Bit Digital vs Terawulf
Terawulf is the larger business, with $168m of revenue in fiscal 2025 against $114m for Bit Digital (1.5 times as much). Terawulf grew faster (20.3% against 5.1%). Bit Digital kept more of each dollar of sales as profit: a net margin of -70.7% against -392.6%. Bit Digital carries less debt relative to equity (15.2% against 2522.0%).
| Latest fiscal year | Bit DigitalBTBT, 2025 | TerawulfWULF, 2025 |
|---|---|---|
| Revenue | $114m | $168m |
| Revenue growth | 5.1% | 20.3% |
| Net income | −$80.3m | −$661m |
| Operating margin | -80.9% | -110.5% |
| Net margin | -70.7% | -392.6% |
| Return on equity | -13.5% | — |
| Free cash flow | −$575m | −$1.18bn |
| Cash | $118m | $3.27bn |
| Total debt | $110m | $3.54bn |
| Debt to equity | 15.2% | 2522.0% |
| Dividend per share | — | — |
| Dividend yield | 0.3% | — |
| Share buybacks | — | $33.3m |
| Employees | 104 | 141 |
| Market value | $299m | $6.21bn |
| Price vs our value range | — | — |
| Moat score | — | 22 (Weak) |
| Insider trades, 12 months | 0 buys, 2 sales | 13 buys, 17 sales |