Gregory A. Beard, the Chief Executive Officer of Stronghold Digital Mining, Inc. (NASDAQ:SDIG), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On January 10, Beard sold 12,210 shares of the company's Class A common stock at an average price of $3.7113 per share, totaling approximately $45,314. The micro-cap company, valued at $63 million, has seen its stock decline 32% over the past year amid high volatility. According to InvestingPro analysis, the stock currently trades below its Fair Value.
In addition to the sales, Beard acquired 28,028 shares of the same class of stock at a price of $3.88 per share, amounting to a total acquisition value of $108,748. These transactions are part of Beard's compensation arrangement, in which he receives a portion of his salary in equity. The shares sold were primarily to cover taxes related to his equity compensation for the fourth quarter of 2024.
Following these transactions, Beard holds 462,351 shares of Stronghold Digital Mining directly.
In other recent news, Stronghold Digital Mining, Inc. restated its Q3 2024 financial results following a Securities and Exchange Commission review. The restatement was due to an error in revenue recognition from Bitcoin miner hosting contracts. The company also reported a decrease in Bitcoin production and revenue for the same quarter, with a total revenue of $11.2 million, marking a 42% sequential and 37% year-over-year decrease.
In addition, B. Riley Financial has revised its stock price targets for several digital mining companies, including Stronghold, reflecting recent Bitcoin trends. Despite these developments, Stronghold is looking to increase operational efficiency and diversify beyond Bitcoin mining through a pending merger with Bitfarms.
The company has acknowledged a material weakness in its internal control over financial reporting and has outlined steps to remediate this in the amended filing. These are among the recent developments surrounding Stronghold Digital Mining, Inc. as it navigates the volatile digital mining landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.