14, Bit Digital, Inc. (NASDAQ:BTBT) announced that it signed a placement agency agreement with B. Riley Securities for the purchase and sale of 22 million ordinary shares.

Bit Digital’s ordinary shares were offered at a price of $3.06 per share. The company generated almost $67.3 million in gross proceeds. The company mentioned that it would use the net proceeds to purchase Ethereum.

On July 18, the company announced that it used the proceeds to purchase nearly 19,683 Ethereum (ETH). Following this purchase, Bit Digital now holds 120,306 ETH, making it one of the largest institutional Ethereum treasuries. The company’s CEO said that they view Ethereum as a key to the next phase of digital financial infrastructure. He added, “We remain committed to scaling our ETH holdings as part of that long-term strategy.”

Bit Digital, Inc. (NASDAQ:BTBT) provides infrastructure for HPC data centers and colocation services for AI and machine learning applications.

While we acknowledge the potential of BTBT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.