Bit Digital (BTBT) AI Stock Analysis

• Market Cap: $679.72M
• Dividend Yield: N/A
• Average Volume (3M): 34.77M
• Price to Earnings (P/E): 5.1
• Beta (1Y): 2.25
• Revenue Growth: 9.52%
• EPS Growth: 496.04%
• Country: US
• Employees: 54
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.47
• Shares Outstanding: 323,674,840
• 10 Day Avg. Volume: 30,869,119
• 30 Day Avg. Volume: 34,771,632
• PEG Ratio: -0.06
• Price to Book (P/B): 0.89
• Price to Sales (P/S): 2.51
• P/FCF Ratio: -3.84
• Enterprise Value/Market Cap: 0.77
• Enterprise Value/Revenue: 3.22
• Enterprise Value/Gross Profit: 4.81
• Enterprise Value/Ebitda: 2.62
• 1Y Price Target: $5.88
• Price Target Upside: 198.48% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: $2.50 ▲(26.90% Upside)

Bit Digital's overall stock score is driven by its strong earnings call performance and strategic shift towards Ethereum, which are significant positives. However, operational inefficiencies, cash flow challenges, and bearish technical indicators weigh on the score. The company's undervaluation presents a potential opportunity, but risks remain due to its current financial and market performance.

Positive Factors

Strategic Shift to Ethereum

The shift to Ethereum, with significant increases in holdings and staking activities, positions Bit Digital to capitalize on Ethereum's growth potential, diversifying revenue streams and reducing reliance on Bitcoin mining.

Strong Financial Position

A strong cash position and substantial digital assets provide Bit Digital with financial stability and flexibility to invest in growth opportunities, supporting long-term strategic initiatives.

Convertible Notes Issuance

The issuance of convertible notes strengthens Bit Digital's position in the Ethereum ecosystem, providing capital for strategic investments and enhancing its competitive edge in digital asset management.

Negative Factors

Operational Inefficiencies

Negative EBIT margin indicates operational inefficiencies that could hinder profitability and growth, necessitating improvements in cost management and operational processes for sustainable success.

Cash Flow Challenges

Cash flow challenges highlight liquidity concerns, potentially limiting Bit Digital's ability to fund operations and strategic initiatives, which could impact long-term financial health.

Bitcoin Mining Decline

The decline in Bitcoin mining output reflects a strategic wind-down, which may reduce revenue from this segment, impacting overall profitability unless offset by growth in Ethereum operations.

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 Bitcoin mining operations. The company earns income by validating transactions on the Bitcoin blockchain and receiving rewards in the form of newly minted Bitcoins and transaction fees. The revenue model is supported by maintaining a fleet of mining machines and ensuring optimal performance through strategic partnerships with hardware providers and energy suppliers. Additionally, fluctuations in Bitcoin prices significantly influence the company’s earnings, as higher Bitcoin values result in increased profitability from mined assets. The company's efforts to continuously improve mining efficiency and reduce operational costs also play a crucial role in enhancing its revenue generation capabilities.

Bit Digital Financial Statement Overview

Summary

Bit Digital shows strong profitability with a high net profit margin and effective equity utilization. However, operational inefficiencies and cash flow challenges pose risks. The company's low leverage and strong equity position provide financial stability, but improving operational efficiency and cash flow management are crucial for sustainable growth.

Income Statement

Bit Digital shows a strong net profit margin of 84.04% in TTM, indicating high profitability. However, the EBIT margin is negative, suggesting operational inefficiencies. Revenue growth is positive at 4.70%, but the gross profit margin has decreased from 61.91% to 55.82% compared to the previous year, indicating potential cost pressures.

Balance Sheet

The company maintains a low debt-to-equity ratio of 0.046, reflecting conservative leverage. Return on equity is healthy at 22.65%, indicating effective use of equity to generate profits. The equity ratio is strong, suggesting a solid financial position with a high proportion of assets financed by equity.

