Bitcoin Stock News Bite - Bit Digital, Inc. (Nasdaq: BTBT) Announces 2024 Strategic Priorities
February 12, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Bitcoin/Crypto Stock News Bites - Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, is pleased to announce its strategic priorities for 2024.
"Our strategic priorities for 2024 are the cornerstone of our success, embodying five essential pillars that will guide Bit Digital's focus and direction," said Sam Tabar, CEO of Bit Digital. "Together, these priorities form the blueprint that should set the stage for a year of groundbreaking achievements."
The following priorities are subject to change based on market conditions and other factors and are not necessarily presented based on priority ranking.
Expand the active bitcoin mining fleet
Diversify and grow Bit Digital AI
Maintain a strong and flexible balance sheet
Increase our treasury holdings of staked ETH with retained earnings
Continued focus on sustainability
Expand the active bitcoin mining fleet
The Company targets doubling the size of its active bitcoin mining fleet to approximately 6.0 EH/s during 2024. The Company anticipates a significant portion of the growth will be executed following the bitcoin 'halving' (expected in April 2024) when it anticipates attractive procurement opportunities for mining equipment. In expanding the mining fleet, Bit Digital also aims to increase its overall fleet efficiency and lower its marginal production cost by procuring high-efficiency machines.
Diversify and grow Bit Digital AI
The Company's Bit Digital AI business currently has an approximate $50 million annualized revenue run-rate with its anchor customer contract. The Company aims to increase the revenue run-rate of this business materially in 2024 through both expanding the scope of its existing contract and by onboarding new customers. The Company is targeting $100m of run-rate AI revenue by year-end 2024.
Maintain a strong and flexible balance sheet
As of January 31, 2024, Bit Digital had approximately $23 million of cash, approximately $74 million worth of digital assets, and zero debt. A strong balance sheet has been instrumental in enabling the Company to withstand downturns in bitcoin pricing and act opportunistically when equipment market falls to attractive levels. While the Company's growth plans for 2024 will require capital to achieve, Bit Digital intends to pursue growth with prudent management of its balance sheet.
Increase our treasury holdings of staked ETH with retained earnings
Bit Digital remains optimistic on the future of the Ethereum network and will continue to systematically convert a portion of its mined bitcoin into ETH for the purpose of staking ETH to generate yield. The Company had approximately 12,752 ETH actively staked in native and liquid staking protocols as of December 31, 2023.
Read the company's full news and disclaimer here:
https://bit-digital.com/press-releases/bit-digital-inc-announces-2024-strategic-priorities/
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