Bit Digital, Inc. Announces First Quarter 2026 Financial Results

Bit Digital, Inc. Announces First Quarter 2026 Financial Results

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]
• 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 [email protected] 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.