Noble Capital Markets analysts have reiterated their 'Outperform' rating on Bit Digital Inc (NASDAQ:BTBT) after the company released its February Ethereum treasury and staking data.
The firm maintained its $5.50 price target on the company's shares, implying upside from current levels of about $1.60, citing the company’s strategic positioning in Ethereum (ETH) and related holdings.
As of February 28, 2026, Bit Digital held approximately 155,434 ETH, up slightly from 155,239 ETH at the end of January. The total included roughly 15,283 ETH and ETH-equivalents in an externally managed fund. Of the company’s holdings, about 138,269 ETH, or 89%, was staked.
The company reported staking rewards of 314 ETH for the month, representing an annualized yield of roughly 2.7%. Based on a closing ETH price of $1,965, the total value of Bit Digital’s Ethereum holdings was approximately $305.4 million.
“The transformation into an Ethereum Treasury with a large ownership stake in WhiteFiber has positioned the company to capitalize on two new trends, in our view,” the analysts wrote.
“With its asset light operating approach, solid balance sheet, and significant growth opportunities, we believe Bit Digital is well positioned to capitalize on its new digital treasury model.”
The analysts noted that Bit Digital shares currently trade at an 8% discount to its net asset value.
Noble’s analysts also highlighted that the broader cryptocurrency market remained volatile over the last month, with Bitcoin beginning February near $77,000, falling to a low of $62,000, recovering to about $67,000 by month-end, and in early March reaching roughly $73,000 before sliding to $68,000.