Bit Digital, Inc. (BTBT)
NASDAQ:BTBT
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Bit Digital
(NASDAQ:BTBT)
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Rating:48Neutral
Price Target:
$1.50
▼(-5.06% Downside)
Action:Reiterated
Date:05/28/26
The score is held back primarily by weak financial performance (large losses and significant cash burn despite revenue volatility). Technicals are a moderate positive in the near term, but valuation remains unfavorable due to unprofitability. Earnings-call guidance and the HPC financing event provide some strategic upside, though near-term results and liquidity drawdown remain key risks.
Positive Factors
Ethereum treasury (ETH holdings)
A large ETH treasury gives Bit Digital durable strategic optionality: it can generate staking income, serve as collateral for ETH‑backed financing, and capture long‑term appreciation. Over 2–6 months this supports liquidity alternatives and recurring revenue as staking scales.
Negative Factors
Weak cash generation and negative free cash flow
Persistent negative operating cash flow and sharply negative free cash flow indicate the business is consuming cash rather than producing it. This elevates refinancing risk, constrains organic investment, and increases reliance on asset sales or external financing to fund the strategic pivot over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Ethereum treasury (ETH holdings)
A large ETH treasury gives Bit Digital durable strategic optionality: it can generate staking income, serve as collateral for ETH‑backed financing, and capture long‑term appreciation. Over 2–6 months this supports liquidity alternatives and recurring revenue as staking scales.
Read all positive factors
Bit Digital (BTBT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$607.59M
Dividend YieldN/A
Average Volume (3M)26.94M
Price to Earnings (P/E)―
Beta (1Y)2.36
Revenue Growth13.14%
EPS Growth4.89%
CountryUS
Employees54
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.48
Shares Outstanding349,190,430
10 Day Avg. Volume23,470,468
30 Day Avg. Volume26,940,637
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 Cap469.16
Enterprise Value/Revenue2.46K
Enterprise Value/Gross Profit5.26K
Enterprise Value/Ebitda-16.12K
Forecast
1Y Price Target
$4.50Price Target Upside184.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.43
Revenue Forecast (FY)$142.61M
Bit Digital Business Overview & Revenue Model
Company Description
Bit Digital, Inc., along with its subsidiary entities, primarily focuses on the business of mining bitcoin. Additionally, the firm undertakes treasury management operations. The company was established in 2017 and was previously known as Golden Bu...
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:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Neutral
The call presented a balanced view: management emphasized a deliberate strategic pivot toward Ethereum treasury/staking, AI infrastructure (WhiteFiber) and recurring infrastructure revenue, underscored by sizable asset positions (≈$327M ETH value and ≈$322M WhiteFiber stake) and active M&A/partnership activity (Ethereum Foundation approval). However, near-term operating results showed meaningful headwinds — total revenue down ≈13.7% QoQ, staking and mining revenues down ≈29–33% QoQ, cash and reported digital asset values declined ~33% and ~29% respectively, and a large net loss persisted (though narrowed ≈20.8% QoQ). Overall, positives around long-term strategic positioning and strong asset backing are tempered by significant near-term mark-to-market losses, revenue declines and liquidity drawdown.Positive Updates
Significant Ethereum Treasury Position
Holds approximately 155k ETH (market value ≈ $327M using ~$2.1k/ETH on March 31) with a blended acquisition cost of ≈ $3.03–$3.04k/ETH, providing sizeable treasury exposure and staking upside.
Negative Updates
Quarterly Revenue Decline
Total revenue decreased to $27.9M in Q1 2026 from $32.3M in Q4 2025, a decline of ≈ 13.7% quarter-over-quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Significant Ethereum Treasury Position
Holds approximately 155k ETH (market value ≈ $327M using ~$2.1k/ETH on March 31) with a blended acquisition cost of ≈ $3.03–$3.04k/ETH, providing sizeable treasury exposure and staking upside.
Read all positive updates
Company Guidance
The company reiterated guidance to continue shifting capital from legacy Bitcoin mining into Ethereum treasury/staking and AI infrastructure (WhiteFiber), not monetizing WhiteFiber in 2026, pursuing strategic acquisitions and recurring cash‑flow opportunities while maintaining balance‑sheet flexibility and discipline; management expects compute demand to remain in structural deficit and will provide a material update on its Ethereum treasury strategy soon. For Q1 2026 they reported total revenue of $27.9M (down 13.7% QoQ from $32.3M), with cloud services $16.8M (‑13.1% QoQ), colocation $4.8M (+23.9% QoQ), Ethereum staking revenue $2.3M (‑~29.4% QoQ) and mining revenue $3.7M (‑~33% QoQ); net loss was $146.7M (vs $185.3M in Q4 2025). Key balance‑sheet and operational metrics cited: cash $79.5M (3/31/26 vs $118.4M at 12/31/25), digital assets $295M (vs $415.7M), ~155k ETH total holdings (~60.7k ETH natively staked as of 4/30), ETH market value ≈$327M based on ~$2.1k/ETH (price range ~$1.8k–$2.4k since Feb), average acquisition cost ≈$3.03k–$3.04k/ETH, comparable notes $334M (up due to WhiteFiber consolidation), and ~27M WhiteFiber shares valued ≈$322M (Mar 2026); financing discipline includes a target leverage guideline of ~20% of ETH balances and the flexibility to use cash, debt or equity for acquisitions.Bit Digital Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
55
Neutral
Cash Flow
18
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 | -47.03M | 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
Positive
1.58
Price Trends
1.73
Positive
1.72
Positive
2.26
Negative
Market Momentum
<0.01
Positive
54.97
Neutral
44.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTBT, the sentiment is Positive. The current price of 1.58 is below the 20-day moving average (MA) of 1.86, below the 50-day MA of 1.73, and below the 200-day MA of 2.26, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 54.97 is Neutral, neither overbought nor oversold. The STOCH value of 44.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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% | |
59 Neutral | $10.02B | -11.75 | -117.65% | ― | 37.96% | -506.10% | |
50 Neutral | $5.37B | -2.73 | -52.07% | ― | 23.08% | -291.74% | |
49 Neutral | C$1.40B | -6.01 | -13.12% | ― | 156.35% | -46.66% | |
48 Neutral | $607.59M | -3.71 | -0.14% | ― | 13.14% | 4.89% | |
47 Neutral | $56.25M | -0.68 | -72.86% | 1.65% | 219.08% | 7.90% |
* Financial Sector Average
BTBT
Bit Digital
1.93
-0.50
-20.58%
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Bit Digital Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Bit Digital Secures Major Loan for HPC Data Center
Positive
May 27, 2026
On May 20, 2026, Bit Digital’s subsidiary Bit Digital Capital originated a delayed draw term loan facility of up to $100 million, expandable to $150 million, for Enovum NC-1 Venture, a WhiteFiber subsidiary, to fund general corporate purpose...
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.