Bit Digital Shares Slide 8% on $135M Upsized Convertible Note

Bit Digital's shares took an 8% hit following the announcement of an upsized convertible note offering, which increased from $100 million to $135 million. The company plans to use the proceeds to purchase ether, a move that reflects its strategy to strengthen its position in the cryptocurrency market. However, the decline in share value raises concerns among investors about the company's financial health and market confidence.