Benzinga | Oct 11, 2021 11:09AM EDT

Why Bitcoin-Related Stock Bit Digital Is Surging Today

Bit Digital Inc (NASDAQ:BTBT) is surging higher Monday amid an increase in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Bitcoin is up 4.21% at $57,493 over a 24-hour period. Ethereum is up 1.12% at $3,592 over a 24-hour period.

Bit Digital's average session volume is about 21 million over a 100-day period. Monday's trading volume was approaching 10 million at publication time.

Bit Digital has a total float of about 48.7 million shares, according to data from Benzinga Pro. The short float is just over 5 million, representing about 23% of the total float.

Bit Digital is engaged in the Bitcoin mining business. Its mining platform operates with the primary intent of accumulating Bitcoin, which the company may sell from time to time to fund its operating expenses.

BTBT Price Action: Bit Digital has traded as high as $33 and as low as $3.40 over a 52-week period.

The stock was up 12.10% at $12.72 at time of publication.

Photo: Eivind Pedersen from Pixabay.