Bit Digital holds over 155,000 ETH in Q1, digital asset portfolio valued at $295 million

Odaily reports that Bit Digital has released its financial results for the first quarter of 2026. According to the data, the company's total revenue for the quarter was $27.9 million, a decrease of 13.6% compared to $32.3 million in the fourth quarter of 2025, primarily due to declines in cloud service revenue, ETH staking revenue, and digital asset mining revenue. The company reported a net loss of $146.7 million for the quarter, narrowing from $185.3 million in the previous quarter, with the loss mainly attributed to non-cash market value adjustments of digital assets.

As of March 31, 2026, Bit Digital held approximately 155,444 Ethereum. Based on ETH's closing price of around $2,104 on that day, the market value of its holdings was approximately $327 million. The company's average cost basis for its ETH holdings is approximately $3,045. To enhance capital flexibility, during the first quarter, the company converted approximately 70,000 ETH into the liquid staking asset LsETH. As of April 30, approximately 60,677 ETH remained in native staking status.

In terms of operations, the company's ETH staking revenue for the first quarter was $2.3 million, a sequential decrease of 29.4%; cloud service revenue was $16.8 million, down 13.1% quarter-over-quarter; hosting service revenue increased by 23.9% to $4.8 million; while digital asset mining revenue fell 32.9% quarter-over-quarter to $3.7 million. Additionally, the company continues to gain exposure to AI infrastructure through its holdings in WhiteFiber. As of the end of the first quarter, Bit Digital held approximately 27.04 million shares of WhiteFiber stock, corresponding to a value of approximately $322 million based on the closing price at that time. (PRNewswire)