Bit Digital Inc (BTBT)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
As long as the group finances both of its stories through ongoing share sales just above book value, the ether holding sits deep below cost, and the most important AI customer still has to be replaced, BTBT is a double hope bet with built-in dilution. The second-quarter 2026 report has to show that the Nscale contract is actually bringing in money starting June 2026 — before that, in our view, the risk-reward ratio isn't provable.
symbol.quality_note
Bit Digital has reinvented itself: from bitcoin miner to Ethereum treasury with a publicly listed AI data-center subsidiary. We read the annual report (10-K) and the quarterly reports (10-Q): about 140,000 ether that sat almost a third below cost as of March 31, 2026; an AI anchor customer that brought 70.7 percent of cloud revenue and whose services are now paused; an $865 million contract starting June 2026 — and a share count that has more than tripled since the end of 2023. Not investment advice — just a fitting of both promises.
Read the analysis
Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at BTBT since then.
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This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 1.30 $ — 3% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIGPU-Cloud-Dienste für generatives KI-Training und -Inferenz (über die Mehrheitstochter WhiteFiber, Nasdaq: WYFI) sind mit 68,8 Mio. US-Dollar 2025 die größte Umsatzquelle des Konzerns — KI-/HPC-Dienste werden nachweislich verkauft, dazu 8,9 Mio. US-Dollar Colocation für KI-Rechenzentren.
View the full file — quotes, sources, reviewed filings
„In the fourth quarter of 2023, we established our cloud-based HPC graphics processing unit services, which we term cloud services, a new business line to provide services to support generative AI workstreams. The Company commenced offering cloud services to customers in January 2024."
Im vierten Quartal 2023 haben wir unsere cloudbasierten HPC-Grafikprozessor-Dienste aufgebaut — wir nennen sie Cloud-Dienste —, einen neuen Geschäftszweig zur Unterstützung generativer KI-Arbeitsabläufe. Das Unternehmen begann im Januar 2024, Kunden Cloud-Dienste anzubieten.
„Our revenue from cloud services increased by $23.0 million, or 50.4%, to $68.8 million for the year ended December 31, 2025 from $45.7 million for the year ended December 31, 2024."
Unser Umsatz aus Cloud-Diensten stieg im Geschäftsjahr zum 31. Dezember 2025 um 23,0 Millionen US-Dollar oder 50,4 Prozent auf 68,8 Millionen US-Dollar, nach 45,7 Millionen US-Dollar im Geschäftsjahr zum 31. Dezember 2024.
„WhiteFiber provides specialized cloud services to support generative AI workstreams, especially training and inference, emphasizing cost-effective utility and tailor-made solutions for each client."
WhiteFiber erbringt spezialisierte Cloud-Dienste zur Unterstützung generativer KI-Arbeitsabläufe, insbesondere Training und Inferenz, mit Fokus auf kosteneffizienten Nutzen und maßgeschneiderte Lösungen für jeden Kunden.
Filings Reviewed: 10-Q 2026-05-15 · 10-Q 2025-11-14 · 10-Q 2025-08-14 · 10-Q 2025-05-15 · 10-K 2026-03-27 · 10-K 2025-03-14
Rated on July 10, 2026 · How the Rating Is Built
Growth Score
4 of 10 Weak growthTen checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 52.1% passed
- More than 10% revenue growth is expected for the coming year 105.0% passed
- Share count grows by less than 3% a year 220.0% failed
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -506,239.9% failed
- Gross margin at 40% or higher and without meaningful erosion 21.5% failed
- Goodwill from acquisitions does not grow faster than revenue 1.7% passed
- Net debt below twice EBITDA 404 m net cash passed
- Operating cash flow covers the profits of the last three years -288,870 m failed
- Return on capital at 15% or higher, or up versus two years ago -5.2% failed
- Insiders hold at least 10% or are net buyers 1.8% failed
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 217.7% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 5
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.00 | 0.00 – 0.00 | 143 | 100.0% | 1 |
| 12/31/2027 | 0.03 | -0.03 – 0.08 | 293 | – | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.05 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.20 | – | 82 | 409.60 | 35.40 | 7 | -80 |
