Logo

BTBT

Bit Digital, Inc.

BTBT

Bit Digital, Inc. • NASDAQ
$2.38 ▲ 2.59% (+0.06)
Market Cap $769.50 M
52w High $5.20
52w Low $1.69
Dividend Yield 0%
P/E 3.61
Volume 25.80M
Outstanding Shares 323.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $30.009M ▲ $-123.928M ▼ $150.884M ▲ 502.788% ▲ $0.48 ▲ $153.384M ▲
Q2-2025 $25.659M ▲ $736.196K ▼ $14.874M ▲ 57.968% ▲ $0.072 ▲ $-7.192M ▼
Q1-2025 $25.105M ▼ $64.683M ▲ $-57.712M ▼ -229.88% ▼ $-0.32 ▼ $4.079M ▼
Q4-2024 $81.814M ▲ $37.403M ▼ $28.973M ▲ 35.413% ▲ $0.2 ▲ $49.831M ▲
Q3-2024 $22.709M $43.981M $-38.795M -170.841% $-0.26 $-6.443M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $180.146M ▼ $1.133B ▲ $87.503M ▼ $906.154M ▲
Q2-2025 $185.199M ▲ $723.419M ▲ $90.23M ▲ $633.189M ▲
Q1-2025 $61.224M ▼ $485.249M ▼ $67.831M ▼ $417.418M ▼
Q4-2024 $98.159M ▼ $538.248M ▲ $74.769M ▲ $463.479M ▲
Q3-2024 $105.062M $375.97M $60.953M $315.017M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $146.725M ▲ $-239.96M ▼ $-15.82M ▲ $253.382M ▲ $-2.048M ▼ $-256.833M ▼
Q2-2025 $14.874M ▲ $17.693M ▲ $-83.279M ▼ $189.936M ▲ $123.611M ▲ $-64.49M ▼
Q1-2025 $-57.712M ▼ $17.402M ▲ $-64.961M ▲ $9.377M ▼ $-37.646M ▼ $-47.559M ▲
Q4-2024 $28.973M ▲ $7.324M ▼ $-125.03M ▼ $111.149M ▲ $-6.652M ▼ $-79.51M ▼
Q3-2024 $-38.795M $10.059M $-17.332M $51.435M $44.162M $8.451M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Other Revenue Member
Other Revenue Member
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Bit Digital’s income statement shows a company in transition that has recently moved from heavy losses to modest profitability. Revenue has climbed steadily over the past few years, and recent results suggest that the new business mix (Ethereum staking and AI infrastructure) is starting to show up in the top line. Margins have improved: operating results and EBITDA have swung from negative to positive, and net income has turned profitable after prior losses. That said, the earnings base is still relatively small and likely to be volatile, given exposure to crypto markets and early-stage AI infrastructure contracts.

Balance Sheet

Balance Sheet The balance sheet looks much stronger than a few years ago. Total assets and shareholder equity have grown several-fold, suggesting successful capital raises and reinvestment into infrastructure and digital assets. Cash reserves have increased meaningfully, while reported debt remains very low, indicating a conservative use of leverage. Overall, the company appears to have built a sturdier financial foundation to support its growth strategy, though its asset base is still concentrated in a niche, higher-risk sector.

Cash Flow

Cash Flow Cash flow tells a more cautious story. Operating cash flow has hovered around break-even or slightly negative, which means accounting profits are not yet translating into strong, recurring cash generation. Free cash flow has been consistently negative because the company is spending heavily on new data centers and equipment, especially in the most recent period. This pattern is typical for a growth-focused infrastructure business, but it also means Bit Digital remains dependent on external funding or future cash improvements to sustain its expansion pace.

Competitive Edge

Competitive Edge Competitively, Bit Digital is carving out a differentiated niche by combining Ethereum staking with high-performance computing services for AI. Its early pivot away from pure Bitcoin mining has given it a head start in building staking infrastructure and accumulating Ethereum at scale. On the AI side, owning and operating higher-tier data centers and offering GPU-based cloud and colocation services positions it to benefit from rising demand for compute power. However, the company is still small relative to major cloud and data center operators, and it faces intense competition from both traditional tech giants and crypto-native peers, so its moat is promising but not yet firmly established.

Innovation and R&D

Innovation and R&D Innovation is at the core of Bit Digital’s current strategy. The company is moving up the value chain from simple crypto mining to more complex services like institutional-grade Ethereum staking and tailored AI infrastructure solutions. Acquisitions of Tier 3 data centers and the buildout of brands such as Bit Digital AI and WhiteFiber indicate a push into higher-quality, higher-value services. Future innovation seems focused on expanding data center capacity, refining staking strategies, and developing specialized AI offerings, but this will require continued investment, strong execution, and the ability to keep up with rapid technological change.

Summary

Overall, Bit Digital looks like an early-stage transformation story: it has shifted its business model, strengthened its balance sheet, and recently returned to profitability, while still generating weak free cash flow due to heavy investment. The company’s strategy places it at the crossroads of two powerful trends—Ethereum’s proof-of-stake ecosystem and AI-driven demand for computing power—which creates meaningful growth potential but also substantial execution and market risk. Financially, it has improved resilience with more cash and equity and limited debt, yet remains sensitive to crypto prices, regulatory developments, and competition in AI infrastructure. The key question going forward is whether it can turn its early-mover position and infrastructure build-out into durable, cash-generative businesses over time.

NEWS

November 14, 2025 · 8:30 AM UTC

Bit Digital, Inc. Announces Financial Results for the Third quarter of Fiscal Year 2025

Read more

November 7, 2025 · 4:05 PM UTC

Bit Digital, Inc. Announces Date for Third Quarter 2025 Financial Results and Conference Call

Read more

November 7, 2025 · 8:00 AM UTC

Bit Digital Inc. Reports Monthly Ethereum Treasury and Staking Metrics for October 2025

Read more

October 8, 2025 · 7:30 AM UTC

Bit Digital Inc. Purchases 31,057 ETH With Convertible Notes Proceeds, Raising Capital at a Premium to mNAV

Read more

October 7, 2025 · 5:00 PM UTC

Bit Digital Inc. Reports Monthly Ethereum Treasury and Staking Metrics for September 2025

Read more