Bitcoin mining firm Bit Digital has announced its intention to raise up to $500 million through an at-the-market (ATM) equity offering. According to an April 30 filing, the proposed offering could exceed Bit Digital’s current market capitalization of approximately $429 million, potentially leading to substantial share dilution if fully executed.

According to a report from the theminermag.com, the ATM program will allow Bit Digital to issue and sell shares of its common stock periodically through investment bank H.C. Wainwright & Co., which will act as the sales agent and receive a commission of up to 3% on any shares sold. As of April 28, the company reported 203.8 million outstanding shares.

The funds raised through the offering are earmarked for general corporate purposes, including significant capital expenditures to acquire new equipment. The capital injection is also expected to support Bit Digital’s planned expansion into cloud servicing and high-performance computing (HPC).

Bit Digital’s fundraising move comes at a time when bitcoin mining economics have become increasingly challenging. In recent months, hashprice—a key metric for miner profitability—has remained below $50 per petahash per second (PH/s). According to Bit Digital’s fourth-quarter 2024 earnings report, the company’s fleet hashcost alone amounted to $44/PH/s, before factoring in corporate overhead costs.

Faced with tightening margins, a growing number of bitcoin mining firms are exploring alternative revenue streams. Equity offerings, debt financing, and convertible notes have become common strategies to support ongoing operations, while some companies are pivoting into adjacent sectors such as artificial intelligence (AI) and high-performance computing (HPC).

Notably, in the fourth quarter of 2024, publicly traded mining companies collectively raised over $1.6 billion through equity financing and more than $4.6 billion via debt financing, reflecting an industry-wide trend toward diversification.

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