Bit Digital Q3 colocation revenue rises 19% from Q2
Bit Digital does not expect to allocate meaningful growth or maintenance capital to bitcoin mining going forward.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Bit Digital, Inc. reported third-quarter 2026 results, with management citing sequential increases of 19% in colocation revenue and 14% in native ETH staking revenue. The company reported positive GAAP earnings, with digital-asset valuation gains contributing significantly; results include WhiteFiber’s consolidated financial performance, with a portion attributable to non-controlling interests.
As of September 30, 2026, Bit Digital held approximately 163,725.9 ETH, valued at $439.4 million. It sold 1,625 ETH for $3.4 million during the quarter at an average of approximately $2,114.62 per ETH and acquired no ETH. As of that date, it held 27,043,750 WhiteFiber shares, or 59.7% of shares outstanding, with an implied value of approximately $487 million. After quarter-end, an additional 45,000 LsETH was pledged as collateral in connection with WhiteFiber’s $70 million October drawdown. Management said a repurchase program requires shareholder approval; a decision to seek approval would need a funding plan it believes improves value per share while maintaining sufficient liquidity.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointColocation revenue increased 19% sequentially.
- Moderate pointNative ETH staking revenue increased 14% sequentially.
Negative
- None.
Filing Explained
As of September 30, 2026, 19,000 LsETH was pledged and 47,192 held as a margin buffer; reclassification did not change underlying economic exposure.
This 8-K reports Bit Digital’s completed third-quarter results; its treasury disclosure shows that some liquid-staked ETH is pledged as collateral and some retained as a margin buffer, giving those holdings distinct roles from directly held ETH.
During the quarter, the company liquid-staked 73,683 ETH and received 66,192 LsETH; 19,000 LsETH was pledged for collateralized borrowing and recorded as a
LsETH is accounted for separately from ETH and carried at cost less impairment rather than fair value; the filing says reclassification changed its balance-sheet location without changing underlying economic exposure, and a
The company also says bitcoin mining remains gross-margin positive but is no longer a strategic growth priority, and it does not expect to allocate meaningful growth or maintenance capital to that segment.
8-K Event Classification
Key Figures
Key Terms
native ETH staking technical
liquid staked technical
digital asset collateral receivable financial
non-controlling interests financial
net asset value financial
Earnings Snapshot
The Company does not expect to allocate meaningful growth or maintenance capital to bitcoin mining going forward.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much ETH did BTBT hold at the end of the third quarter?
How much of WhiteFiber does BTBT own?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
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(Former name or former address, if changed since last report.)
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| The |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 12, 2026, BIT Digital, Inc. (the “Company”) is issuing a press release, and, at 8:30 AM ET on the same date, it will be holding a conference call regarding its financial results for the third quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Report”).
This information in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01. Regulation FD Disclosure.
The information set forth in Item 2.02 above is incorporated herein by reference.
On November 12, 2026, at 8:30 AM ET, the Company will be holding its third quarter earnings call to discuss its financial results and forward-looking business outlook. The webcast link is available on the Company’s investor relations website at www.bit-digital.com.
By furnishing this Report, the Company makes no admission as to the materiality of any information in this Report, including the statements made in the preceding paragraph.
The information in this Item 7.01, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, and shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated November 12, 2026, entitled “Bit Digital, Inc. Announces Third Quarter 2026 Financial Results.” | |
| 104 | Cover page interactive data file (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: November 12, 2026 | Bit Digital, Inc. | |
| (Registrant) | ||
| By: | /s/ Sam Tabar | |
| Name: | Sam Tabar | |
| Title: | Chief Executive Officer | |
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Exhibit 99.1
Bit Digital, Inc. Announces Third Quarter 2026 Financial Results
NEW YORK, November 12, 2026 - Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a publicly listed Strategic Asset Company focused on Ethereum (“ETH”) strategies and AI/HPC infrastructure, today announced its financial results for the third quarter of 2026. The Company will host a conference call on November 12, 2026, at 8:30 AM ET to discuss results (click here for registration information).
