Bit Digital, Inc. Announces First Quarter 2026 Financial Results

Rhea-AI Summary

Bit Digital (Nasdaq: BTBT) reported Q1 2026 revenue of $27.9 million, down 13.6% from Q4 2025, reflecting lower cloud, ETH staking, and digital asset mining revenue.

Net loss attributable to shareholders was $146.7 million, while adjusted EBITDA was $(9.4) million. Segment gross profit reached $15.4 million with high margins across cloud, colocation, and ETH staking.

Bit Digital held about 155,444.4 ETH (market value ~$327.0 million) and 27,043,750 WhiteFiber shares valued at ~$322.1 million, and continued shifting strategy toward Ethereum and AI/HPC infrastructure.

Positive

• Q1 2026 segment gross profit of $15.4 million with strong segment margins
• Colocation revenue grew 23.9% quarter-over-quarter to $4.8 million
• Net loss attributable to shareholders narrowed to $146.7 million from $185.3 million
• ETH holdings of about 155,444.4 ETH valued near $327.0 million at quarter-end
• WhiteFiber stake of 27,043,750 shares implied value of about $322.1 million

Negative

• Total revenue fell 13.6% sequentially to $27.9 million
• ETH staking revenue declined 29.4% quarter-over-quarter to $2.3 million
• Cloud services revenue decreased 13.1% quarter-over-quarter to $16.8 million
• Digital asset mining revenue dropped 32.9% to $3.7 million versus prior quarter
• Q1 2026 net loss attributable to shareholders was $146.7 million
• Adjusted EBITDA was negative at $(9.4) million for Q1 2026
• Cash and cash equivalents declined to $79.5 million from $118.4 million at year-end
• Total digital assets decreased to $295.0 million, largely due to lower ETH prices
• Convertible notes rose to $334.2 million following issuance by WhiteFiber

News Market Reaction – WYFI

-19.31% 3.1x vol

40 alerts

-19.31% Session close to close

+8.0% Peak Tracked

-18.3% Trough Tracked

$1.20B Market Cap

3.1x Rel. Volume

In the May 15 session, WYFI declined 19.31%, reflecting a significant negative market reaction. Argus tracked a peak move of +8.0% during that session. Argus tracked a trough of -18.3% from its starting point during tracking. Our momentum scanner triggered 40 alerts that day, indicating elevated trading interest and price volatility. Trading volume was very high at 3.1x the daily average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -19.3% in the session following this news. A negative reaction despite the integra...

Analysis

The stock dropped -19.3% in the session following this news. A negative reaction despite the integrated Ethereum and AI infrastructure narrative would fit prior crypto,earnings patterns, where average 1-day moves around such releases were about -5.88%. Q1 2026 showed revenue declining to $27.9M, cash down to $79.5M, and a net loss of $(146.7)M, alongside lower digital asset values. Those pressures, plus higher convertible notes, could have reinforced downside sensitivity to this update.

Key Figures

Q1 2026 revenue: $27.9M Q4 2025 revenue: $32.3M Segment gross profit: $15.4M +5 more

8 metrics

Q1 2026 revenue $27.9M Total revenue, Q1 2026

Q4 2025 revenue $32.3M Prior quarter comparison

Segment gross profit $15.4M Q1 2026 segment gross profit

Net loss $(146.7)M Net loss attributable to BTBT shareholders, Q1 2026

Adjusted EBITDA $(9.4)M Q1 2026, excludes specified non-cash items

Cash & equivalents $79.5M As of Mar 31, 2026 (vs. $118.4M Dec 31, 2025)

Total digital assets $295.0M Quarter-end Mar 31, 2026 (vs. $415.7M Dec 31, 2025)

ETH holdings 155,444.4 ETH As of Mar 31, 2026, market value ~$327.0M at $2,104/ETH

Previous Crypto,earnings Reports

2 past events · Latest: Mar 31 (Negative)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 31	Fiscal 2025 earnings	Negative	-2.4%	Fiscal 2025 results with net loss and Ethereum-focused strategic shift.
Nov 14	Q3 2025 earnings	Positive	-9.4%	Q3 2025 revenue and ETH staking growth with large digital asset gains.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

For prior crypto,earnings releases, BTBT’s stock showed a mixed pattern: one positive earnings print sold off sharply, while a more mixed full-year update saw a modest decline. Average move around these events has been negative.

