PANews reported on May 4 that according to The minermag, Bitcoin mining company Bit Digital has applied to raise up to $500 million through "market instant quotation issuance" (ATM), exceeding its current market value of $429 million, to expand further diversified development of high-performance computing and cloud services. According to documents filed on Wednesday, as of April 28, Bit Digital's outstanding shares were 203.8 million shares. It is reported that the funds will be used for mining machine and cloud service equipment expenses, operating funds and potential mergers and acquisitions.