Bit Digital Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
AI infrastructure
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.
Balance-sheet substance
$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.
ETH concentration risk
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.
Customer concentration
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.
Dilution
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).
Market technicals
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BTBT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.20 $ to 4.20 $ · Last price: 1.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Bit Digital Inc BTBT | 0.5 | – | 12.9 | 57.1 | – | -30.7 | -49.5 |
| Morgan Stanley MS | 321.0 | 17.6 | 0.0 | 87.6 | 40.6 | 11.5 | 32.2 |
| Goldman Sachs Group Inc GS | 280.7 | 17.4 | 0.0 | 82.1 | 38.6 | -1.4 | 22.2 |
| Charles Schwab Corp SCHW | 179.7 | 21.3 | 0.0 | 97.5 | 49.4 | 6.5 | 15.1 |
| Interactive Brokers Group Inc IBKR | 149.9 | 38.1 | 3.4 | 93.0 | 76.8 | 9.8 | 39.4 |
| Robinhood Markets Inc HOOD | 100.1 | 53.2 | 45.6 | 91.9 | 38.5 | 51.6 | -7.4 |
| Nomura Holdings Inc NMR | 29.8 | 12.1 | 0.0 | 78.0 | 30.8 | 5.6 | 43.7 |
| LPL Financial Holdings Inc LPLA | 26.6 | 28.7 | 13.5 | 29.9 | 11.1 | 37.2 | -1.5 |
| Circle Internet Group, Inc. CRCL | 23.1 | – | 45.7 | 22.0 | 6.5 | 63.9 | -35.1 |
| Median of companies shown | 100.1 | 21.3 | 3.4 | 82.1 | 38.6 | 9.8 | 15.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 | -289 | 724 | 1,174 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | -0.31 | -542.90 | 32 | 24.90 | -334.00 | 48 | -128 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.78 | -0.80 – -0.76 | 151 | 100.0% | 2 |
| 12/31/2027 | -0.16 | -0.16 – -0.16 | 332 | – | 1 |
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.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
GPU-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.
10-K · 2026-03-27 · View SEC filing
„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.
10-K · 2026-03-27 · View SEC filing
„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.
10-K · 2026-03-27 · View SEC filing
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
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 52.1%
- More than 10% revenue growth is expected for the coming year 105.0%
- Share count grows by less than 3% a year 220.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -536.9%
- Gross margin at 40% or higher and without meaningful erosion 21.5%
- Goodwill from acquisitions does not grow faster than revenue 1.7%
- Net debt below twice EBITDA 404 m net cash
- Operating cash flow covers the profits of the last three years -235 m
- Return on capital at 15% or higher, or up versus two years ago -5.2%
- Insiders hold at least 10% or are net buyers 1.8%
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
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 46.2%
- Exp. sales growth 3Y > 5% 71.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 71.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -11.6%
- ROCE > 15% -5.2%
- Expected return > 10% -108.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Tabar Samir | Chief Executive Officer | Other | 535,000 | 1.43 | 765,050 |
| Aug 31, 2026 | Huang Erke | Chief Financial Officer | Other | 535,000 | 1.43 | 765,050 |
| Aug 18, 2026 | Huang Erke | Chief Financial Officer | Other | 200,000 | – | – |
| Aug 18, 2026 | Tabar Samir | CEO | Other | 200,000 | – | – |
The company
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
- 03/20/2018
- ISIN
- KYG1144A1058
Management
| Name | Title | Birth Year |
|---|---|---|
| Samir Tabar | Chief Executive Officer | 1972 |
| Erke Huang | CFO, Secretary & Director | 1989 |
| Thomas Sanfilippo | Chief Technology Officer | 1964 |
| 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/08/2026 Bit Digital, Inc (BTBT): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Bit Digital, Inc (BTBT): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/03/2026 Bit Digital, Inc (BTBT): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 07/30/2026 Bit Digital, Inc (BTBT): Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year; Submission of Matters to a Vote of Security Holders; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.