By Sabela Ojea
Shares of Bit Digital day climbed after the company said it expects to improve its margins after securing a new AI contract.
At 3:01 p.m. EDT on Monday, shares were up 8.7% at $2.25. The stock has, however, surged 272% since the year started, and 119% in the past 12 months.
The bitcoin mining company said the AI contract, with a three-year term exceeding $250 million of revenue, is expected to begin in January.
The customer of the contract is focused on developing AI applications, including their own proprietary large-language model, and is well-capitalized following a 2023 funding round, Bit Digital said.
Write to Sabela Ojea at sabela.ojea@wsj.com
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