Bit Digital (BTBT) surged nearly 40% overnight to close at around $4, with a slight increase of nearly 4% in after-hours trading.<figure class="image"><img src="https://pub.pbkrs.com/cms/2024/0/zVpeHGDi2XFS1xoVhk1uWSodcswJj5ah.jpg?x-oss-process=style/lg" original-src="https://pub.pbkrs.com/cms/2024/0/zVpeHGDi2XFS1xoVhk1uWSodcswJj5ah.jpg"/></figure>Bit Digital announced yesterday that it has signed a three-year, $275 million cryptocurrency mining agreement with a client. The company has completed a transaction with an unnamed existing client to provide an additional 2,048 graphics processing units over the next three years.The client has already paid for the 2,048 GPUs and will pay $275 million for the service over the three-year period.To fulfill the order, Bit Digital has agreed to purchase 256 Dell servers equipped with 2,048 Nvidia chips, with delivery expected in July.Meanwhile, Northland Securities analyst Michael Grondahl has maintained a buy rating on BTBT with a target price of $6.BitDigital, Inc. is engaged in digital asset mining and staking operations. The company was founded in November 2015 and is headquartered in New York City, New York.It is worth noting that recently, as the US stock market adjusted, BTC briefly fell below $60,000 but has since stabilized in the short term:<figure class="image"><img src="https://pub.pbkrs.com/cms/2024/0/dvLcPCxR7h31cm35mJdegW9F6Dvk92Pf.jpg?x-oss-process=style/lg" alt="" original-src="https://pub.pbkrs.com/cms/2024/0/dvLcPCxR7h31cm35mJdegW9F6Dvk92Pf.jpg"/></figure>

BTBT

COIN

MARA

MSTR

At the same time, analysts maintain a buy rating on BTBT and a target price of $6

1. Core descriptive facts:
- Bit Digital (BTBT) surged nearly 40% overnight, closing at around $4 and continued to rise by about 4% in after-hours trading.
- Bit Digital signed a three-year, $275 million crypto mining agreement with a client, including providing an additional 2,048 GPUs over the three years.
- The client has already paid for the 2,048 GPUs and will pay $275 million over the three-year period.
- Bit Digital agreed to purchase 256 Dell servers with 2,048 Nvidia chips to fulfill the order, expected to be delivered in July.
- Northland Securities analyst Michael Grondahl maintained a buy rating on BTBT with a target price of $6.
- BitDigital, Inc. is involved in digital asset mining and staking, established in November 2015 and headquartered in New York City.
- Recently, BTC adjusted along with the US stock market, briefly dropping below $60,000 but currently showing short-term stability.
2. Viewpoints and supporting logic:
- Bit Digital's significant price increase is likely driven by the positive news of the lucrative mining agreement, indicating potential growth and revenue for the company.
- The analyst's buy rating and maintained target price suggest confidence in Bit Digital's future performance and the impact of the mining agreement on its valuation.
- The company's strategic decision to purchase specific servers for the client's order demonstrates a commitment to fulfilling agreements and expanding its mining operations.
- The mention of BTC's recent price movements in relation to the stock market highlights the interconnectedness of cryptocurrency markets with traditional financial markets, providing context for Bit Digital's performance.

Winning a big order, blockchain stock BTBT soared 40%