Craig-Hallum bullish on Bit Digital, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of Bit Digital (BTBT) with a Buy rating and $6 price target Following the acquisition of Enovum Datacenters and expansion into GPUaaS, the firm believes Bit Digital is in the early innings of a business and financial overhaul that will lead to a more predictable cash flowing company. With a broad set of opportunities ahead for the now vertically integrated AI/HPC player, Craig-Hallum thinks the market has yet to realize the many potential catalysts and value of the underlying businesses. Given the recent strategic shift, acquired assets, and strong management team, Bit Digital remains an underappreciated way to play our broader AI Infrastructure investment opportunity, the firm argues.