| 2025: Q1 | -0.32 | -173.40 | 25 | -17.40 | -229.90 | 17 | -48 |
| 2025: Q2 | 0.07 | – | 26 | -11.40 | 58.00 | 18 | -65 |
| 2025: Q3 | 0.47 | – | 30 | 32.10 | 502.80 | -240 | -257 |
| 2025: Q4 | -0.58 | -383.80 | 32 | -60.50 | -582.50 | -84 | -206 |
| 2026: Q1 | -0.45 | – | 28 | 11.20 | -525.20 | -1,095 | -170,263 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 4 | 0 | 0 | 0.01 | -1 | 8 | 9 |
| 2017 | 7 | -1 | -1 | -0.06 | -2 | 12 | 13 |
| 2018 | 8 | -2 | -4 | -0.25 | -5 | 12 | 12 |
| 2019 | 5 | -5 | -7 | -0.46 | -1 | 5 | 7 |
| 2020 | 21 | 2 | -2 | -0.07 | -3 | 38 | 40 |
| 2021 | 96 | 6 | -1 | -0.02 | -23 | 172 | 180 |
| 2022 | 32 | -107 | -105 | -1.34 | -9 | 90 | 100 |
| 2023 | 45 | -17 | -14 | -0.16 | 1 | 153 | 189 |
| 2024 | 164 | 28 | 28 | 0.20 | -13 | 463 | 538 |
| 2025 | 114 | -57 | -80 | -0.03 | -288,924 | 724 | 1,174 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
A genuine business instead of just a label: $68.8 million in cloud revenue in 2025 (+50 percent), an Nvidia partnership, data centers in Montreal, Iceland and North Carolina; an Nscale contract worth about $865 million over ten years starting June 2026, a five-year contract with Cerebras.
$294.9 million in ether plus $79.5 million in cash (March 31, 2026), $469 million in attributable equity, $65.7 million in customer prepayments in the first quarter of 2026 — the company is no empty hope stock.
The ether hoard (bought at about $3,060 per ETH) sat almost a third below cost as of March 31, 2026; a $121.1 million book loss in a single quarter — the income statement breathes with the crypto price on a quarterly rhythm.
The anchor customer (70.7 percent of 2025 cloud revenue) is paused and negotiating a contract resolution; the second-largest customer was terminated in November 2025; the new anchor, Nscale, isn't subject to SEC reporting and is hard to verify from outside.
Share count tripled from 107.3 to about 354 million (mid-May 2026); ongoing share sales at about $1.52 gross just above book value; $380 million in convertible notes outstanding (Bit Digital 2030, WhiteFiber 2031).
Weinstein Stage 3 (a fading trend), price below the 50- and 200-day lines, about 93 percent below the all-time high, daily swings of about 9.3 percent (data as of July 9, 2026) — the insider/institutional buy signals are the only counterpoint.
Bit Digital is two bets in one stock: an ether hoard that sat almost a third below cost on the reporting date and dominates earnings on a quarterly rhythm, and a genuine but only 70.5-percent-owned AI infrastructure subsidiary whose main customer to date is paused. Both have been financed for years with an ever-growing share count — the count has tripled since the end of 2023. Not investment advice.
- Book losses on the ether holding aren't realized losses: the company holds the position and earns staking income; if the ETH price turns, the reported result turns with it. The same holds in reverse.
- Fiscal year = calendar year; "2025" means January through December 2025. Key checkpoints: the second-quarter 2026 report (first Nscale billings expected from June 2026) and the trend in the ether holding per share.
- Whoever wants only the AI data centers can find them listed separately since August 8, 2025 (WhiteFiber, Nasdaq: WYFI); BTBT always adds the ether hoard and the holding costs of two public-company structures on top.
About the Company
Bit Digital, Inc. beschäftigt sich zusammen mit seinen Tochtergesellschaften mit dem institutionellen Ethereum-Treasury- und Staking-Geschäft.
| CEO Insider Trades (12 Mo.) | buying own stock |
|---|---|
| Employees | 104 |
| Headquarters | New York, NY |
| Address | 31 Hudson Yards, 10001 New York, United States |
| Phone | 212 463 5121 |
| Website | bit-digital.com |
| IPO Date | 20. Mar 2018 |
| ISIN | KYG1144A1058 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Samir Tabar | Chief Executive Officer | 1972 |
| Erke Huang | CFO, Secretary & Director | 1989 |
| Justin Zhu | Senior VP of Finance & Chief Accounting Officer | 1982 |
| Thomas Sanfilippo | Chief Technology Officer | 1965 |
| Daniel Kelly Kennedy | Head of Investor Relations | 1985 |
| Luna Tan C.F.A. | Managing Director | 1993 |
| Benjamin Lamson | Head of Revenue | 1986 |
| David Bayle | Chief Technology Officer in Enovum | – |
| Billy Krassakopoulos | Chief Executive Officer of Enovum | 1982 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.