Bit Digital Inc (NASDAQ:BTBT) has reported a spike in revenue and earnings over the first quarter thanks to an increase in the price of bitcoin and its new artificial intelligence business.
Revenue soared 266% to US$30.3 million over the first three months of the year, the digital asset and AI infrastructure firm said on Wednesday.
This was aided by a 166% uptick in revenue from bitcoin mining to US$21.9 million, as well as US$8.1 million from the Bit Digital AI high performance computing services business since January.
Adjusted pre-tax earnings climbed to US$58.5 million from US$1.5 million a year earlier on the back of the increases.
Management commented that the business was in active discussions over the likes of potential acquisitions.
“We are actively evaluating a number of growth opportunities, both organic and inorganic, across each of our business lines,” the group said.
This was as the company had no debt and “a growing revenue stream that is not correlated to the economics of bitcoin mining,” management added.
Cash sat at US$35.5 million as of March 31, alongside liquidity at US$163.2, Bit Digital said, with 410.7 bitcoin having been earned over the quarter, bringing its total to 956.4.