Bit Digital, Inc. (NASDAQ:BTBT) shares are trading volatile Friday after the company announced it bought approximately 19,683 Ethereum (CRYPTO: ETH).
What To Know: Bit Digital said it used proceeds from a recent $67.3 million registered direct offering to institutional investors to fund the purchase, bringing its total holdings to approximately 120,306 ETH.
The company said the acquisition reinforces its long-term treasury strategy. Bit Digital stakes most of its ETH holdings and operates validators to earn yield while supporting Ethereum’s network performance and security.
"With approximately 120,000 ETH, Bit Digital is positioned among the largest institutional Ethereum treasuries in the public markets," said CEO Sam Tabar.
How To Buy Bit Digital Stock
By now you're likely curious about how to participate in the market for Bit Digital – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of Bit Digital, which is trading at $4.28 as of publishing time, $100 would buy you 23.36 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
See Also: Trump’s Fed Pick? He’s Cutting First, And Cutting Powell Out
BTBT Price Action: At the time of writing, Bit Digital stock is trading 1.62% higher at $3.94, according to data from Benzinga Pro.
Image via Shutterstock
