Key Highlights

  • Bit Digital reported second-quarter 2026 Revenue of $32.1m, up 15% from the first quarter, with a net loss of $107.2m driven largely by non-cash items.
  • The company held about 164,310 ETH and 27,043,750 WhiteFiber shares at 30 June 2026.
  • Cash was about $83.6m and convertible notes were $336.2m at the end of the quarter.

The latest reported quarter

Bit Digital, Inc. (NASDAQ:BTBT) reported second-quarter 2026 results on 13 August 2026. Revenue was $32.1m, up 15% from $27.9m in the first quarter, and first-half revenue was $60.0m, up 18% year on year. Gross Profit was $18.6m, a 57.9% gross margin.

Cloud services revenue was $23.8m, up 42% on the first quarter. Colocation was $4.7m, flat sequentially. Ethereum staking revenue fell to $0.9m from $2.3m, and Bitcoin Mining revenue was $2.4m on 32.3 bitcoin mined, compared with 48.1 in the first quarter. The company says mining is no longer a growth priority.

A large loss driven by non-cash items

Net loss attributable to shareholders was $107.2m, or $0.31 per diluted share, compared with $146.7m, or $0.45, in the first quarter. The company said non-cash digital asset movements and other non-operating items accounted for about $86m of the loss, including a $46.0m non-cash Impairment on liquid-staked ETH tokens known as LsETH.

Operating cash flow for the first half was $46.8m, up 33%. The release did not report adjusted EBITDA or formal guidance. The gap between the operating picture and the net loss illustrates how much reported Earnings depend on the value of the company's ETH holdings.

The ETH treasury and the WhiteFiber stake

At 30 June 2026 the company held about 164,310 ETH in total, valued at roughly $1,569 per ETH, including about 15,318 ETH in an externally managed fund. It bought 8,568 ETH on 11 May for $20m and sold none.

Bit Digital also holds 27,043,750 shares of WhiteFiber, and said it does not intend to sell WhiteFiber shares in 2026. WhiteFiber signed new multi-year cloud agreements worth over $540m in aggregate contract value, and remaining performance obligations were about $1.0bn.

The company expects to recognise $57.7m of those obligations in the rest of 2026, $136.7m in 2027 and $105.1m in 2028, with the remainder thereafter. Contract liabilities rose to $143.1m from $79.6m at the end of 2025. Management said in August it expects the cloud portfolio to exceed $200m of annualised revenue once fully deployed, and that its NC-1 site should reach contracted billing across 40 MW of IT load. These are expectations, not reported results.

Balance sheet and management view

Cash and equivalents were about $83.6m, of which about $56.1m sat at WhiteFiber. Convertible notes were $336.2m. The company raised $50m of Liquidity against part of its ETH treasury and originated a delayed-draw term Facility of up to $150m for WhiteFiber.

Chief executive Sam Tabar said operating results improved but the market still values Bit Digital mainly as a passive ETH treasury, and the board is evaluating Options to address that gap. That is management's view, and the release did not set out specific actions.

What to watch

Points to watch include ETH prices, WhiteFiber's progress with its NC-1 site, which management said should contribute from the third quarter, and any board announcement on the valuation gap.