Nasdaq-listed companies transitioning to Bitcoin Mining have seen their stock prices rise by 1451% this year.

Recently, it has been reported that a Chinese P2P company that was once listed on NASDAQ has been acquired and renamed Bit Digital, with the trading code changed to "BTBT". The new business area of this company includes Bitcoin Mining, and it has over 20,000 Bitcoin Mining Rigs for mining operations.

The company's predecessor successfully went public on NASDAQ in the United States on March 20, 2018, and was once hailed as the "first Chinese car loan stock." However, the company was later investigated by the Pudong branch of the Shanghai Public Security Bureau for allegedly illegally absorbing public deposits, becoming the first P2P platform listed on American stocks to be put under investigation.

The acquirer had previously issued a digital coin, which later transitioned from a public chain to a Mining coin due to a significant price drop, focusing on the concept of Mining dividends. Users holding this coin could receive the company's Mining dividends, and it was promised that the Mining profits would be used to continuously buy back and destroy the coins, but later, for various reasons, the Mining and buyback activities were suspended.

According to the semi-annual report submitted by Bit Digital to the SEC on October 19, the company has deployed Bitcoin mining power of 1250 PH/S in the first half of the year, ranking first among Nasdaq-listed companies in terms of Bitcoin mining power scale. The company's Bitcoin mining business started in February of this year, with a total of 22,869 Mining Rigs deployed, having mined a total of 949.51 Bitcoins. As of June 30, the revenue from the Bitcoin mining business was $690,000.

Recently, due to the continuous warming of the Bitcoin market and the constant rise in coin prices, Nasdaq Bitcoin-related concept stocks have all seen significant increases. According to market data, Bit Digital (formerly Cowl Financial) saw its stock price drop to a low point at the beginning of the year, but it has been steadily rising since it started its mining business, with a cumulative increase of 1451.55% in 2020.

This series of changes reflects the rapid development of the cryptocurrency industry and the trend of traditional financial companies transitioning to the blockchain space. With the rise in Bitcoin prices and an increase in institutional investors, more and more companies are beginning to pay attention to and enter the cryptocurrency Mining business, which could have a profound impact on the overall industry landscape.