Recent Company History

Recent crypto,earnings updates for Bit Digital (BTBT) have centered on its shift toward an Ethereum-focused treasury, staking model, and consolidation of WhiteFiber results. On Nov 14, 2025, Q3 2025 results showed strong revenue growth and digital asset gains, yet shares fell 9.41%. On Mar 31, 2026, fiscal 2025 results highlighted growing ETH holdings and digital assets, but the stock slipped 2.35%. Today’s Q1 2026 report continues that ETH- and WhiteFiber-centric strategy.

Key Terms

staking, colocation services, mark-to-market, adjusted ebitda, +4 more

8 terms

staking financial

"treasury management, staking, and disciplined capital allocation."

Staking is the practice of locking up digital tokens to help run a blockchain network in return for rewards, similar to leaving money in a time deposit that pays interest while it’s unavailable. It matters to investors because staking can generate regular income and affect a token’s circulating supply and price, but it also ties up assets and can carry risks like lock-up periods, reduced liquidity, or technical and platform failures.

View in glossary

colocation services technical

"gross margins of roughly 59.5% in cloud services, approximately 59.3% in colocation services"

Colocation services rent space, power and network hookups in a secure data center where a company can place its own servers close to major networks or trading venues. For investors, colocation matters because being physically closer to an exchange or cloud hub cuts the time it takes for orders and data to travel—like putting your post office next to the factory to speed deliveries—which can improve trading speed, reduce missed opportunities and support predictable infrastructure costs.

mark-to-market financial

"impacted by non-cash mark-to-market adjustments on digital assets."

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

adjusted ebitda financial

"Adjusted EBITDA for the first quarter was $(9.4) million."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

convertible notes financial

"Convertible notes increased to $334.2 million, driven by the issuance of notes"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

liquid-staked eth financial

"70,000 ETH was repositioned into LsETH (liquid-staked ETH) to maintain treasury flexibility"

Liquid-staked ETH is Ether that has been locked into a staking service but remains usable because the service issues a tradable token or claim that represents that staked Ether and its rewards. It matters to investors because it lets you earn the blockchain’s staking returns while keeping a liquid asset you can buy, sell, or use elsewhere—like depositing cash in a term account but getting a voucher you can trade—though it adds counterparty, smart-contract and price-tracking risks.

digital asset mining financial

"Revenue from digital asset mining was $3.7 million for the quarter"

Digital asset mining is the process of using specialized computer hardware and software to create or validate digital tokens and keep decentralized ledgers running, most commonly for cryptocurrencies. It matters to investors because mining is how new tokens enter circulation and how networks stay secure, and the activity directly affects a firm’s revenue, costs (power and equipment), and exposure to price swings, regulatory changes, and environmental scrutiny — like running a factory that converts electricity into sellable goods.

treasury management financial

"through treasury management and staking operations designed to generate protocol-native yield"

Treasury management is a company's day‑to‑day handling of cash, short‑term investments, borrowing and financial risks to make sure bills are paid, excess cash is used wisely, and exposure to things like interest rates or foreign currencies is controlled. Think of it as running the company's checking account and emergency fund so operations keep flowing. For investors, strong treasury management signals that a company can meet obligations, fund growth without costly surprises, and protect value in changing markets.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NEW YORK, May 14, 2026 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a publicly listed Strategic Asset Company focused on Ethereum ("ETH") strategies and AI/HPC infrastructure, today announced its financial results for the first quarter of 2026. The Company will host a conference call on May 15, 2026, at 10:00 AM ET to discuss results (click here for registration information).

The Company's first quarter results reflected continued execution of its Ethereum-focused strategic asset strategy centered on treasury management, staking, and disciplined capital allocation.

Bit Digital actively participates in the Ethereum ecosystem through treasury management and staking operations designed to generate protocol-native yield while maintaining balance sheet flexibility and capital efficiency. The Company also maintains a majority ownership position in WhiteFiber (Nasdaq: WYFI), providing additional exposure to AI infrastructure.

Results for the first quarter of 2026 include the consolidated financial performance of WhiteFiber.

