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Bit Digital Inc (NASDAQ:BTBT) has reported a significant increase in its first-quarter financial results, leading to a rise in its shares. The company's Q1 revenue of $30 million surpassed estimates, and its Q1 EPS of 43 cents also exceeded expectations. Bit Digital saw a 266% increase in total revenue on a year-over-year basis, with its Bitcoin mining revenue up 166%. The company's AI business also began generating revenue in January, recognizing $8.1 million in revenue during the quarter. Bit Digital mined 410.7 Bitcoin and earned 111.1 Ethereum in native staking and 1.3 ETH in liquid staking in the first quarter. The company also purchased approximately 2,350 bitcoin mining units and has an active hash rate of approximately 2.76 EH/s as of March 31. Bit Digital is actively evaluating growth opportunities and is in the late stages of finalizing an agreement to double the size of its GPU fleet for its anchor client. The company's conference call is scheduled to kick off at 10 a.m. ET. Bit Digital shares were up 0.84% at $2.39 Thursday morning.
