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Bit Digital
(NASDAQ:BTBT)
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Rating:55Neutral
Price Target:
$1.50
▼(-5.06% Downside)
Action:Reiterated
Date:09/09/26
The score is held back primarily by weak financial performance—large TTM losses, heavy cash burn, and sharply higher leverage—which raises execution and financing risk. Offsetting this, the latest earnings call points to improving operating metrics, strong gross margins, and substantial contracted backlog, while technicals show a modestly improving near-term trend. Valuation remains constrained by negative earnings and no indicated dividend support.
Positive Factors
Cloud Services Growth
Rapid cloud-services growth alongside approximately 58% gross margins supports a more scalable and economically attractive business model. Continued contract additions and expansions could improve revenue quality and reduce reliance on lower-growth legacy mining over the next several quarters.
Negative Factors
Severe Profitability Deterioration
The sharp swing from a profitable 2024 to a deeply negative TTM net margin shows that revenue growth is not yet translating into dependable shareholder earnings. Large costs and charges below gross profit reduce earnings quality and make sustained profitability difficult to underwrite.
Read all positive and negative factors
Positive Factors
Negative Factors
Cloud Services Growth
Rapid cloud-services growth alongside approximately 58% gross margins supports a more scalable and economically attractive business model. Continued contract additions and expansions could improve revenue quality and reduce reliance on lower-growth legacy mining over the next several quarters.
Read all positive factors
Bit Digital (BTBT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$447.19M
Dividend YieldN/A
Average Volume (3M)23.70M
Price to Earnings (P/E)―
Beta (1Y)2.08
Revenue Growth23.36%
EPS Growth-150.86%
CountryUS
Employees104
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.86
Shares Outstanding360,633,500
10 Day Avg. Volume17,078,404
30 Day Avg. Volume23,698,629
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)6.73
Price to Sales (P/S)42.92
P/FCF Ratio-8.48
Enterprise Value/Market Cap2.56
Enterprise Value/Revenue9.31
Enterprise Value/Gross Profit29.04
Enterprise Value/Ebitda-5.11
Forecast
1Y Price Target
$4.25Price Target Upside168.99% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.69
Revenue Forecast (FY)$149.62M
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 primarily makes money through (1) digital asset mining, (2) staking and related blockchain infrastructure activities, and (3) data-center/HPC-related services when applicable.
1) Digital asset mining (historically a major revenue stre...
Bit Digital Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presented a largely constructive operational picture: sequential and year-over-year revenue growth, strong gross margins, rising operating cash flow, a visible multi-year contract backlog (~$1B RPO), and tangible WhiteFiber progress (initial capacity, billing, large contracted ARR and >$500M in new bookings). These operational positives and an explicit strategic shift away from mining toward higher-margin cloud/colocation and staking revenue outweigh the quarter’s headline net loss, which was driven chiefly by non-cash mark-to-market and accounting items as well as short-term ETH price weakness. Management also proactively deployed capital (ETH-collateralized bridge) to fund WhiteFiber while preserving long-term ETH exposure and is evaluating buybacks and other actions to address a large valuation discount, signaling active capital allocation. Given stronger operating momentum and clarified strategy but near-term volatility from crypto mark-to-market and valuation dislocation, the overall tone is constructive and forward-looking.Positive Updates
Revenue Growth and Scale
Second quarter consolidated revenue of $32.1M, up 15% sequentially from $27.9M in Q1; first half revenue $60.0M, up 18% year-over-year.
Negative Updates
Large Reported Net Loss
Net loss attributable to BitDigital shareholders of $107M (loss per share $0.31) in Q2; approximately $86M of the loss was driven by digital-asset related, non-operating items (mark-to-market movements, impairments, derivative revaluations, and interest).
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Scale
Second quarter consolidated revenue of $32.1M, up 15% sequentially from $27.9M in Q1; first half revenue $60.0M, up 18% year-over-year.
