Bit Digital Q1 Revenue Falls 13.7% to $27.9M

Bit Digital, a Nasdaq-listed digital asset company, reported first-quarter 2026 revenue of $27.9 million on Thursday, a 13.7 percent decline from $32.3 million in the prior quarter, as it continued shifting resources from Bitcoin mining toward Ethereum treasury operations, staking and AI infrastructure.

The revenue drop stemmed from weakness across most segments. Cloud services generated $16.8 million, down 13.1 percent quarter-over-quarter. Ethereum staking revenue fell 29.4 percent to $2.3 million, reflecting lower average Ethereum prices and reduced natively staked balances. Digital asset mining revenue decreased nearly 33 percent to $3.7 million due to lower Bitcoin production and prices. Colocation services provided an offset, rising 23.9 percent to $4.8 million.

The company posted a net loss of $146.7 million, an improvement from the $185.3 million loss in the fourth quarter of 2025. Chief Financial Officer Erke Huang attributed the results largely to non-cash mark-to-market adjustments on digital assets, totaling $121.1 million in losses.

As of March 31, Bit Digital held approximately 155,444 Ethereum, valued at $327 million based on that day's closing price of $2,104 per...