Bit Digital vs Cipher Digital
Cipher Digital is the larger business, with $224m of revenue in fiscal 2025 against $114m for Bit Digital (2.0 times as much). Cipher Digital grew faster (48.0% against 5.1%). Bit Digital kept more of each dollar of sales as profit: a net margin of -70.7% against -367.2%. Bit Digital carries less debt relative to equity (15.2% against 397.9%).
| Latest fiscal year | Bit DigitalBTBT, 2025 | Cipher DigitalCIFR, 2025 |
|---|---|---|
| Revenue | $114m | $224m |
| Revenue growth | 5.1% | 48.0% |
| Net income | −$80.3m | −$822m |
| Operating margin | -80.9% | -188.2% |
| Net margin | -70.7% | -367.2% |
| Return on equity | -13.5% | -110.6% |
| Free cash flow | −$575m | −$696m |
| Cash | $118m | $628m |
| Total debt | $110m | $3.21bn |
| Debt to equity | 15.2% | 397.9% |
| Dividend per share | — | — |
| Dividend yield | 0.3% | — |
| Share buybacks | — | $89.6m |
| Employees | 104 | 66 |
| Market value | $299m | $3.34bn |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 2 sales | 0 buys, 29 sales |