Bit Digital (BTBT)
NASDAQ:BTBT
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Bit Digital
(NASDAQ:BTBT)
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Rating:46Neutral
Price Target:
$1.50
▲(9.49% Upside)
Action:ReiteratedDate:04/01/26
The score is held down primarily by weak financial quality (profitability volatility and persistent negative cash flow) and bearish technicals (below all key moving averages with negative MACD). Offsetting factors include a low-leverage balance sheet and a moderately constructive earnings-call narrative around scaling recurring staking and infrastructure revenue, but near-term losses and financing/dilution risk limit the upside in this score.
Positive Factors
Low leverage balance sheet
A structurally low leverage profile gives Bit Digital financial flexibility to fund staking and infrastructure growth without heavy interest burden. Over 2–6 months this reduces bankruptcy and refinancing risk, supports disciplined M&A or capex, and preserves runway despite weak cash generation.
Negative Factors
Persistent negative cash flow
Chronic negative operating and free cash flow is a durable constraint: it forces external financing, limits reinvestment flexibility, and increases dilution risk. Unless staking/cloud revenues convert to positive operating cash, the company will face ongoing funding pressure over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage balance sheet
A structurally low leverage profile gives Bit Digital financial flexibility to fund staking and infrastructure growth without heavy interest burden. Over 2–6 months this reduces bankruptcy and refinancing risk, supports disciplined M&A or capex, and preserves runway despite weak cash generation.
Read all positive factors
Bit Digital (BTBT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$447.41M
Dividend YieldN/A
Average Volume (3M)17.28M
Price to Earnings (P/E)―
Beta (1Y)2.23
Revenue Growth9.52%
EPS Growth496.04%
CountryUS
Employees54
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.53
Shares Outstanding326,577,200
10 Day Avg. Volume15,294,019
30 Day Avg. Volume17,284,434
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)6.73
Price to Sales (P/S)42.92
P/FCF Ratio>-0.01
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue4.06
Enterprise Value/Gross Profit9.38
Enterprise Value/Ebitda3.08
Forecast
1Y Price Target
$4.50Price Target Upside228.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.1
Revenue Forecast (FY)$152.73M
Bit Digital Business Overview & Revenue Model
Company Description
Bit Digital, Inc., together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities. The company was formerly known as Golden Bull Limited and changed its name to Bit Digital, Inc. i...
How the Company Makes Money
Bit Digital’s revenue model has historically been centered on bitcoin mining. In that segment, the company earns revenue by operating mining hardware that performs computations to secure the Bitcoin network; when Bit Digital successfully mines blo...
Bit Digital Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
The call describes a clear strategic pivot toward Ethereum staking and AI infrastructure with strong growth in cloud/colocation and large increases in digital asset holdings and staking revenue. However, that progress is offset by a substantial net loss, negative adjusted EBITDA, volatile noncash digital asset revaluations, the deliberate wind-down of bitcoin mining (large revenue decline), and financing moves with potential dilution. Management emphasizes discipline, long-term value per share, and conservative capital allocation, but near-term financials show significant headwinds. Overall, positives around strategic repositioning and revenue mix shift are balanced by material accounting losses and execution/market risks.Positive Updates
Strategic Repositioning to SAC Focused on Ethereum and AI Infrastructure
Management repositioned the company as a Strategic Asset Company (SAC) centered on Ethereum (ETH) and AI infrastructure (majority ownership in WhiteFiber). They view ETH as a productive, yield-generating infrastructure asset and WhiteFiber as a long-term core strategic asset (do not intend to monetize WhiteFiber in 2026).
Negative Updates
Large Net Loss and Negative Adjusted EBITDA
Net loss attributable to Bit Digital shareholders was $84.9 million for 2025 versus net income of $28.3 million in 2024. Adjusted EBITDA was negative $24.9 million compared with positive $73.0 million in 2024, a material deterioration driven primarily by noncash digital asset revaluation.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Repositioning to SAC Focused on Ethereum and AI Infrastructure
Management repositioned the company as a Strategic Asset Company (SAC) centered on Ethereum (ETH) and AI infrastructure (majority ownership in WhiteFiber). They view ETH as a productive, yield-generating infrastructure asset and WhiteFiber as a long-term core strategic asset (do not intend to monetize WhiteFiber in 2026).
