Northland Securities Maintains a Buy on Bit Digital (BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) is one of the top strong buy stocks under $5 to buy now. In a report released on August 19, Michael Grondahl from Northland Securities maintained a Buy rating on Bit Digital, Inc. (NASDAQ:BTBT), setting a price target of $6.00.

Bit Digital, Inc. (NASDAQ:BTBT) reported its fiscal Q2 2025 results on August 14, reporting a total revenue of $25.7 million, down 11.7% compared to $29.0 million in fiscal Q2 2024.

Management attributed the decline to a drop in digital asset mining revenue as Bit Digital, Inc. (NASDAQ:BTBT) focused on Ethereum-native treasury and staking strategies.

Revenue from digital asset mining in the quarter dropped 58.8% to $6.6 million, driven primarily by increased network difficulty, a reduction in active hash rate, and the halving event in April 2024.

However, revenue from cloud services in the quarter underwent a 32.8% increase to $16.6 million, compared to $12.5 million in the same quarter last year.

Headquartered in New York City, Bit Digital (NASDAQ:BTBT) is a holding company that provides a platform for digital assets and AI infrastructure. Its Bitcoin mining operations are spread through the US, Canada, and Iceland.

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.

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