olivLaw · US equity research
Bit Digital, Inc. BTBT
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Bit Digital is a strategic asset company that holds Ethereum in a staking-oriented treasury and controls a majority stake in WhiteFiber, which provides AI and HPC infrastructure. Its relevance grows as it shifts from bitcoin mining toward productive assets and data center infrastructure, with revenue of 32.1 million USD in the second quarter of 2026.
At the close of 04 Nov 2026, Bit Digital, Inc. (BTBT) stock was 0.83 USD (−1.50% on the day), with market capitalisation 300.9 m USD, dividend yield 1.79%, beta 2.60, 52-week range 0.74–3.28 USD. Latest reported quarter (Q2 2026): revenue of 32.1 m USD (+25.2% YoY), net income of -107.2 m USD (−820.8% YoY), diluted EPS -0.31 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.1
- weak (30–45)
- Bollinger (20, 2)
- 0.64 – 1.32
- in the lower half of the band · %B 0.29 · band width 69.3%
- SMA 50 / 200
- 1.35 / 1.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −45.8% | −1.1% | −44.7 pp | — |
| 3 months | −39.5% | −0.5% | −39.1 pp | — |
| 6 months | −56.8% | +4.4% | −61.2 pp | — |
| Year to date | −55.9% | +12.3% | −68.2 pp | — |
| 1 year | −73.8% | +13.5% | −87.3 pp | −48.5% |
| 3 years | −64.0% | +76.4% | −140.5 pp | −74.4% |
| 5 years | −92.5% | +63.7% | −156.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.8 m | 25.8 m | 25.1 m | 25.7 m | 30.5 m | 32.3 m | 27.9 m | 32.1 m |
| Operating income | -36.6 m | 28.5 m | -52.4 m | 11.7 m | 141.8 m | -193.0 m | -142.9 m | -82.6 m |
| Depreciation & amortisation | 8.4 m | 8.7 m | 7.2 m | 8.2 m | 9.6 m | 11.7 m | 10.0 m | 10.1 m |
| Interest expense | — | — | — | — | — | — | 155.5 k | 100.0 k |
| Pre-tax income | -38.2 m | 30.2 m | -57.0 m | 16.5 m | 147.4 m | -193.8 m | -149.9 m | -113.1 m |
| Income tax | 628.2 k | 1.2 m | 671.7 k | 1.6 m | 697.7 k | -5.0 m | 421.5 k | -1.5 m |
| Net income | -38.8 m | 29.0 m | -57.7 m | 14.9 m | 150.9 m | -188.4 m | -146.7 m | -107.2 m |
| Diluted EPS | -0.26 | 0.17 ≈ | -0.32 | 0.07 | 0.47 | -0.59 ≈ | -0.45 | -0.31 |
| Operating cash flow | 10.1 m ≈ | 7.3 m | 17.4 m | 17.7 m ≈ | -240.0 m ≈ | -84.1 m | -1.1 m | 47.9 m ≈ |
| Capex | 1.6 m ≈ | 86.8 m | 65.0 m | 82.2 m ≈ | 16.9 m ≈ | 121.9 m | 169.2 m | 175.5 m ≈ |
| Dividends paid | — | — | 800.0 k | 0 ≈ | 0 ≈ | 0 | 800.0 k | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.9 m | 4.6 m | 21.1 m | 96.1 m | 32.3 m | 44.9 m | 108.1 m | 113.6 m |
| Revenue YoY | +13.5% | −42.0% | +360.7% | — | −66.4% | +39.1% | +140.6% | +5.1% |
| Net income | -3.5 m | -9.7 m | -2.3 m | -1.0 m | -105.3 m | -13.9 m | 28.3 m | -80.3 m |
| Net income YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable | −383.7% |
| Diluted EPS | unavailable | -0.62 | -0.07 | -0.02 | -1.34 | -0.16 | 0.19 | -0.31 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable | −263.2% |
| net % | -44.8% | -211.6% | -10.8% | -1.1% | -326.0% | -30.9% | 26.2% | -70.7% |
| Free cash flow | -5.8 m | unavailable | -5.5 m | -64.2 m | -27.8 m | -65.6 m | -107.0 m | -574.9 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 118.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 865.3 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.92x
- ROE
- -12.1%
- ROA
- -9.4%
- FCF margin
- -506.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 21.1 m | 96.1 m | 32.3 m | 44.9 m | 108.1 m | 113.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Cost of revenue | 14.1 m | 30.7 m | 20.4 m | 29.6 m | — | — | SEC (XBRL)· 18 Mar 2024verified |