Financial Highlights for the Third Quarter of 2026
The Company’s third-quarter results reflected continued execution of its Strategic Asset Company strategy, with growth in colocation revenue supported by the initial contribution from WhiteFiber’s NC-1 data center campus and sequential improvement in native ETH staking revenue. Results also benefited from higher digital asset values, which contributed to a return to positive GAAP earnings.
Results for the third quarter of 2026 include the consolidated financial performance of WhiteFiber Inc. (Nasdaq: WYFI), with a portion of results attributable to non-controlling interests.
| ● | Total revenue for the third quarter of 2026 was $27.1 million, an 11% decline compared to $30.5 million in the third quarter of 2025. For the nine months ended September 30, 2026, total revenue was $87.1 million, a 7% increase year over year. |
| ● | Gross profit for the third quarter was $15.2 million, representing a gross margin of 56.1%. |
| ● | Revenue from Cloud Services was $18.1 million, up slightly year-over-year, at a gross margin of approximately 56%. |
| ● | Revenue from colocation services was $5.6 million, an increase of 232% from the third quarter of 2025, at a gross margin of approximately 57%. Revenue increased 19% sequentially from the second quarter of 2026. For the nine months ended September 30, 2026, colocation revenue increased nearly 200% year-over-year. The increase was primarily due to the MTL-3 site becoming fully operational in November 2025 and the beginning of the revenue generation from the first 20 MW of contracted capacity at the NC-1 facility. |
| ● | Third-quarter revenue from ETH staking was $1.0 million, compared to $2.9 million in the year-ago quarter with the decline attributable to the repositioning of ETH into liquid staking to collateralize the WhiteFiber financing during the second quarter. On a sequential basis, revenue increased 14% from the second quarter of 2026 primarily driven by an increase in the price of Ethereum. For the nine months, ETH staking revenue increased 11% year over year primarily due to an increase in ETH earned from native staking partially offset by lower average ETH prices during the nine months. |
Bit Digital, Inc. Announces Third Quarter 2026 Financial Results
| ● | Revenue from digital asset mining was $2.0 million in the third quarter of 2026, on 28.4 bitcoin mined compared to revenue of $7.4 million, on 64.9 bitcoin mined in the third quarter of 2025. For the nine months, mining revenue declined 63% year over year. The quarterly and nine-month results are consistent with the continued winddown of the business. The segment generated a gross margin of approximately 27% in the third quarter of 2026. |
| ● | Net income attributable to Bit Digital shareholders for the third quarter of 2026 was $28.5 million, or $0.08 per diluted share, compared to a net loss of $107.2 million, or $0.31 per diluted share in the second quarter of 2026. Results included realized and unrealized gains on digital assets and digital intangible assets, impairment on digital intangible assets, and non-operating items including induced conversion expense, which together accounted for approximately $16.3 million of the gain in the third quarter and $83.5 million of the loss in the second quarter. |
| ● | Net cash provided by operating activities was $163.2 million for the nine months ended September 30, 2026, compared to a use of cash of $204.9 million in the same period of 2025. |
| ● | Cash and cash equivalents totaled approximately $143.5 million as of September 30, 2026, compared to $83.6 million as of June 30, 2026. Of that balance, approximately $5.0 million was held at Bit Digital and approximately $138.5 million at WhiteFiber. |
| ● | Contract liabilities were $154.1 million as of September 30, 2026, compared to $7.7 million as of December 31, 2025. Remaining performance obligations were approximately $729.0 million at quarter end, of which approximately $13.5 million is expected to be recognized during the balance of 2026, $235.1 million in 2027, and $206.9 million in 2028, and the remainder thereafter. |
| ● | Consolidated convertible notes, net of unamortized debt issuance costs and debt discount, totaled $445.3 million as of September 30, 2026, compared to $336.2 million as of June 30, 2026. The September 30 balance includes Bit Digital’s 2030 Convertible Notes, with $150 million in principal outstanding, and WhiteFiber’s 2031 and 2032 Convertible Notes. |
| ● | In September WhiteFiber repaid $30 million of the Delayed Draw Term Loan Facility and Bit Digital separately repaid $30 million to Galaxy. Subsequent to the end of the third quarter, on October 27, WhiteFiber received an additional drawdown of $70 million under the facility, bringing the total outstanding to $100 million. |
| ● | As of September 30, 2026, Bit Digital held 27,043,750 (59.7%) WhiteFiber shares, with an implied value of approximately $487 million based on the Nasdaq closing price of $18.01 per share on that date. |
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Bit Digital, Inc. Announces Third Quarter 2026 Financial Results
Ethereum Treasury Update
As of September 30, 2026, the Company held approximately 163,725.9 ETH1, with a market value of $439.4 million based on a closing ETH price of approximately $2,684 on that date.
