Bit Digital (NASDAQ:BTBT) Announces Earnings Results

Bit Digital (NASDAQ:BTBT) issued its earnings results on Thursday. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.26), FiscalAI reports. The company had revenue of $32.11 million for the quarter, compared to analyst estimates of $23.58 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.

Here are the key takeaways from Bit Digital’s conference call:

• Second-quarter revenue rose 15% sequentially to $32.1 million, led by a 42% increase in cloud-services revenue. Operating cash flow for the first six months increased 33% year over year to $46.8 million.
• Management highlighted approximately $1 billion of remaining performance obligations, including $57.7 million expected to be recognized during the rest of 2026 and $136.7 million in 2027. WhiteFiber also expects its North Carolina facility to reach the full contracted run rate under its 10-year, approximately $865 million agreement with Enscale.
• Bit Digital used Ethereum-backed liquidity to provide WhiteFiber with a delayed-draw facility of up to $150 million, preserving its ETH and WhiteFiber ownership while earning a return above staking yields. Management said the bridge is expected to be repaid following permanent financing for the North Carolina facility.
• Bit Digital reported a $107.2 million net loss attributable to shareholders, including a $28.8 million mark-to-market loss on digital assets, a $46 million non-cash impairment on liquid-staked ETH, and $14 million in derivative-liability losses. Ethereum staking revenue also fell sequentially after some ETH was unstaked as collateral.
• Management is evaluating a share buyback because it believes the stock trades at a 40% or greater discount to net asset value, but no timing, size, or funding source has been approved. The company said it will not sell WhiteFiber shares during 2026 and is also considering limited covered calls on a portion of that stake.

Bit Digital Trading Up 5.4%

Shares of NASDAQ BTBT traded up $0.08 during midday trading on Friday, reaching $1.57. 22,279,796 shares of the stock were exchanged, compared to its average volume of 25,097,777. The company has a 50 day simple moving average of $1.65 and a 200 day simple moving average of $1.69. The stock has a market capitalization of $548.23 million, a P/E ratio of -2.31 and a beta of 4.02. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36. Bit Digital has a twelve month low of $1.18 and a twelve month high of $4.55.

Wall Street Analysts Forecast Growth

BTBT has been the subject of several recent research reports. Craig Hallum reaffirmed a “buy” rating and issued a $3.50 price target on shares of Bit Digital in a report on Tuesday, July 14th. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Weiss Ratings downgraded Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.12.

Bit Digital News Summary

Here are the key news stories impacting Bit Digital this week:

• Positive Sentiment: Revenue reached approximately $32.1 million, exceeding the roughly $23.6 million consensus estimate and rising 15% sequentially. Cloud-services revenue grew 42% from the prior quarter, supported by new and expanded contracts. Bit Digital revenue rises as cloud services drive growth
• Positive Sentiment: Management used the earnings call to emphasize Bit Digital’s cloud-driven pivot, including expansion in AI and high-performance computing infrastructure. Investors may view this business mix as offering more predictable growth than cryptocurrency mining alone. Bit Digital Earnings Call Highlights Cloud-Driven Pivot
• Positive Sentiment: Analysts cited in one report assigned Bit Digital an average price target of $5.12, indicating substantial potential upside from recent trading levels, although price targets are subject to revision. Bit Digital Receives Average Analyst Price Target
• Neutral Sentiment: The company is positioning itself as a strategic asset company focused on Ethereum strategies and AI/HPC infrastructure. The earnings call and transcript provide additional details on this longer-term repositioning. Bit Digital Q2 2026 Earnings Call Transcript
• Negative Sentiment: Profitability remained the key concern. Bit Digital reported a quarterly loss, with coverage citing an adjusted loss of about $0.06 per share versus an expected loss of $0.05, while the company’s reported loss was substantially affected by impairments, digital-asset losses and interest costs. Bit Digital Q2 Earnings Miss Despite Revenue Beat
• Negative Sentiment: MarketBeat reported a loss of $0.31 per share versus the $0.05 consensus estimate, alongside a negative net margin of 145.39%, underscoring the volatility and execution risk surrounding the company’s crypto and infrastructure businesses. Bit Digital Q2 Earnings Results

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Bit Digital by 549.2% during the third quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after acquiring an additional 6,201,477 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Bit Digital in the 2nd quarter valued at $10,385,000. Renaissance Technologies LLC purchased a new position in shares of Bit Digital during the 4th quarter worth $6,476,000. State Street Corp grew its holdings in shares of Bit Digital by 40.3% during the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after purchasing an additional 3,307,076 shares during the period. Finally, Invesco Ltd. increased its position in shares of Bit Digital by 42.2% during the 3rd quarter. Invesco Ltd. now owns 8,888,669 shares of the company’s stock worth $26,666,000 after purchasing an additional 2,638,003 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

About Bit Digital

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.