| Gross profit | 7.0 m ≈ | 65.3 m ≈ | 11.9 m ≈ | 15.4 m ≈ | — | — | SEC (XBRL)· 18 Mar 2024derived |
| Operating income | 1.6 m | 5.9 m | -107.2 m | -16.6 m | 27.6 m | -91.8 m | SEC (XBRL)· 27 Mar 2026verified |
| Depreciation & amortisation | 3.3 m | 14.4 m | 27.8 m | 14.4 m | 32.3 m | 36.8 m | SEC (XBRL)· 27 Mar 2026verified |
| EBITDA | 4.9 m ≈ | 20.3 m ≈ | -79.3 m ≈ | -2.2 m ≈ | 59.9 m ≈ | -55.0 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Interest expense | — | — | — | — | — | 3.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Pre-tax income | 1.6 m | 2.8 m | -105.9 m | -13.6 m | 32.3 m | -86.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Income tax | — | 3.9 m | -592.9 k | 279.0 k | 4.0 m | -2.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Net income | -2.3 m | -1.0 m | -105.3 m | -13.9 m | 28.3 m | -80.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Diluted EPS | -0.07 | -0.02 | -1.34 | -0.16 | 0.19 | -0.31 | SEC (XBRL)· 27 Mar 2026verified |
| Weighted average diluted shares | 30.6 m | 55.4 m | 78.6 m | 87.5 m | 141.5 m | 257.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Dividend per share | — | — | — | 0.01 | — | — | SEC (XBRL)· 18 Mar 2024derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 405.1 k | 42.4 m | 32.7 m | 16.9 m | 95.2 m | 118.4 m | SEC (XBRL)· 13 Aug 2026verified |
| Receivables | — | — | — | — | 5.3 m | 23.9 m | SEC (XBRL)· 13 Aug 2026verified |
| Current assets | 8.7 m | 90.3 m | 64.4 m | 83.3 m | 296.9 m | 178.0 m | SEC (XBRL)· 13 Aug 2026verified |
| Property, plant & equipment, net | 29.8 m | 32.5 m | 22.6 m | 81.5 m | 107.3 m | 360.2 m | SEC (XBRL)· 13 Aug 2026verified |
| Goodwill | — | — | — | — | 19.4 m | 20.1 m | SEC (XBRL)· 13 Aug 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 13.0 m | 12.8 m | SEC (XBRL)· 13 Aug 2026verified |
| Total assets | 39.9 m | 173.7 m | 100.4 m | 189.3 m | 538.2 m | 1.2 bn | SEC (XBRL)· 13 Aug 2026verified |
| Accounts payable | — | — | 3.6 m | 2.3 m | 3.4 m | 8.9 m | SEC (XBRL)· 13 Aug 2026verified |
| Long-term debt | — | 2.8 m | 3.0 m | — | — | — | SEC (XBRL)· 28 Apr 2023verified |
| Current liabilities | 1.9 m | 5.0 m | 7.4 m | 27.1 m | 55.0 m | 92.9 m | SEC (XBRL)· 13 Aug 2026verified |
| Total liabilities | 1.9 m | 8.3 m | 10.5 m | 36.6 m | 74.8 m | 309.2 m | SEC (XBRL)· 13 Aug 2026verified |
| Equity | 38.0 m | 165.4 m | 89.9 m | 152.7 m | 463.5 m | 865.3 m | SEC (XBRL)· 13 Aug 2026verified |
| Shares outstanding at year end | — | — | — | 107.3 m | — | — | SEC (XBRL)· 18 Mar 2024verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -971.7 k | -17.4 m | -8.5 m | 1.1 m | -13.0 m | -288.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Capex | 4.5 m | 46.8 m | 19.3 m | 66.7 m | 94.0 m | 285.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Free cash flow | -5.5 m ≈ | -64.2 m ≈ | -27.8 m ≈ | -65.6 m ≈ | -107.0 m ≈ | -574.9 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Investing cash flow | -4.5 m | -46.8 m | -18.6 m | -69.2 m | -149.0 m | -287.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Financing cash flow | 5.3 m | 106.2 m | 18.7 m | 52.2 m | 242.9 m | 599.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Dividends paid | — | — | — | 1.6 m | — | 800.0 k | SEC (XBRL)· 27 Mar 2026verified |
