Stock to Watch: Cryptocurrency Miner, BIT Mining Ltd
BIT Mining Ltd (NYSE: BTCM) is a cryptocurrency mining company that has been making a name for itself in the industry. HC Wainwright has given BTCM a neutral rating, but in spite of this, the company remains a popular choice among funds and institutions, with a total of 16 holding positions. This number has remained unchanged over the last quarter.
The average portfolio weight of all funds dedicated to BTCM has decreased significantly by 87.54% and the total shares owned by institutions decreased by 18.56% to 419K shares in the last three months. However, the put/call ratio of BTCM is 0.07, indicating a bullish outlook. This suggests that investors are optimistic about BTCM’s future prospects.
It’s worth noting that 500.com Limited, a major player in online sports lottery services in China, is closely related to BTCM. The two companies share common shareholders, and 500.com Limited recently acquired a controlling stake in BTCM. This acquisition may have a positive impact on the company’s future performance.
BTCM has recently seen changes in institutional ownership and portfolio weight. Despite this, the company remains a popular choice among funds and institutions, and the bullish outlook suggests that its performance may be improving. With the recent acquisition by 500.com Limited, investors will be keen to see how this impacts the company’s future prospects.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, data center operation and mining machine manufacturing. The Company owns the world’s top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETC and LTC. The Company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, enabling the Company’s self-efficiency through vertical integration with its supply chain.