Bit Digital Inc (NASDAQ:BTBT) reported first-quarter 2026 revenue of $27.9 million as the company deepened its pivot toward Ethereum treasury management and artificial intelligence infrastructure through its majority-owned subsidiary WhiteFiber (Nasdaq: WYFI).
As of March 31, 2026, Bit Digital held approximately 155,444 ETH with a market value of roughly $327 million based on a closing price of approximately $2,104 per ETH. The company's average ETH acquisition price across all holdings stood at approximately $3,045.
During the quarter, the company repositioned roughly 70,000 ETH into liquid-staked ETH to maintain treasury flexibility while continuing to generate yield. As of April 30, approximately 60,677 ETH remained natively staked.
Colocation services were a standout, with revenue rising 23.9% quarter-over-quarter to $4.8 million, driven by a full quarter of contribution from the MTL-3 facility. Cloud services generated $16.8 million, while Ethereum staking revenue came in at $2.3 million.
Segment gross margins reflected the strength of the company's asset-light staking business, with Ethereum staking delivering a gross margin of approximately 94.7%, cloud services at roughly 59.5%, and colocation at approximately 59.3%.
CEO Sam Tabar said the company sees itself positioned at the intersection of two converging infrastructure trends, providing AI compute capacity through WhiteFiber and Ethereum-based settlement infrastructure through its treasury and staking platform.
“Ethereum infrastructure will become increasingly important to the future digital financial system as stablecoins, tokenization, and on-chain settlement activity continue scaling globally,” Tabar said. "Ethereum infrastructure and AI compute infrastructure are not separate strategies - they are components of a single integrated platform aligned with the future of the digital financial system.”
Total Q1 revenue fell 13.6% from $32.3 million in the fourth quarter of 2025, driven by lower cloud services, Ethereum staking, and digital asset mining contributions during the period.
Net loss attributable to Bit Digital shareholders narrowed to $146.7 million from $185.3 million in Q4 2025, with results continuing to reflect non-cash mark-to-market adjustments on digital assets. The company posted an adjusted EBITDA loss of $9.4 million for the quarter.
Cash and cash equivalents stood at $79.5 million at quarter-end, compared with $118.4 million at the end of December 2025.
The company said it continues to wind down its bitcoin mining operations, describing the segment as cash flow generative but no longer a strategic growth priority.