P2P companies transform into Bitcoin Mining, Nasdaq performs a comeback drama.

Recently, a piece of news regarding the acquisition of a US-listed company has attracted attention in the industry. A Chinese company originally engaged in P2P business has transitioned into the Bitcoin mining sector after being acquired, and has changed its trading code on NASDAQ.

It is understood that the company was renamed Bit Digital after changing ownership, and its new business direction includes Bitcoin Mining. Public information shows that the company currently has over 20,000 Bitcoin mining machines and is engaged in mining operations.

The predecessor of this company was listed on the NASDAQ in the United States in March 2018 and was hailed as the "first Chinese car loan stock". However, the company was subsequently investigated by the Shanghai police for allegedly illegally absorbing public deposits, becoming the first US-listed P2P platform to suffer this fate.

It is worth noting that the acquirer has previously been involved in the cryptocurrency field. He had issued a token, which later transformed into a hashing power coin due to a significant price drop, focusing on the concept of mining dividends. Users holding this coin could receive mining dividends from the company, which also promised to continuously repurchase and destroy the coin using mining profits. However, later, for various reasons, these operations were suspended.

According to the semi-annual report disclosed by Bit Digital on the SEC's official website, the Bitcoin mining hash rate deployed by the company in the first half of this year reached 1250PH/S, ranking first among NASDAQ-listed companies in terms of hash rate scale. The company's Bitcoin mining business started in February of this year, deploying a total of 22,869 mining machines, and mined 949.51 Bitcoins in six months. As of June 30, its revenue from Bitcoin mining was $690,000.

Recently, as the price of Bitcoin continues to rise, Bitcoin-related concept stocks on the Nasdaq have generally experienced significant increases. Data shows that Bit Digital's stock price had fallen to a low at the beginning of the year, but as the company began its Mining operations, the stock price started to rise continuously. For the entire year of 2020, the company's stock price accumulated an increase of as much as 1451.55%.

This series of changes reflects the dynamic development of the cryptocurrency industry and the increasingly close connections between traditional finance and the emerging digital asset space. With the fluctuations in Bitcoin prices and changes in market sentiment, the business focus and stock market performance of related companies have also undergone significant changes.