Bit Digital (BTBT) AI Stock Analysis

• Market Cap: $903.23M
• Dividend Yield: N/A
• Average Volume (3M): 36.66M
• Price to Earnings (P/E): 8.8
• Beta (1Y): 1.99
• Revenue Growth: 14.65%
• EPS Growth: -240.80%
• Country: US
• Employees: 54
• Sector: Financial
• Sector Strength: 72
• Industry: Financial - Capital Markets
• EPS (TTM): 0.07
• Shares Outstanding: 321,432,700
• 10 Day Avg. Volume: 21,373,748
• 30 Day Avg. Volume: 36,659,215
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.26
• Enterprise Value/Revenue: 1.51
• Enterprise Value/Gross Profit: 2.38
• Enterprise Value/Ebitda: -5.32
• 1Y Price Target: $5.30
• Price Target Upside: 93.43% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 63 Neutral
• Price Target: $3.00 ▲(9.49% Upside)

Bit Digital's overall stock score reflects a mix of strong strategic pivots and financial challenges. The company's transition to Ethereum and successful corporate events are positive, but profitability and cash flow issues weigh down the score. Technical indicators suggest a bearish trend, and valuation metrics are weak due to negative earnings.

Positive Factors

Market Expansion

Bit Digital is expanding its service with Boosteroid, the world's third-largest cloud gaming provider, and is finalizing an agreement expected to generate $2.4M from its current $1.6M in annual revenue.

Revenue Growth

Bit Digital's decisive pivot into high-performance computing (HPC) showcased FY24 as a striking metamorphosis, pushing revenue higher by 141% to $108.1M.

Strategic Shifts

Bit Digital deserves recognition for its foresight in seeing value to extract from the Ethereum ecosystem long before other companies.

Negative Factors

Competitive Challenges

Investment in Bit Digital carries significant risk due to the speculative nature of cryptocurrencies and limitations in competing with larger operations.

Cryptocurrency Balance Decline

Bit Digital's crypto balance fell to $80.1M from $161.8M held at December-end on the sale of $32M bitcoin and price compression.

Cryptocurrency Risk

An investment in Bit Digital includes a significant level of risk due to the speculative nature of cryptocurrencies and other challenges.

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. in September 2020. Bit Digital, Inc. was incorporated in 2017 and is headquartered in New York, New York.

How the Company Makes Money

Bit Digital generates revenue primarily through the mining of Bitcoin and other cryptocurrencies. The company utilizes a network of mining rigs that perform complex computations to validate transactions on the Bitcoin network, earning Bitcoin as a reward for their efforts. The revenue model is largely dependent on the price of Bitcoin and the efficiency of their mining operations. Additionally, the company may generate revenue from selling the mined Bitcoin at favorable market prices. Bit Digital may also engage in partnerships with energy providers to secure lower energy rates, which can significantly impact their operating costs and overall profitability. Strategic partnerships and collaborations in the cryptocurrency space can further enhance their market position and revenue potential.

Bit Digital Financial Statement Overview

Summary

Bit Digital exhibits strong revenue growth and a solid equity base, but faces challenges with profitability and cash flow management. The company's reliance on financing activities to maintain liquidity highlights potential risks. While the income statement shows promise, the cash flow situation requires attention to ensure sustainable operations.

Income Statement

Bit Digital has shown significant improvement in its revenue with a growth rate of over 140% from 2023 to 2024. The gross profit margin is strong at 100%, indicating no cost of goods sold. However, the company has faced volatility in its net income, swinging from a loss in 2023 to a profit in 2024. The negative EBITDA in recent years suggests challenges in core operational profitability.

Balance Sheet

The balance sheet presents a robust equity position with an equity ratio of 86.1% in 2024, suggesting financial stability. The debt-to-equity ratio is low at 0.03, indicating minimal leverage. However, the return on equity has varied significantly, reflecting instability in generating returns for shareholders.

Cash Flow

Cash flow analysis reveals negative free cash flow in 2024, a consistent trend over previous years, which could signal liquidity issues. The operating cash flow to net income ratio is negative, pointing to potential challenges in converting profits into cash flows. Nonetheless, financing activities have provided substantial cash inflows, bolstering cash reserves.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	155.29M	163.76M	44.92M	32.30M	96.08M	21.07M
Gross Profit	98.25M	101.38M	15.36M	11.92M	65.34M	6.96M
EBITDA	-43.95M	59.87M	-12.31M	-11.06M	26.18M	4.45M
Net Income	-52.66M	28.31M	-13.89M	-105.30M	-1.01M	-2.28M
Balance Sheet
Total Assets	723.42M	538.25M	189.33M	100.42M	179.92M	39.89M
Cash, Cash Equivalents and Short-Term Investments	185.20M	98.16M	64.75M	33.32M	42.40M	6.70M
Total Debt	43.75M	13.81M	6.22M	0.00	0.00	336.72K
Total Liabilities	90.23M	74.77M	36.62M	10.49M	8.27M	1.89M
Stockholders Equity	633.19M	463.48M	152.70M	89.93M	171.64M	38.00M
Cash Flow
Free Cash Flow	-183.11M	-106.99M	-65.55M	-27.83M	-70.10M	-7.92M
Operating Cash Flow	52.48M	-12.99M	1.11M	-8.50M	-23.26M	-3.42M
Investing Cash Flow	-290.60M	-149.02M	-69.16M	-18.61M	-40.93M	-2.05M
Financing Cash Flow	361.90M	242.86M	52.22M	18.71M	106.19M	5.25M

Bit Digital Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.74
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 2.74 is below the 20-day moving average (MA) of 2.95, below the 50-day MA of 2.97, and below the 200-day MA of 2.95, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 43.58 is Neutral, neither overbought nor oversold. The STOCH value of 28.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTBT.