Read all positive updates
Company Guidance
The company guided that Q2 consolidated revenue was $32.1M (+15% q/q; $60.0M YTD, +18% YoY) with gross profit $18.6M (57.9% GM) and 6‑month operating cash flow of $46.8M (+33% YoY); net loss to shareholders was $107M (‑$0.31/share) driven in part by ~$86M of non‑operating digital asset/derivative/interest items. Segment and treasury guidance highlights: cloud services revenue was $23.8M (+42% q/q; +29% YTD, 58% GM), colocation $4.7M (63% GM; colocation +182% YoY YTD), staking revenue $0.9M (staked rewards ~$440K this quarter vs ~$949K in Q1) and mining revenue $2.4M from 32.3 BTC (mining GM 26%; mining down 58% YTD as wind‑down continues). Balance sheet/operational guidance: purchased 8.57k ETH for $20M this quarter and ended 6/30 with 75.8k ETH (fair value $118.9M) including 73.2k ETH liquid‑staked (66.2k LST), consolidated cash ~$83.6M ($27.5M BitDigital / $56.1M WhiteFiber), contract liabilities $143.1M (from $79.6M YE) and remaining performance obligations ~ $1.0B (with ~$57.7M to be recognized in 2026, $136.7M in 2027 and $105.1M in 2028). Operationally, NC1 (40MW initial build) has initial capacity delivered, billing commenced and is expected to contribute in Q3 with full contracted run‑rate under a 10‑year Enovum contract (~$865M contracted); WhiteFiber has signed >$500M of new contracts since the last call. Capital allocation guidance: management does not intend to sell WhiteFiber shares this year, has provided WhiteFiber a bridge financed by $50M liquidity and up to $150M in commitments, is evaluating share registration/covered calls, and the board is actively considering buybacks to address a persistent NAV discount (at times >40%).Bit Digital Financial Statement Overview
Summary
Income Statement
27
Negative
Balance Sheet
38
Negative
Cash Flow
19
Very Negative
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 122.84M | 113.56M | 163.76M | 44.92M | 32.30M | 96.08M |
| Gross Profit | 39.39M | 24.35M | 101.38M | 15.36M | 11.92M | 65.34M |
| EBITDA | -223.94M | -19.79M | 59.87M | -12.31M | -11.06M | 26.18M |
| Net Income | -291.36M | -80.32M | 28.31M | -13.89M | -105.30M | -1.01M |
Balance Sheet | ||||||
| Total Assets | 1.24B | 1.17B | 538.25M | 189.33M | 100.42M | 179.92M |
| Cash, Cash Equivalents and Short-Term Investments | 83.96M | 537.95M | 98.16M | 64.75M | 33.32M | 42.40M |
| Total Debt | 430.28M | 134.17M | 13.81M | 6.22M | 0.00 | 0.00 |
| Total Liabilities | 703.76M | 309.16M | 74.77M | 36.62M | 10.49M | 8.27M |
| Stockholders Equity | 395.16M | 723.99M | 463.48M | 152.70M | 89.93M | 171.64M |
Cash Flow | ||||||
| Free Cash Flow | -760.75M | -574.85M | -106.99M | -65.55M | -27.83M | -70.10M |
| Operating Cash Flow | -277.25M | -288.92M | -12.99M | 1.11M | -8.50M | -23.26M |
| Investing Cash Flow | -451.63M | -287.42M | -149.02M | -69.16M | -18.61M | -40.93M |
| Financing Cash Flow | 630.50M | 599.08M | 242.86M | 52.22M | 18.71M | 106.19M |
Bit Digital Technical Analysis
Negative
1.58
Price Trends
1.53
Negative
1.64
Negative
1.71
Negative
Market Momentum
-0.06
Positive
30.82
Neutral
4.71
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 1.58 is below the 20-day moving average (MA) of 1.59, above the 50-day MA of 1.53, and below the 200-day MA of 1.71, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 30.82 is Neutral, neither overbought nor oversold. The STOCH value of 4.71 is Positive, 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% | |
60 Neutral | $6.18B | -4.48 | -48.36% | 12.20% | 24.51% | -842.33% | |
55 Neutral | $447.19M | -1.44 | -46.72% | ― | 23.36% | -150.86% | |
53 Neutral | $2.65B | -2.75 | -75.24% | 0.70% | 7.49% | -468.86% | |
51 Neutral | $3.65B | -1.01 | -110.39% | ― | 0.73% | -642.27% | |
50 Neutral | $10.51B | -15.79 | -39.50% | ― | 129.50% | -441.42% | |
42 Neutral | $214.98M | -1.82 | -81.89% | ― | 4.33% | -343.07% |
* Financial Sector Average
BTBT
Bit Digital
1.24
-2.76
-69.00%
RIOT
Riot Platforms
16.47
-5.23
-24.10%
MARA
MARA Holdings
9.44
-10.80
-53.36%
HUT
Hut 8
85.24
36.13
73.57%
CLSK
Cleanspark
10.30
-9.74
-48.60%
FUFU
BitFuFu
1.29
-2.44
-65.42%
Bit Digital Corporate Events
Business Operations and Strategy
Bit Digital Unveils New Ethereum-Focused Investor Presentation
Positive
Sep 9, 2026
On September 9, 2026, Bit Digital began using a new investor presentation to brief investors, including at upcoming appearances at the Moody Capital Solutions Disruptive Growth Life Sciences Conference on September 9–10 and the H.C. Wainwri...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Bit Digital Highlights Q2 Shift Toward Ethereum, AI Infrastructure
Neutral
Aug 13, 2026
On August 13, 2026, Bit Digital reported second-quarter 2026 results showing total revenue of $32.1 million, up 15% from the prior quarter, with strong growth in cloud and colocation services offsetting a planned decline in digital asset mining re...
Business Operations and StrategyExecutive/Board Changes
Bit Digital Finance Chief Resigns Amid Planned Transition
Neutral
Aug 3, 2026
Bit Digital, Inc. announced that Senior Vice President of Finance and Chief Accounting Officer Justin Zhu notified its board on July 30, 2026, of his resignation effective August 1, 2026, following his appointment as Chief Financial Officer, Princ...
Executive/Board ChangesShareholder Meetings
Bit Digital Shareholders Back Board and Governance Changes
Positive
Jul 30, 2026
On July 29, 2026, Bit Digital, Inc. held its Annual Meeting of Shareholders, where investors voted on board composition and key governance matters. All five director nominees, including Zhaohui Deng, Erke Huang, Brock Pierce, Ichi Shih and Amanda ...
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.