| Share repurchases | — | 1.1 m | 76.8 k | — | — | — | SEC (XBRL)· 28 Apr 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 300.9 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.20 – 0.26 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.20 – 0.26 (Mid 0.22)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -42.1% | 33 (vs peers) | 21% |
| Net margin · Quality | -237.2% | 36 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 52.1% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -89.5x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.5x | 59 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -252.8% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partial4/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Bit Digital, Inc. (BTBT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 113.6 m USD in 2025; YoY growth 5.1%; net margin -237.2%; ROE -56.7%.
The estimated value range is 0.20–0.26 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.22 USD, the price of 0.83 USD leaves a potential of -73.1% (value / price − 1) and a margin of safety of -271.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 52.1%
What contradicts it
- Interest coverage: -89.5x
- FCF yield: -252.8%
- Shareholder yield (distributions): 0.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| IRENIREN Limited | 7.8 bn | — | -23.4% | -99.4% | +41.1% | −55% / +340% |
| HUTHut 8 Corp. | 5.9 bn | — | -34.5% | -169.8% | +44.8% | +9% / +415% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| AMBRAmber International Holding Limited | 865.0 m | — | -116.1% | -88.7% | −9.0% | −27% / −51% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| ABTCAmerican Bitcoin Corp. | 516.7 m | 7.5 | -10.5% | -26.7% | +158.8% | −90% / −99% |
| ORBSEightco Holdings Inc. | 340.9 m | — | -157.0% | -1,260.9% | −16.8% | −70% / −74% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −74% / −64% |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| DGXXDigi Power X Inc. | 217.0 m | — | -24.7% | -114.8% | −7.6% | −48% / +50% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +93% / +91% |
1- and 3-year price returns: for BTBT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bit Digital is a strategic asset company that holds Ethereum in a staking-oriented treasury and controls a majority stake in WhiteFiber, which provides AI and HPC infrastructure. Its relevance grows as it shifts from bitcoin mining toward productive assets and data center infrastructure, with revenue of 32.1 million USD in the second quarter of 2026.
SWOT
Strengths
- The company holds a significant ETH position and controls an AI subsidiary with multi-year contracts.
- Operating cash flow has increased, giving financial flexibility.
- A financing structure that avoided selling ETH or issuing equity shows prudent capital management.
Weaknesses
- The company has reported significant net losses, influenced by non-cash movements in digital assets.
- ETH holdings are exposed to price volatility, and some are pledged for loans.
- The company depends on WhiteFiber for a large share of its value and revenue.
Opportunities
- New cloud contracts and completion of the NC-1 facility could significantly increase HPC revenue.
- A large pipeline of data center projects could expand capacity if customer demand materializes.
- Strengthening the ETH treasury strategy could generate yield from staking and related services.
Threats
- A fall in the ETH price could reduce treasury value and pressure the balance sheet.