Read all positive updates
Company Guidance
Management guided that staking income should become a meaningful, recurring cash‑flow contributor after staking revenue grew nearly 300% in 2025 (nearly half of full‑year staking revenue came in Q4), and that results should increasingly reflect recurring revenue as they wind down Bitcoin mining (active hash rate ~1.5 EH at year‑end; mining revenue $27.3M, down 53% YoY). They reiterated they will not monetize WhiteFiber in 2026, will only deploy capital if accretive per share, and are pursuing disciplined M&A to buy cash‑generating businesses to fund ETH accumulation; company-level metrics cited on the call included FY revenue $113.6M (+5% YoY), Q1 revenue $32.3M (vs $25.8M), cloud revenue $68.8M (+50% YoY), colocation $8.9M (vs $1.4M), ETH staking revenue $7.0M (vs $1.8M), Q4 gross profit ≈$18M (gross margin ≈56% vs ≈40%), FY net loss $84.9M (vs $28.3M income in 2024), adjusted EBITDA -$24.9M (vs +$73M), cash $118.4M (vs $95.2M), total digital assets $415.7M (vs $161.4M), $150M of convertible notes issued, and ~89% of ETH staked (≈10% with third‑party managers yielding ~3–4% with a target to raise that to ~20%); hash rate will decline gradually as older miners retire.Bit Digital Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
63
Positive
Cash Flow
17
Very Negative
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 113.56M | 163.76M | 44.92M | 32.30M | 96.08M |
| Gross Profit | 24.35M | 101.38M | 15.36M | 11.92M | 65.34M |
| EBITDA | -14.89M | 59.87M | -12.31M | -11.06M | 26.18M |
| Net Income | -80.32M | 28.31M | -13.89M | -105.30M | -1.01M |
Balance Sheet | |||||
| Total Assets | 1.17B | 538.25M | 189.33M | 100.42M | 179.92M |
| Cash, Cash Equivalents and Short-Term Investments | 537.95M | 98.16M | 64.75M | 33.32M | 42.40M |
| Total Debt | 134.17M | 13.81M | 6.22M | 0.00 | 0.00 |
| Total Liabilities | 309.16M | 74.77M | 36.62M | 10.49M | 8.27M |
| Stockholders Equity | 723.99M | 463.48M | 152.70M | 89.93M | 171.64M |
Cash Flow | |||||
| Free Cash Flow | -574.85B | -106.99M | -65.55M | -27.83M | -70.10M |
| Operating Cash Flow | -288.92B | -12.99M | 1.11M | -8.50M | -23.26M |
| Investing Cash Flow | -287.42B | -149.02M | -69.16M | -18.61M | -40.93M |
| Financing Cash Flow | 599.08B | 242.86M | 52.22M | 18.71M | 106.19M |
Bit Digital Technical Analysis
Negative
1.37
Price Trends
1.63
Negative
1.92
Negative
2.55
Negative
Market Momentum
-0.10
Negative
40.13
Neutral
45.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTBT, the sentiment is Negative. The current price of 1.37 is below the 20-day moving average (MA) of 1.46, below the 50-day MA of 1.63, and below the 200-day MA of 2.55, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 40.13 is Neutral, neither overbought nor oversold. The STOCH value of 45.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTBT.
Bit Digital Risk Analysis
Bit Digital disclosed 27 risk factors in its most recent earnings report. Bit Digital reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
WhiteFiber has a very limited history of operating as an independent, public company, and its historical financial information is not necessarily representative of the results that it would have achieved as a separate, publicly traded company and may not be a reliable indicator of its future results. Q3, 2025
2.
WhiteFiber operates in a capital-intensive industry and is subject to capital market and interest rate risks. Q3, 2025
3.
We have an evolving business model which is subject to various uncertainties. Q3, 2025
Bit Digital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $6.70B | -1.92 | -107.05% | ― | 35.41% | -38.08% | |
49 Neutral | C$736.58M | -1.66 | -13.12% | ― | 60.71% | -52.29% | |
47 Neutral | $77.62M | -2.63 | -32.04% | 1.65% | 482.50% | 82.04% | |
46 Neutral | $447.41M | -60.68 | -11.98% | ― | 9.52% | 496.04% | |
46 Neutral | $3.63B | -2.43 | -30.59% | ― | 53.51% | 112.53% |
* Financial Sector Average
BTBT
Bit Digital
1.37
-0.48
-25.95%
MARA
MARA Holdings
9.54
-3.41
-26.33%
BTCS
BTCS
1.56
0.10
6.63%
TSE:HIVE
HIVE Digital Technologies
2.90
0.82
39.42%
CIFR
Cipher Mining
16.53
14.09
577.46%
Bit Digital Corporate Events
Executive/Board ChangesDividends
Bit Digital Reappoints Audit Chair and Declares Interim Dividend
Positive
Feb 25, 2026
On December 8, 2025, Bit Digital reappointed Ichi Shih as an independent director and Chair of the Audit Committee under a renewed director agreement, a move formally approved by the board on February 19, 2026. The agreement sets a one-year term w...
Business Operations and Strategy
Bit Digital Highlights Shift to Ethereum and AI Infrastructure
Positive
Feb 4, 2026
On February 4, 2026, Bit Digital, Inc. planned to present at the RedChip Fintech DATS Investors Conference, using an investor presentation to outline its transition into a Strategic Asset Company focused on Ethereum and AI infrastructure. The mat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.