Why Bit Digital Stock Is Plummeting Today

Despite strong rebound momentum lifting the broader cryptocurrency market today, Bit Digital (NASDAQ: BTBT) stock is sinking. The cryptocurrency mining company's share price was down 8% as of 11:30 a.m. on Wednesday despite Bitcoin (CRYPTO: BTC) being up 3.6% today.

Bit Digital published a filing with the Securities and Exchange Commission (SEC) on Tuesday indicating that "selling shareholders" would potentially sell up to about 23.6 million ordinary shares to institutional investors. With a flood of shares potentially hitting the market, investors got nervous, and that wasn't the only potentially concerning point in the SEC filing. 

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Source Fool.com