• Total revenue for the first quarter of 2026 was $27.9 million, a 13.6% decrease compared to $32.3 million in the fourth quarter of 2025. The decrease was primarily driven by lower cloud services revenue, lower ETH staking revenue, and lower digital asset mining revenue during the quarter.
• Segment gross profit for the first quarter was $15.4 million, reflecting gross margins of roughly 59.5% in cloud services, approximately 59.3% in colocation services, and approximately 94.7% in ETH staking. Gross profit reflects the underlying operational performance of the business excluding non-cash digital asset movements and infrastructure investment activity.
• As of March 31, 2026, the Company held approximately 155,444.4^[1] ETH. 
• Based on a closing ETH price of approximately $2,104 on March 31, 2026, the market value of the Company's ETH holdings was approximately $327.0 million 
• The Company's average ETH acquisition price for all holdings was approximately $3,045 as of March 31, 2026. 
• Revenue from ETH staking was $2.3 million, a 29.4% decrease from the previous quarter. The decline reflected lower average ETH prices and lower natively staked balances following the repositioning of roughly 70,000 ETH into liquid staking to maintain treasury flexibility.
• As of April 30, 2026, around 60,677 ETH remained natively staked. During the first quarter, the Company continued to optimize treasury positioning and liquidity management. Roughly 70,000 ETH was repositioned into LsETH (liquid-staked ETH) to maintain treasury flexibility while continuing to generate yield.
• Revenue from cloud services was $16.8 million, a 13.1% decrease from the prior quarter.
• Revenue from colocation services was $4.8 million, a 23.9% increase from the prior quarter. The increase was driven by MTL-3 contributing for a full quarter in Q1.
• Revenue from digital asset mining was $3.7 million for the quarter, a 32.9% decrease compared to the prior quarter. The decline was driven by decreased BTC production and depressed average BTC prices during the quarter.
• Net loss attributable to Bit Digital shareholders for the first quarter was $(146.7) million, compared to $(185.3) million in Q4 2025. Results continued to be impacted by non-cash mark-to-market adjustments on digital assets.
• Adjusted EBITDA for the first quarter was $(9.4) million. The figure excludes non-cash digital asset mark-to-market losses of $121.1 million, share-based compensation of $15.3 million, a gain on disposal of property, plant and equipment of $1.8 million, and a derivative liability fair value gain of $9.3 million. Adjusted EBITDA is a non-GAAP measure; a reconciliation to net loss is included in the financial tables below.
• Cash and cash equivalents totaled $79.5 million as of March 31, 2026, compared to $118.4 million as of December 31, 2025.
• Total digital assets were $295.0 million at quarter-end, compared to $415.7 million as of December 31, 2025. The decline primarily reflected lower ETH prices at quarter-end, rather than reductions in holding.
• Convertible notes increased to $334.2 million, driven by the issuance of notes by WhiteFiber, which are consolidated within our financial statements.
• As of March 31, 2026, Bit Digital held 27,043,750 WhiteFiber shares, with an implied value of $322.1 million based on the Nasdaq closing price of $11.91 per share on that date.

Strategic Asset Strategy
Bit Digital continues executing its Ethereum-focused strategic asset strategy centered on treasury management, staking, and disciplined capital allocation.

The Company actively participates in the Ethereum network through treasury management and staking operations designed to generate yield while maintaining balance sheet flexibility and capital efficiency. Bit Digital also maintains a majority ownership position in WhiteFiber (NASDAQ: WYFI), providing additional exposure to AI and high-performance computing infrastructure.

Bitcoin Mining Update
Bit Digital continued reducing exposure to bitcoin mining during the quarter as part of its transition toward Ethereum and infrastructure-related operations. Mining remains cash flow generative but is no longer a strategic growth priority. Capital allocation is expected to continue shifting toward Ethereum and infrastructure-related opportunities.

Management Commentary
"Bit Digital has been early on several major industry shifts in the past, and we believe we are early again at the convergence of AI and Ethereum. Ethereum infrastructure will become increasingly important to the future digital financial system as stablecoins, tokenization, and on-chain settlement activity continue scaling globally. The future financial system will increasingly revolve around automated, on-chain value transfer between AI agents and applications — Ethereum is particularly well-positioned to serve as the settlement layer for that activity.

