Bit Digital Reports $27.9 Million in Q1 2026 Revenue, Shifts Further Toward Ethereum Strategy

Bit Digital announced in a press release its financial results for the first quarter of 2026, reporting total revenue of $27.9 million, a 13.6 percent decrease from the fourth quarter of 2025. The decline was attributed to lower revenue from cloud services, Ethereum staking, and digital asset mining. The company will hold a conference call on May 15, 2026, to discuss the results.

Gross profit for the quarter was $15.4 million, with margins of 59.5 percent in cloud services, 59.3 percent in colocation services, and 94.7 percent in Ethereum staking. Bit Digital held about 155,444 ETH valued at approximately $327 million as of March 31, 2026. Revenue from Ethereum staking totaled $2.3 million, down 29.4 percent from the previous quarter, following the repositioning of around 70,000 ETH into liquid staking.

Cloud services revenue reached $16.8 million, down 13.1 percent from the prior quarter, while colocation services rose 23.9 percent to $4.8 million. Digital asset mining revenue decreased 32.9 percent to $3.7 million. The net loss attributable to Bit Digital shareholders was $146.7 million, compared to a loss of $185.3 million in the previous quarter. Adjusted EBITDA stood at negative $9.4 million.

As of March 31, 2026, Bit Digital held $79.5 million in cash and $295 million in digital assets. The company also held 27,043,750 shares of WhiteFiber, valued at $322.1 million. Bit Digital continues to reduce its exposure to bitcoin mining as it reallocates capital toward Ethereum and infrastructure-related operations.