Benzinga | Oct 6, 2021 11:02AM EDT

Why Bitcoin-Related Stock Bit Digital Is Rising Today

Bit Digital Inc (NASDAQ:BTBT) is surging higher on above-average volume Wednesday amid an increase in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Bitcoin is up 7.48% at $54,044 over a 1-day period. Ethereum is up 3.32% at $3,565 over a 1-day period.

Bit Digital's average session volume is about 19.5 million over a 100-day period. Wednesday's trading volume was already approaching 35 million at publication time.

Bit Digital has become increasingly popular among retail investors. It was the top trending stock on Stocktwits 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 13.50% at $11.75 at time of publication.

Photo: Igor Schubin from Pixabay.