Bitcoin mining company Bit Digital successfully transformed, with its stock price rising 1451% this year.

Recently, a company named Bit Digital has attracted market attention. The company was acquired and reorganized by a well-known figure in the Blockchain Community, and its predecessor was a Chinese P2P finance company listed in the United States. The company's stock code has been changed to "BTBT" and is traded on NASDAQ.

According to public information, Bit Digital's new business scope includes Bitcoin mining. The company owns over 20,000 Bitcoin mining machines for mining operations. This transformation has attracted widespread attention from investors.

It is worth noting that the company's predecessor successfully went public on the NASDAQ in the United States in March 2018, being hailed as the "first Chinese car loan stock." However, later it was investigated by the Shanghai police for suspected illegal fundraising, becoming the first P2P platform listed on the US stock market to suffer such a fate.

The founder of the new company had previously been involved in the cryptocurrency space and launched a token. The project initially focused on the concept of mining dividends, promising to use mining profits to buy back and destroy tokens, but later suspended related operations for various reasons.

According to the semi-annual report disclosed by Bit Digital on the official website of the U.S. Securities and Exchange Commission, the company has deployed Bitcoin mining computing power of 1250PH/S in the first half of this year, ranking first among NASDAQ-listed companies. The company's Bitcoin mining business began in February of this year, with a total of 22,869 mining machines deployed, mining 949.51 Bitcoins. As of June 30, the Bitcoin mining business has brought in $690,000 in revenue for the company.

Recently, with the continuous rise in Bitcoin prices, Bitcoin-related concept stocks on the Nasdaq have generally seen significant increases. Data shows that Bit Digital's stock price had fallen to a low at the beginning of the year, but began to rise continuously after starting its mining operations, with a cumulative increase of up to 1451.55% in 2020.

This series of changes reflects the dynamics of the cryptocurrency market and the increasingly close relationship between traditional finance and emerging digital assets. With the fluctuations in Bitcoin prices and changes in the market environment, the business strategies and stock performance of related companies are also continuously adjusting.