Bit Digital Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$17.84B	12.03	10.32%	3.73%	9.70%	0.76%
FUFU	68 Neutral	$627.96M	13.64	29.72%	―	39.84%	-10.81%
BTBT	63 Neutral	$903.23M	8.82	-11.34%	―	14.65%	-240.80%
MARA	60 Neutral	$5.87B	14.19	18.26%	―	41.32%	-12.83%
WULF	58 Neutral	$3.62B	―	-46.99%	―	19.82%	-77.95%
NCPL	54 Neutral	$10.29M	―	-107.11%	―	-82.44%	22.28%
CIFR	54 Neutral	$2.80B	―	-21.39%	―	0.11%	-914.42%

Bit Digital Corporate Events

Bit Digital’s WhiteFiber Subsidiary Completes Successful IPO

On August 8, 2025, WhiteFiber, Inc., a subsidiary of Bit Digital, Inc., completed its initial public offering, raising $159,375,000 by selling 9,375,000 ordinary shares at $17.00 per share. Post-offering, Bit Digital retains approximately 74.3% of WhiteFiber’s shares, with a potential decrease to 71.5% if underwriters exercise their option to purchase additional shares. Prior to the offering, Bit Digital transferred its HPC business to WhiteFiber in exchange for shares, effectively consolidating assets and liabilities related to WhiteFiber. Additionally, a Transition Services Agreement was established for Bit Digital to provide various administrative services to WhiteFiber for up to 24 months post-offering, ensuring operational continuity.

Bit Digital Appoints New Chief Accounting Officer

On July 25, 2025, Bit Digital, Inc. appointed Justin Zhu as the Chief Accounting Officer and principal financial officer, while he continues his role as Senior Vice President of Finance. This transition follows Erke Huang’s resignation from the principal financial officer role to focus on the potential IPO of WhiteFiber, Inc., a subsidiary of Bit Digital, where he will serve as CFO. Mr. Zhu, with a background in accounting and finance from Ernst & Young and PricewaterhouseCoopers, will receive a salary and equity compensation as part of his new role.

Bit Digital Announces $67.3M Direct Offering

On July 14, 2025, Bit Digital, Inc. announced a placement agency agreement with B. Riley Securities, Inc. for a registered direct offering of 22 million ordinary shares at $3.06 per share, resulting in gross proceeds of approximately $67.3 million. The offering, which closed on July 15, 2025, is intended to fund the purchase of Ethereum, reflecting Bit Digital’s strategic focus on expanding its Ethereum-native operations and staking capabilities, potentially enhancing its market position in the digital asset industry.

Bit Digital Completes Major Public Offering

On June 25, 2025, Bit Digital, Inc. entered into an underwriting agreement with B. Riley Securities for a public offering of 75,000,000 ordinary shares at $1.90 per share, with an option for underwriters to purchase an additional 11,250,000 shares. The offering, which closed on June 27, 2025, is expected to generate net proceeds of approximately $141.5 million, potentially rising to $162.9 million if the option is fully exercised. The company plans to use the proceeds to purchase Ethereum, enhancing its position in the digital asset industry.

Bit Digital Announces IPO for Subsidiary WhiteFiber

On June 25, 2025, Bit Digital, Inc. announced the proposed initial public offering of its wholly-owned subsidiary, WhiteFiber, Inc., which is subject to market conditions and regulatory review. Concurrently, Bit Digital revealed a strategic shift towards becoming a dedicated Ethereum staking and treasury company, marking a significant evolution in its business model. This transition involves selling or winding down its bitcoin mining operations to focus on Ethereum, aiming to enhance shareholder value through increased ETH holdings and staking income.

Bit Digital Secures $43.9M Credit Facility for Expansion

On June 18, 2025, Bit Digital‘s subsidiary WhiteFiber Inc. secured a USD $43.9 million credit facility with the Royal Bank of Canada to refinance the development of its Tier-3 AI data center in Pointe-Claire, Quebec. The financing will also support the retrofitting of additional sites in Quebec and North Carolina, aiming to significantly boost the company’s data center capacity to 76 MW by the end of 2026, contingent on further financing.

Bit Digital Completes $45M Acquisition in North Carolina

On May 20, 2025, Bit Digital‘s subsidiary, White Fiber, Inc., completed the acquisition of an industrial building in Madison, North Carolina, from Unifi Manufacturing Inc. This strategic move positions the company to attract HPC data center tenants and leverage tax incentives due to its location in a region favorable for AI workloads. The acquisition, valued at $45 million, involves a collaboration with Duke Energy to secure substantial power supply, crucial for data center operations. The agreement includes conditions for electric service agreements and potential payments to Unifi Manufacturing Inc. based on power supply achievements.

Bit Digital Holds Annual Shareholder Meeting on May 20

On May 20, 2025, Bit Digital, Inc. conducted its Annual Meeting of Shareholders, where key decisions were made, including the election of directors, approval of the 2025 Omnibus Equity Incentive Plan, and ratification of Audit Alliance, LLP as auditors for the fiscal year. The meeting also addressed executive compensation and its voting frequency, reflecting significant shareholder engagement and support for the company’s strategic initiatives.