BTBT stock price big pump 1451% P2P company transforms into Bitcoin Mining giant

Recently, news has emerged that a Chinese company originally focused on P2P business has undergone a significant business transformation after being listed on the NASDAQ in the United States. The company was formerly known as 可牛金融 and has now changed its name to Bit Digital, with its stock code also changing to "BTBT". Behind this transition is the company's strategic decision to enter the Bitcoin mining sector.

According to reports, Bit Digital currently possesses over 20,000 Bitcoin mining machines and is actively engaged in mining operations. In its semi-annual report submitted to the U.S. Securities and Exchange Commission on October 19 of this year, the company disclosed that its Bitcoin mining hash rate reached 1250 PH/S in the first half of 2020, ranking first among NASDAQ-listed companies. Since starting its mining operations in February, the company has mined a total of 949.51 Bitcoins, and as of June 30, the mining business has generated $690,000 in revenue for the company.

The predecessor of this company, Qiniu Finance, went public on NASDAQ on March 20, 2018, and was hailed as "the first Chinese car loan stock." However, the good times did not last long, as the company was subsequently investigated by the Pudong Branch of the Shanghai Public Security Bureau for allegedly illegally absorbing public deposits, becoming the first P2P platform listed on the US stock market to suffer this fate.

It is worth noting that as the price of Bitcoin continues to rise, concept stocks related to Bitcoin are also favored by investors. Data shows that Bit Digital's stock price fell to a low at the beginning of this year, but has continued to climb since it started its mining operations, with a cumulative increase of 1451.55% in 2020, demonstrating an astonishing growth momentum.

This series of changes reflects the booming development of the cryptocurrency industry and highlights the trend of traditional financial enterprises transitioning to the blockchain and digital asset fields. With the fluctuations in Bitcoin prices and changes in the regulatory environment, the future development direction of Bit Digital will continue to be closely monitored by the market.