Business
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")
About this update from Bit Digital, Inc.
[{"type":"text","content":"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).\n \n \n \n \n \n \n \nThe 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...