Bit Digital Stock Is Tumbling Thursday: What's Going On?

Bit Digital, Inc. BTBT shares are trading lower Thursday after the company announced a $150 million public offering.

The Details: Bit Digital commenced an underwritten public offering of 75 million ordinary shares priced at $2 each. The company plans to use anticipated proceeds of $150 million to purchase Ethereum ETH/USD.

Underwriters also have a 30-day option to buy up to 11.25 million additional shares. The deal is expected to close around June 27, pending customary conditions.

After the market closed on Wednesday, Bit Digital said the offering is part of a strategic transition to become a pure-play Ethereum staking and treasury company. The company held a total of 24,432.2 ETH as of March 31.

How To Buy Bit Digital Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Bit Digital's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

BTBT Price Action: At the time of publication, Bit Digital stock was trading 19.4% lower at $1.90, according to data from Benzinga Pro.

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