Bit Digital sits at both layers of this thesis: providing the compute infrastructure through WhiteFiber and the settlement rails through our Ethereum treasury and staking platform. Demand for compute and power continues exceeding available supply across AI infrastructure markets, and compute itself is scarce and valuable enough to become a new asset class.

Ethereum infrastructure and AI compute infrastructure are not separate strategies — they are components of a single integrated platform aligned with the future of the digital financial system," said Sam Tabar, Chief Executive Officer of Bit Digital.

About Bit Digital
Bit Digital (NASDAQ: BTBT) is a Strategic Asset Company (SAC) focused on active participation in Ethereum infrastructure and controlling equity exposure to AI/HPC infrastructure through its majority ownership stake in WhiteFiber (NASDAQ: WYFI). The Company purchases and stakes ETH to generate protocol-native yield and participates directly in the Ethereum network. Bit Digital allocates capital with a focus on long-duration, foundational infrastructure, and disciplined balance sheet management. For additional information, please contact ir@bit-digital.com or follow us on LinkedIn or X.

Investor Notice
Investing in our securities involves risks worth considering, before making an investment decision. All current and potential investors are advised to regularly review the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (Annual Report) and any subsequently filed quarterly reports on Form 10-Q and any Current Reports on Form 8-K.  If any material risks were to occur – including those not presently known to us or currently deemed immaterial – our business operations may be impaired, and our financial condition or operating results would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Safe Harbor Statement" below.

Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

[1] Includes approximately 15,248.0 ETH and ETH-equivalents held in an externally managed fund.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/bit-digital-inc-announces-first-quarter-2026-financial-results-302772946.html

SOURCE Bit Digital, Inc.

FAQ

How did Bit Digital (NASDAQ: BTBT) perform financially in Q1 2026?

Bit Digital reported Q1 2026 revenue of $27.9 million and a net loss of $146.7 million. According to Bit Digital, revenue declined 13.6% sequentially, while adjusted EBITDA was negative $(9.4) million, reflecting lower cloud, ETH staking, and mining revenue.

What were Bit Digital's Ethereum (ETH) holdings as of March 31, 2026?

Bit Digital held about 155,444.4 ETH as of March 31, 2026. According to Bit Digital, this stake had an estimated market value of $327.0 million at an ETH price of roughly $2,104 and an average acquisition price near $3,045 per ETH.

How did Bit Digital's segment revenues change in Q1 2026 versus Q4 2025?

In Q1 2026, cloud services revenue was $16.8 million (down 13.1%), colocation revenue $4.8 million (up 23.9%), and digital asset mining revenue $3.7 million (down 32.9%). According to Bit Digital, ETH staking revenue was $2.3 million, down 29.4% sequentially.

What is the significance of Bit Digital's stake in WhiteFiber (NASDAQ: WYFI) for BTBT investors?

Bit Digital held 27,043,750 WhiteFiber shares, implying value of about $322.1 million at March 31, 2026. According to Bit Digital, this majority ownership provides additional exposure to AI and high-performance computing infrastructure alongside its Ethereum-focused strategic asset platform.

How has Bit Digital shifted its strategy toward Ethereum and AI/HPC infrastructure?

Bit Digital is prioritizing Ethereum treasury management, staking, and AI/HPC infrastructure over bitcoin mining. According to Bit Digital, capital allocation is expected to keep moving toward Ethereum and infrastructure, supported by its ETH holdings, staking operations, and majority stake in WhiteFiber.

What happened to Bit Digital's cash and digital asset balances in Q1 2026?

Cash and cash equivalents declined to $79.5 million from $118.4 million at year-end 2025. According to Bit Digital, total digital assets fell to $295.0 million from $415.7 million, primarily due to lower ETH prices rather than major reductions in holdings.

How did Bit Digital's ETH staking approach change in early 2026 and why?

Bit Digital repositioned roughly 70,000 ETH into liquid-staked ETH (LsETH) to enhance treasury flexibility while earning yield. According to Bit Digital, around 60,677 ETH remained natively staked as of April 30, 2026, balancing liquidity with protocol-native rewards.