Bit Digital Inc (BTBT)
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Bit Digital has reinvented itself: from bitcoin miner to Ethereum treasury with a publicly listed AI data-center subsidiary. We read the annual report (10-K) and the quarterly reports (10-Q): about 140,000 ether that sat almost a third below cost as of March 31, 2026; an AI anchor customer that brought 70.7 percent of cloud revenue and whose services are now paused; an $865 million contract starting June 2026 — and a share count that has more than tripled since the end of 2023. Not investment advice — just a fitting of both promises.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.20 | – | 82 | 409.60 | 35.40 | 7 | -80 |
| 2025: Q1 | -0.32 | -173.40 | 25 | -17.40 | -229.90 | 17 | -48 |
| 2025: Q2 | 0.07 | – | 26 | -11.40 | 58.00 | 18 | -65 |
| 2025: Q3 | 0.47 | – | 30 | 32.10 | 502.80 | -240 | -257 |
| 2025: Q4 | -0.58 | -383.80 | 32 | -60.50 | -582.50 | -84 | -206 |
| 2026: Q1 | -0.45 | – | 28 | 11.20 | -525.20 | -1,095 | -170,263 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A genuine business instead of just a label: $68.8 million in cloud revenue in 2025 (+50 percent), an Nvidia partnership, data centers in Montreal, Iceland and North Carolina; an Nscale contract worth about $865 million over ten years starting June 2026, a five-year contract with Cerebras.
$294.9 million in ether plus $79.5 million in cash (March 31, 2026), $469 million in attributable equity, $65.7 million in customer prepayments in the first quarter of 2026 — the company is no empty hope stock.
The ether hoard (bought at about $3,060 per ETH) sat almost a third below cost as of March 31, 2026; a $121.1 million book loss in a single quarter — the income statement breathes with the crypto price on a quarterly rhythm.
The anchor customer (70.7 percent of 2025 cloud revenue) is paused and negotiating a contract resolution; the second-largest customer was terminated in November 2025; the new anchor, Nscale, isn't subject to SEC reporting and is hard to verify from outside.
Share count tripled from 107.3 to about 354 million (mid-May 2026); ongoing share sales at about $1.52 gross just above book value; $380 million in convertible notes outstanding (Bit Digital 2030, WhiteFiber 2031).
Weinstein Stage 3 (a fading trend), price below the 50- and 200-day lines, about 93 percent below the all-time high, daily swings of about 9.3 percent (data as of July 9, 2026) — the insider/institutional buy signals are the only counterpoint.
Bit Digital is two bets in one stock: an ether hoard that sat almost a third below cost on the reporting date and dominates earnings on a quarterly rhythm, and a genuine but only 70.5-percent-owned AI infrastructure subsidiary whose main customer to date is paused. Both have been financed for years with an ever-growing share count — the count has tripled since the end of 2023. Not investment advice.
- Book losses on the ether holding aren't realized losses: the company holds the position and earns staking income; if the ETH price turns, the reported result turns with it. The same holds in reverse.
- Fiscal year = calendar year; "2025" means January through December 2025. Key checkpoints: the second-quarter 2026 report (first Nscale billings expected from June 2026) and the trend in the ether holding per share.
- Whoever wants only the AI data centers can find them listed separately since August 8, 2025 (WhiteFiber, Nasdaq: WYFI); BTBT always adds the ether hoard and the holding costs of two public-company structures on top.
About the Company
Bit Digital, Inc. beschäftigt sich zusammen mit seinen Tochtergesellschaften mit dem institutionellen Ethereum-Treasury- und Staking-Geschäft.
| IPO Year | 2018 |
|---|---|
| Next Earnings | 13. Aug 2026 |
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.