- Regulatory changes for digital assets could limit activity or raise costs.
- Competition in AI compute could affect pricing and WhiteFiber's market share.
Risks
- ETH price volatilityhigh
Treasury value and financial results depend directly on the ETH price, which can fluctuate sharply.
- Net losses and impairmentshigh
Net losses and non-cash impairments, such as the LsETH impairment, could weigh on investor confidence.
- Dependence on WhiteFibermedium
A large share of the company's value is tied to its WhiteFiber stake, which depends on project execution.
- Debt and collateralmedium
ETH-collateralized borrowing and convertible notes could limit financial flexibility if conditions change.
- Custody and security riskslow
Loss of access to assets through attacks or provider failures could have severe effects.
Investment thesis
What would need to be true (bull case)
- If cloud and colocation revenue keeps growing after NC-1 comes online, the company could show a more predictable revenue base.
- The ETH treasury combined with staking could generate yields that complement the AI business.
- Management is evaluating strategic options, which could narrow the gap between asset value and the share price.
What would break the thesis
- If the ETH price falls, treasury value and the balance sheet could come under significant pressure.
- Repeated net losses could limit the company's ability to fund growth without new issuance.
- Dependence on one main asset, WhiteFiber, could make the company vulnerable to project delays.
What to watch
- Completion of NC-1 billing and reaching the contracted annual run-rateQ3 2026
- Trajectory of cloud services revenue and new contractsQ3 2026
- Board decision on strategic options and asset separation2026
- Reaching the 70 MW capacity target at WhiteFiberQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Bit Digital, Inc. is a Cayman Islands holding company that describes itself as a strategic asset company focused on active participation in Ethereum (ETH) through treasury and staking strategies 1. According to its 2025 annual report, it held over 150000 ETH as of December 31, 2025, the majority staked 1. Through its 70.5% majority stake in WhiteFiber, the company also includes high performance computing activity, with cloud services and data centers 1. During 2025 and 2026 the company reduced its bitcoin mining, which is now a secondary activity 3.
Market context
The company operates in two markets: the ETH digital asset treasury, where value depends on the ETH price and demand for staking, and AI and HPC infrastructure, where demand for computing power and data centers is growing 13. WhiteFiber's pipeline of roughly 1500 MW under review illustrates the potential size of this market 2.
Trends
- Rising demand for AI computetailwind
Demand for GPU infrastructure and AI-optimized data centers could support growth in WhiteFiber's cloud services if new contracts convert into revenue 23.
- Evolution of Ethereum stakingmixed
Protocol changes and validator participation could alter staking yields, affecting revenue from ETH 1.
- Digital asset regulationheadwind
Regulatory frameworks for ETH, staking and custody could change access to capital and compliance costs 1.
- Decline of bitcoin miningmixed
Exiting mining reduces revenue from that activity but may free capital for ETH and infrastructure 3.
Competitive position
In ETH treasury the company competes with other digital asset companies that hold ETH and offer staking, and in HPC and cloud services it competes with specialized AI data center providers 12. The sources do not explicitly name a set of ticker-listed competitors, so the list below is limited to what appears in the documents.
- Institutional custody and staking providers
The company relies on third-party custody and staking services, so its cost and security are measured against this group of providers 1.
- AI data center providers
WhiteFiber competes with other data center and GPU cloud operators for AI customers 12.
- Bitcoin mining operators
The company's mining competes with other operators using similar hosting facilities 1.
- Other ETH treasury holders
The company presents itself as an ETH treasury, and the market compares it with other digital asset holders with similar strategies 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Bit Digital (BTBT) Turns Its Ethereum Stash Into a Lending MachineYahoo Finance — News · 10 Sept 2026 · EN
SEC filings
- Current report09 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report13 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report03 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report30 Jul 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report30 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement08 Jun 2026
- Current report27 May 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report31 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bit Digital, Inc. · 27 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bit Digital, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bit Digital, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.