Cash Flow

Bit Digital faces challenges with negative operating cash flow and free cash flow, indicating cash management issues. The free cash flow to net income ratio is high at 2.27, suggesting cash flow inefficiencies. Despite a significant free cash flow growth rate of 144.88%, the negative cash flow metrics highlight liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	162.59M	163.76M	44.92M	32.30M	96.08M	21.07M
Gross Profit	108.89M	101.38M	15.36M	11.92M	65.34M	6.96M
EBITDA	200.10M	59.87M	-12.31M	-11.06M	26.18M	4.45M
Net Income	137.02M	28.31M	-13.89M	-105.30M	-1.01M	-2.28M
Balance Sheet
Total Assets	1.13B	538.25M	189.33M	100.42M	179.92M	39.89M
Cash, Cash Equivalents and Short-Term Investments	180.15M	98.16M	64.75M	33.32M	42.40M	405.13K
Total Debt	41.92M	13.81M	6.22M	0.00	0.00	336.72K
Total Liabilities	87.50M	74.77M	36.62M	10.49M	8.27M	1.89M
Stockholders Equity	906.15M	463.48M	152.70M	89.93M	171.64M	38.00M
Cash Flow
Free Cash Flow	-448.39M	-106.99M	-65.55M	-27.83M	-70.10M	-7.92M
Operating Cash Flow	-197.54M	-12.99M	1.11M	-8.50M	-23.26M	-3.42M
Investing Cash Flow	-289.09M	-149.02M	-69.16M	-18.61M	-40.93M	-2.05M
Financing Cash Flow	563.84M	242.86M	52.22M	18.71M	106.19M	5.25M

Bit Digital Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.97
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

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 1.97 is below the 20-day moving average (MA) of 2.24, below the 50-day MA of 2.97, and below the 200-day MA of 2.71, indicating a bearish trend. The MACD of -0.20 indicates Negative momentum. The RSI at 34.51 is Neutral, neither overbought nor oversold. The STOCH value of 6.68 is Positive, 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	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MARA	64 Neutral	$4.04B	5.50	23.13%	―	53.51%	112.53%
BTBT	64 Neutral	$679.72M	5.08	22.44%	―	9.52%	496.04%
CIFR	56 Neutral	$5.92B	-75.54	-9.69%	―	35.41%	-38.08%
HIVE	55 Neutral	C$913.79M	-11.56	-7.18%	―	60.71%	-52.29%
BTCS	47 Neutral	$141.92M	4.26	43.45%	1.68%	482.50%	82.04%

Bit Digital Corporate Events

Bit Digital Completes $150M Convertible Notes Issuance

On September 29, 2025, Bit Digital, Inc. entered into an underwriting agreement with Barclays Capital Inc., Cantor Fitzgerald & Co., and B. Riley Securities, Inc. for the issuance and sale of $150 million in 4.00% Convertible Senior Notes due 2030. The issuance was completed on October 2, 2025, and the net proceeds of $143.3 million will primarily be used to purchase Ethereum and for general corporate purposes. These notes are senior, unsecured obligations and come with specific terms regarding conversion, redemption, and repurchase, which could impact the company’s financial strategy and stakeholder interests. The notes’ issuance positions Bit Digital to further its digital asset investments and strengthen its market presence in the Ethereum ecosystem.

Bit Digital Announces Preliminary Financial Results

On September 29, 2025, Bit Digital, Inc. announced preliminary unaudited financial results for the two months ending August 31, 2025, with expected revenues between $20.1 million and $22.2 million. The company also highlighted its subsidiary WhiteFiber’s plans to expand data centers in Canada and the U.S., with significant projects expected to be completed by 2026, potentially impacting its operational capabilities and market positioning.

Bit Digital Reschedules Meeting to Increase Share Capital

On September 17, 2025, Bit Digital‘s Board of Directors decided to adjourn an extraordinary general meeting initially scheduled for August 5, 2025, to allow further solicitation and proxy voting. The meeting is rescheduled for September 25, 2025, where shareholders will vote on a proposal to increase the company’s authorized share capital significantly to enhance its financial capacity.

Bit Digital Reschedules Meeting for Shareholder Vote

On September 17, 2025, Bit Digital, Inc. announced the adjournment of its extraordinary general meeting to allow for further proxy solicitation, with the meeting rescheduled for September 24, 2025. At this meeting, shareholders will vote on a resolution to significantly increase the company’s authorized share capital, potentially impacting its financial strategy and shareholder value.

Bit Digital Adjourns Shareholder Meeting for Quorum

On September 17, 2025, Bit Digital, Inc. attempted to hold its General Meeting of Shareholders to approve an increase in the company’s authorized share capital. However, due to the lack of a quorum, the meeting was adjourned to allow further proxy solicitation, with plans to reconvene on September 23, 2025.

Bit Digital Adjourns Shareholder Meeting Due to Quorum

On September 17, 2025, Bit Digital, Inc. held a General Meeting of Shareholders to discuss a proposal to increase its authorized share capital significantly. However, due to the absence of a quorum, the meeting was adjourned, and a new date was set for September 22, 2025, allowing for further proxy solicitation.

Bit Digital Adjourns Shareholder Meeting to September 17

On September 10, 2025, Bit Digital, Inc. held a General Meeting of Shareholders to approve a proposal to increase the company’s authorized share capital. However, due to the absence of a quorum, the meeting was adjourned to September 17, 2025, in accordance with Cayman Islands law.