74,606.4 ETH was held directly at a fair value of $200.2 million, including ETH natively staked through the Company’s validator partner.
During the third quarter, the Company liquid staked 73,683 ETH and received 66,192 LsETH in exchange. Of that balance, 19,000 LsETH was pledged as collateral in connection with the Company’s collateralized borrowing and is reflected on the balance sheet as a digital asset collateral receivable of $37.1 million. As of September 30, 2026, the remaining 47,192 LsETH was carried within digital intangible assets at $98.3 million and was retained as a buffer against margin requirements. Subsequent to the end of the third quarter, an additional 45,000 LsETH was pledged as collateral in connection with WhiteFiber’s $70 million drawdown in October.
During the quarter the Company sold 1,625 ETH for $3.4 million, at an average sales price of approximately $2,114.62 per ETH. The Company did not acquire any ETH during the quarter.
LsETH is accounted for separately from ETH under different guidance and is carried at cost less impairment rather than fair value. The reclassification changed where the position appears on the balance sheet without changing the Company’s underlying economic exposure. The Company recorded a non-cash impairment of $3.2 million on LsETH during the quarter, which does not represent a realized loss.
Strategic Asset Company Strategy
Bit Digital operates as a Strategic Asset Company, allocating capital across two core areas: Ethereum as economic infrastructure, and AI infrastructure through its majority ownership stake in WhiteFiber. As of September 30, 2026, Bit Digital held 27,043,750 shares of WhiteFiber equating to 59.7% of total WhiteFiber shares outstanding with an implied value of approximately $487 million based on the Nasdaq closing price of $18.01 per share on that date.
The Company does not intend to sell WhiteFiber shares in 2026 and continues to view the position as a long-term strategic asset.
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 gross margin positive but is no longer a strategic growth priority.
The Company does not expect to allocate meaningful growth or maintenance capital to this segment going forward. Capital allocation is expected to continue shifting toward Ethereum and infrastructure-related opportunities.
| 1 | Includes approximately 15,437 ETH and ETH-equivalents held in an externally managed fund, and approximately 73,683 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of September 30, 2026. |
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Bit Digital, Inc. Announces Third Quarter 2026 Financial Results
Management Commentary
“Our third-quarter results reflect the continued shift toward Ethereum and AI infrastructure,” said Sam Tabar, Chief Executive Officer of Bit Digital. “Colocation revenue increased 19% sequentially, supported by NC-1’s initial contribution, while native ETH staking revenue grew 14%. We also reported positive GAAP earnings, with digital asset valuation gains contributing significantly to the result.
“Our Strategic Asset Company approach focuses on making the assets we own more productive. Native staking generated 474 ETH during the quarter, bringing rewards earned through September to approximately 1,863 ETH. Alongside our Ethereum treasury and controlling interest in WhiteFiber, our investment portfolio includes third-party managed funds and smaller holdings that provide exposure to private AI businesses and digital asset market infrastructure.
“Our own shares are also part of the capital allocation discussion. The persistent discount to our net asset value makes repurchases an option that deserves serious consideration, but the benefit to shareholders depends on both the price we pay and how we fund them. Under our Articles of Association, shareholder approval is required before a repurchase program can be implemented. Any decision to seek that approval would need to be supported by a funding plan that we believe improves value per share while maintaining sufficient liquidity. Selling Ethereum to fund repurchases would reduce our staking income and exposure to potential ETH appreciation. We weigh those trade-offs against the benefit of reducing the share count and our liquidity requirements.
“We remain constructive on the assets we own, and our responsibility is to determine how best to translate their value into returns for Bit Digital shareholders.”
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, visit our website at www.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 https://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.
Investor Contact
Charley Brady
Head of Investor Relations
ir@bit-digital.com
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