# Bit Digital, Inc. (BTBT)

> Source: Nexqual · https://nexqual.com/BTBT · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Bit Digital, Inc. (BTBT), nexqual.com/BTBT" · informational, not investment advice.

**Price:** USD 0.84 (-6.85% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 0.91 · day 0.84–0.94 · 52w 0.84–4.08 · market cap $305M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $123M, net income -$291M (-237.2% margin) (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 3.63 (range 3.5–4).
- Total return with dividends: 1Y -78.4% vs S&P 500 +13.4%; 5Y -94.1% vs S&P 500 +76.9%.
- Next earnings: 2026-11-12, EPS estimate USD -0.05, revenue estimate $32.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $32.3M | $44.9M | $108M | $114M | $123M |
| Operating income | -$107M | -$16.6M | $27.6M | -$91.8M | -$277M |
| Net income | -$105M | -$13.9M | $28.3M | -$80.3M | -$291M |
| EPS (diluted) | -$1.34 | -$0.16 | $0.19 | -$0.31 | — |
| Free cash flow | -$27.8M | -$65.6M | -$107M | -$575M | -$761M |
| Operating margin | -331.8% | -37.0% | 25.5% | -80.9% | -225.3% |
| Net margin | -326.0% | -30.9% | 26.2% | -70.7% | -237.2% |
| Revenue growth | — | +39.1% | +140.6% | +5.1% | — |
| Cash + short-term investments | $34.0M | $16.9M | $95.2M | $118M | — |
| Total debt | — | — | — | $110M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.5x · P/B 0.8x · FCF yield -249.70% · Earnings yield -95.63% · Dividend yield (paid, TTM) 0.26%
P/E at fiscal year-ends: Dec 2024 14.6x.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 3.63 (low 3.5, high 4).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -78.4% | -94.1% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -78.5% | -43.2% |
| Volatility (annualized) | 88.0% | 92.6% |
| Max drawdown | -78.8% (Oct 2025→Oct 2026) | -95.8% (Oct 2021→Dec 2022) |

## Peers (Capital Markets)
MIAX (Miami International Holdings, I) USD 33.98 -2.89% · LAZ (Lazard, Inc.) USD 37.21 -0.24% · MC (Moelis & Company) USD 54.53 -0.96% · PIPR (Piper Sandler Companies) USD 64.63 -1.39% · RIOT (Riot Platforms, Inc.) USD 12.53 -2.79% · VIRT (Virtu Financial, Inc.) USD 55.93 -0.57%

## More
Full page: https://nexqual.com/BTBT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BTBT's own 10-K filed 2026-03-27 (https://www.sec.gov/Archives/edgar/data/1710350/000121390026035544/ea0279621-10k_bitdigit.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | WhiteFiber, Inc. (WYFI) | "Enovum is 100% owned by WhiteFiber through a general partner and a limited partner in a Delaware operating partnership." |
| Customer | AI | "As demand continues for AI services, AI providers, including our customers, have sought increased compute capacity" |
| Customer | NVIDIA (NVDA) | "the customer could evaluate an upgrade to newer generation Nvidia GPUs." |
| Customer | HPC | "During 2025, our HPC data center in Iceland had contracts with 21 customers." |
| Customer | Enovum Data Centers | "Enovum which holds our data center business that provides customers with physical space, power, and cooling within data center" |
| Partner | Blockfusion | "In May 2022, our hosting partner Blockfusion advised" |
| Partner | Soluna SW | "agreement with Soluna SW, Inc. to continue our business relationship." |
| Partner | Dell Technologies (DELL) | "partner with SuperMicro Computer Inc.®, an authorized Communications Service Provider ("CSP") with Dell (through Dell's" |
| Partner | Hewlett Packard Enterprise (HPE) | "exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise and a commercial relationship with" |
| Partner | Quanta Computer | "partnerships with major hardware providers such as NVIDIA, SuperMicro, Dell, Hewlett Packard Enterprise, and QCT, and deploys advanced" |
| Competitor | CoreWeave (CRWV) | "operators in the U.S. WhiteFiber's primary competitors in the cloud service business are CoreWeave, Crusoe Energy, Nebius," |
| Competitor | Nebius (NBIS) | "operators in the U.S. WhiteFiber's primary competitors in the cloud service business are CoreWeave, Crusoe Energy, Nebius," |

Other companies that name BTBT in their own reports (relationship from BTBT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | WhiteFiber, Inc. (WYFI) | 10-K 2026-03-26 | "of the IPO, the Company entered into a Contribution Agreement with Bit Digital, pursuant to which Bit Digital contributed its HPC business" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Consolidated Revenue | $32.1M | 100.0% | +25.2% |
| — Cloud Services (part of Total Consolidated Revenue) | $23.8M | 74.1% | +43.5% |
| — Colocation Services (part of Total Consolidated Revenue) | $4.7M | 14.7% | +173.3% |
| — Digital Asset Mining (part of Total Consolidated Revenue) | $2.4M | 7.4% | -64.2% |
| — ETH Staking (part of Total Consolidated Revenue) | $903,000 | 2.8% | +147.4% |
| — Other (part of Total Consolidated Revenue) | $307,000 | 1.0% | -9.2% |
| Segment Revenue | $31.8M | 99.1% | — |
| Total Consolidated Cost Of Revenue | $13.5M | 42.1% | — |
| Other Revenue | $307,000 | 1.0% | -9.2% |
| Intersegment Revenue | $26,000 | 0.1% | — |
| Total revenue | $32.1M | 100% | — |
The lines above cover 242.2% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Iceland | $69.2M | 60.9% | +49.7% |
| United States | $27.3M | 24.1% | -53.3% |
| Canada | $8.9M | 7.8% | +554.8% |
| Singapore | $7.0M | 6.2% | +287.2% |
| Non Us | $1.1M | 1.0% | +1136.0% |
| Total revenue | $113.6M | 100% | — |

## Company outlook (8-K filed 2026-08-13)

- "NC-1 is not reflected in second quarter results and is expected to begin contributing in the third quarter. ● Revenue from ETH staking was $0.9 million, compared to $2.3 million in the prior quarter."
- "Initial billing has commenced at NC-1, with full contracted run-rate billing across 40 megawatts of contracted IT load expected later this month."
- "Based on contracts signed to date, its Cloud Services portfolio is expected to generate more than $200 million of annualized revenue once fully deployed.” “Our operating results improved through the quarter."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.05 | $-0.02 | +166.7% | $32.1M | 3 |
| Next quarter (ends 2026-12-31) | $-0.03 | $-0.01 | +233.3% | $57.3M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.74 | $-0.53 | +39.0% | $149.3M | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.15 | $0.00 | — | $310.1M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±30.5%; last 7 reports averaged ±5.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 115.4% | ±19.9% |
| 2026-11-06 | 14 | 202.3% | ±36.9% |
| 2026-11-13 | 21 | 184.5% | ±30.5% |
| 2026-11-20 | 28 | 124.8% | ±32.8% |
| 2026-11-27 | 35 | 169.8% | ±46.9% |
| 2026-12-18 | 56 | 107.6% | ±38.7% |
| 2027-01-15 | 84 | 108.3% | ±46.3% |
| 2027-02-19 | 119 | 121.4% | ±59.8% |