Cryptocurrency prices climbed slightly Monday as bitcoin attempted to retake last week's record high. Meanwhile, bitcoin miners continue to roll out quarterly results, with Bit Digital turning in results early Monday.
Bitcoin traded below $91,600 late Monday, easing from its early high of $92,593, CoinDesk data showed. The world's top cryptocurrency last week soared on Nov. 13 to a new all-time high of $93,445 in the wake of the U.S. election. It remains up 118% for the year.
The recent rally has put bitcoin in striking distance of the coveted $100,000 mark, which some analysts expect by the end of the year. Bernstein analysts are a bit more bullish and remain "confident" in their $200,000 bitcoin price target by the end of 2025. Even with bitcoin pushing to record highs, "we believe risk-reward is favorable over (the) next 12 months, Bernstein wrote in a research note last week.
Elsewhere, spot bitcoin ETFs netted $1.67 billion in inflows last week, Farside Investors data shows, with the total offset by $770.7 million in outflows. BlackRock's iShares Bitcoin Trust led the group with $1.89 billion in inflows.
So far, the spot bitcoin ETFs have amassed a total of $27.72 billion in inflows since their January launch, offset by $20.27 billion in outflows from the Grayscale Bitcoin Trust. IBIT has been the clear leader with $29.27 billion in inflows. The Fidelity Wise Origin BTC ETF ranks second at $10.77 billion in inflows.
However, earnings for bitcoin miners were mixed last week as MARA Holdings, Hive Digital and Hut 8 all reported results.
Bit Digital Earnings
Bit Digital on Monday reported a loss of 26 cents per share, widening from a loss of 8 cents per share last year. Revenue for the third quarter jumped 96% to $22.7 million.
FactSet expected a loss of 2 cents on $24.5 million in revenue.
Bit Digital's bitcoin mining revenue declined 11% from last year to $10.1 million. The company's high-performance computing (HPC) business generated $12.2 million for the quarter, after first earnings revenue in Q1.
Bit Digital earned 165.4 bitcoins during the quarter, down 59% from last year. The company said the decline in bitcoin mining was due to the reduction in block rewards from the April 2024 halving event and an increase in network difficulty.
Bit Digital also earned 161.9 ethereum during the quarter from its native staking program.
The company held 731.1 bitcoin and 27,388.1 ethereum at the end of the quarter, with a fair market value at Sept. 30 of $46.3 million and $71.3 million, respectively, as of Sept. 30.
BTBT stock pared declines to 5.9% Monday after tumbling 12% in early trade.
BTBT stock had rallied nearly 36% to a high of 5.74 on Nov. 12 before reversing lower. Bit Digital stock is down 5% in 2024 through Monday's close.
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