Bit Digital (NASDAQ:BTBT) released first-quarter financial results and hosted an earnings call on Friday. Read the complete transcript below.
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Access the full call at https://event.webcasts.com/starthere.jsp?ei=1762845&tp_key=e91036997d
Summary
Bit Digital reported Q1 2026 total revenue of $27.9 million, a 13.7% decrease from Q4 2025, with significant declines in Ethereum staking and digital asset mining revenues.
The company is strategically shifting focus away from Bitcoin mining towards Ethereum, AI infrastructure, and treasury operations, emphasizing long-term value creation over short-term gains.
Bit Digital’s strategic initiatives include maintaining a significant stake in White Fiber to capitalize on AI infrastructure demand and expanding relationships within the Ethereum ecosystem, including a direct purchase agreement with the Ethereum Foundation.
The company is exploring strategic acquisition opportunities, particularly in Ethereum-adjacent infrastructure and the agentic economy, to enhance revenue and align with their long-term strategy.
Management emphasized the convergence of AI and Ethereum as a strategic focus, seeing compute as a new asset class amid growing demand, and expressed confidence in their positioning for future growth.
Full Transcript
OPERATOR
Hello and welcome to the Bit Digital First Quarter 2026 Earnings Conference Call. During the call, all participant lines will be in listen only mode. Following management’s remarks, we’ll open the line for questions. If you would like to ask the question at that time, please press star 1 on your telephone keypad. As a reminder, today’s call is being recorded. I’ll now turn the call over to your host, Daniel Kennedy, Head of Investor Relations at Bit Digital. Daniel, please go ahead.
Daniel Kennedy (Head of Investor Relations)
Thank you and welcome everyone to Bit Digital’s first quarter 2026 earnings call. Joining me today are Sam Tabar, our Chief Executive Officer, and Eric Huang, our Chief Financial Officer. I’d like to remind everyone that certain statements made during today’s call may be forward looking. These statements are subject to risks and uncertainties that could cause results to differ. For a discussion of these risks, please refer to our SEC filings,, including our Form 10Q filed today. Throughout the call, we may also refer to non-GAAP financial measures. Reconciliations to the most direct comparable GAAP measures can be found in our earnings materials available on our website. Unless otherwise indicated. Figures discussed during these remarks are rounded for readability. Following our prepared remarks, we will open the call for questions. With that, I’ll turn the call over to thank you, Daniel and thank you everyone for joining us. Before I begin, I would like to extend a hand of welcome to our new Head of Investor Relations, Daniel Kennedy. He was formerly a board member, advisor and Director to publicly listed companies across the digital asset, crypto, fintech and AI infrastructure sectors. Welcome aboard Daniel, and we look forward to your abilities to share the BitDigital story and trajectory to our shareholders. BitDigital continued advancing its strategic asset transition during the first quarter. Our business today is centered around three verticals Ethereum, treasury and staking AI infrastructure through white fiber and building durable cash flow through disciplined capital allocation. We believe these businesses complement each other. Ethereum provides long term treasury exposure and staking yield. White fiber provides exposure to AI infrastructure and compute demand. Over time, we expect additional operating businesses to support recurring revenue generation across the platform. Starting with Ethereum. We continue viewing Ethereum as foundational infrastructure for digital assets and on chain financial activity. Our approach remains disciplined. We are focused on increasing eth per share over time while maintaining balance sheet flexibility and capital efficiency. Turning to our white fiber holding White fiber remains a core strategic asset for BitDigital and provides critical exposure to AI infrastructure where demand for compute continues exceeding available supply. We expect these constraints to persist, presenting opportunities which we believe we are uniquely positioned to capitalize on we continue viewing White Fiber as a long term holding and do not intend to monetize the position in 2026. Our company has a long history of execution in HPC, delivering projects on time and on budget to customers and partners. Importantly, Bit Digital continues to maintain a significant ownership position in White Fiber. The company held approximately 27 million white fiber shares with a market value of approximately 322.1 million as of the end of March 2020. Turning briefly to mining, we continued reducing exposure to Bitcoin mining during the quarter. Mining remains cash flow generative, but it is no longer a strategic growth priority. Capital will continue shifting towards Ethereum and infrastructure related opportunities. Turning to the convergence and the constraint, we believe AI and Ethereum are converging. We are uniquely positioned through our exposure to AI infrastructure, the Ethereum ecosystem and strategic acquisitions. At the same time, demand for compute and power continues to exceed available supply. We believe COMPUTE itself is becoming sufficiently scarce and valuable to emerge as a new asset class. We are strategically positioned to capitalize on both the convergence and the constraint. Finally, we will continue evaluating opportunities to expand recurring cash flow generation across our strategic asset platform. We remain disciplined in our approach and focused on long term value creation rather than transaction volume. I’ll now turn the call over to Eric.
Sam Tabar (Chief Executive Officer)
Thank you. Our first quarter 2026 results reflect the continued repositioning of the business toward infrastructure making and treasury operations. Total revenue for Q1 was $27.9 million, compared to 32.3 million in Q4 2025. This represents a decrease of 13.7% quarter over quarter. Cloud services revenue was $16.8 million, down 13.1% Q and over Q. …
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