Bit Digital (BTBT) Stock: Q1 Revenue Drops as ETH Losses Hit Results

TLDR

• Bit Digital Q1 revenue drops as ETH losses pressure BTBT stock
• BTBT slips overnight after weak Q1 revenue and ETH-related losses
• Bit Digital reports lower revenue as staking and mining income fall
• BTBT stock turns lower as ETH treasury losses weigh on Q1 results
• Bit Digital’s WhiteFiber stake adds value, but ETH weakness hits Q1

Bit Digital (BTBT) shares posted a weaker first quarter as revenue fell and Ethereum-linked losses pressured results. BTBT closed at $2.13, up 4.93%, but slipped overnight to $2.02, down 5.16%. The move followed a volatile session with sharp spikes and late weakness near $2.05.

Bit Digital, Inc., BTBT

Revenue Declines as Core Segments Split

Bit Digital generated $27.9 million in revenue, down 13.6% from $32.3 million in the prior quarter. The company cited lower cloud revenue, weaker ETH staking income, and reduced digital asset mining revenue. However, colocation revenue improved because MTL-3 contributed for the full quarter.

Cloud services revenue reached $16.8 million, marking a 13.1% decline from the fourth quarter. Digital asset mining revenue fell 32.9% to $3.7 million as BTC production and prices declined. Meanwhile, colocation revenue rose 23.9% to $4.8 million, softening the drop.

Segment gross profit reached $15.4 million, while margins varied across lines. Cloud services produced a gross margin near 59.5%, and colocation delivered 59.3%. ETH staking remained the strongest margin line, with a gross margin near 94.7%.

ETH Treasury Losses Weigh on Results

Bit Digital held 155,444.4 ETH as of March 31, 2026. The company valued those holdings near $327.0 million, using an ETH closing price of about $2,104. Yet its average ETH acquisition price stood near $3,045, increasing market pressure.

ETH staking revenue fell 29.4% from the previous quarter to $2.3 million. The decline reflected lower average ETH prices and fewer natively staked balances. Bit Digital moved about 70,000 ETH into LsETH to keep treasury flexibility.

By April 30, around 60,677 ETH remained natively staked across treasury operations. The company kept Ethereum central through treasury management, staking, and capital allocation. This model gave Bit Digital yield exposure while preserving balance sheet options.

WhiteFiber and Cash Position Add Context

Bit Digital consolidates WhiteFiber, its majority-owned AI and high-performance computing infrastructure business. Therefore, results included WhiteFiber’s financial performance. The holding expands Bit Digital’s exposure beyond Ethereum and adds AI infrastructure.

The company held 27,043,750 WhiteFiber shares. Based on WhiteFiber’s $11.91 Nasdaq closing price, that stake carried an implied value of $322.1 million. However, convertible notes increased to $334.2 million after WhiteFiber issued notes.

Bit Digital reported a net loss attributable to shareholders of $146.7 million. That compared with a $185.3 million loss in the fourth quarter of 2025. Adjusted EBITDA reached negative $9.4 million, while cash fell to $79.5 million.

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