Bit Digital, Inc is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $123m. The diluted share count is up 84.8% on a year earlier, which dilutes existing holders.
Our models give no value for Bit Digital at present, so past values are not shown.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Bit Digital, Inc's trailing-twelve-month revenue grew 23.6% year on year, with a free-cash-flow margin of -619.3%. Where it stands out: change in growth rate of +10.4pp ranks 5 of 34 internet services & infrastructure companies we cover. Where it lags: change in share count of 84.8% ranks 22 of 26 internet services & infrastructure companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 315.5% while net income fell 453.3%: a 138pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to revenue expected to be recognized from remaining performance obligations of $57.70m for the balance of 2026; revenue expected to be recognized from remaining performance obligations of $136.70m for the 2027.
Reported holdings, with the date attached
Balance date: not reconciled
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Material noncontrolling ownership requires the crypto holdings to be allocated to the listed common shareholders before NAV can be calculated.
No model value for Bit Digital, Inc at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value Bit Digital, Inc as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.09 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: Material noncontrolling ownership requires the crypto holdings to be allocated to the listed common shareholders before NAV can be calculated. |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bit Digital, Inc with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 12, 2026, before the open. Analysts expect revenue of $32m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.74 | −138% | $150m | +32% |
| Next | −$0.15 | +80% | $304m | +103% |
The consensus EPS forecast for the current fiscal year is +39.0% on 90 days ago. In the last 30 days, 0 analysts raised Bit Digital, Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | −$0.53 |
| 60 days ago | −$0.53 |
| 30 days ago | −$0.80 |
| 7 days ago | −$0.78 |
| Now | −$0.74 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.05 | −$0.31 | −520.0% |
| Mar 2026 | −$0.04 | −$0.45 | −1185.7% |
| Dec 2025 | −$0.01 | −$0.05 | −396.0% |
| Sept 2025 | $0.00 | −$0.07 | 0.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| BTBT | −72% | −90% | +605% | −31% | −36% | −61% |
| Industry peers (median) | +13% | −80% | +44% | −15% | −10% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| BTBT | 33% | 25% | 67% | 58% | 42% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| BTBT | −86% | −91% | −57% | −57% | −55% | −69% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since March 20, 2018: 98% from January 4, 2021 to December 28, 2022. Getting back needed a 5320% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | +7.5% | +0.5% | +9.2% | +4.1% |
| March 31, 2026 | +9.1% | +3.7% | +5.1% | +19.4% |
| November 14, 2025 | −8.7% | −0.9% | −17.1% | −16.7% |
| October 31, 2025 | −3.4% | +0.5% | −11.3% | −36.7% |
| July 29, 2025 | −5.3% | −0.4% | +5.0% | −8.7% |
| July 14, 2025 | −1.2% | −0.2% | −0.3% | −9.0% |
| March 14, 2025 | +6.2% | +2.9% | +2.6% | −18.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $7M |
| FY18 Q4 | $7.9M |
| FY19 Q4 | $4.6M |
| FY20 Q4 | $21.1M |
| FY21 Q4 | $96.1M |
| FY24 Q4 | $108.1M |
| FY25 Q1 | $102.8M |
| FY25 Q2 | $99.4M |
| FY25 Q3 | $107M |
| FY25 Q4 | $113.6M |
| FY26 Q1 | $116.4M |
| FY26 Q2 | $122.8M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY17 Q4 | 87.6% |
| FY18 Q4 | 13.5% |
| FY19 Q4 | -42.0% |
| FY20 Q4 | 360.7% |
| FY21 Q4 | 356.1% |
| FY25 Q4 | 5.1% |
| FY26 Q1 | 13.2% |
| FY26 Q2 | 23.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY17 Q4 | -19.6% |
| FY18 Q4 | -24.0% |
| FY19 Q4 | -43.6% |
| FY20 Q4 | 7.4% |
| FY21 Q4 | 6.1% |
| FY24 Q4 | 25.5% |
| FY25 Q1 | -70.0% |
| FY25 Q2 | -49.0% |
| FY25 Q3 | 121.2% |
| FY25 Q4 | -80.9% |
| FY26 Q1 | -156.7% |
| FY26 Q2 | -225.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY16 Q4 | -32.4% |
| FY17 Q4 | -28.2% |
| FY18 Q4 | -73.6% |
| FY20 Q4 | -26.0% |
| FY21 Q4 | -66.8% |
| FY24 Q4 | -99.0% |
| FY25 Q1 | -129.6% |
| FY25 Q2 | -184.2% |
| FY25 Q3 | -419.0% |
| FY25 Q4 | -506.2% |
| FY26 Q1 | -599.3% |
| FY26 Q2 | -619.3% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 4 | 7 | 8 | 5 | 21 | 96 | 32 | 45 | 108 | 114 | 123 |
| Gross profit | — | — | — | — | 7 | 65 | 12 | 15 | — | — | — |
| EBITDA | 0 | −1 | −2 | −2 | 5 | 20 | −79 | −2 | 60 | −55 | −235 |
| Operating income | 0 | −1 | −2 | −2 | 2 | 6 | −107 | −17 | 28 | −92 | −277 |
| Net income | 0 | −1 | −4 | −10 | −2 | −1 | −105 | −14 | 28 | −80 | −291 |
| Diluted EPS | $1.55 | −$0.04 | −$0.12 | −$0.31 | −$0.07 | −$0.02 | −$1.34 | −$0.16 | $0.19 | −$0.31 | −$0.89 |
| Growth (year on year) | |||||||||||
| Revenue | — | +87.6% | +13.5% | −42.0% | +360.7% | +356.1% | −66.4% | +39.1% | +140.6% | +5.1% | +23.6% |
| EBITDA | — | −608.9% | — | — | — | +314.6% | −490.5% | — | — | −191.9% | — |
| Operating income | — | −726.9% | — | — | — | +278.2% | <−999% | — | — | −433.2% | — |
| Net income | — | −685.7% | — | — | — | — | — | — | — | −383.7% | — |
| Diluted EPS | — | −102.3% | — | — | — | — | — | — | — | −263.2% | — |
| Margins | |||||||||||
| Gross margin | — | — | — | — | 33.0% | 68.0% | 36.9% | 34.2% | — | — | — |
| EBITDA margin | 6.9% | −18.7% | −22.9% | −42.9% | 23.3% | 21.1% | −245.7% | −4.9% | 55.4% | −48.4% | −191.5% |
| Operating margin | 5.9% | −19.6% | −24.0% | −43.6% | 7.4% | 6.1% | −331.8% | −37.0% | 25.5% | −80.9% | −225.3% |
| Net margin | 4.3% | −13.6% | −44.8% | −211.6% | −10.8% | −1.1% | −326.0% | −30.9% | 26.2% | −70.7% | −237.2% |
| Free-cash-flow margin | −32.4% | −28.2% | −73.6% | — | −26.0% | −66.8% | −86.2% | −145.9% | −99.0% | −506.2% | −619.3% |
| Cash flow | |||||||||||
| Cash from operations | −1 | −2 | −5 | −1 | −1 | −17 | −8 | 1 | −13 | −289 | −277 |
| Capital spending | 0 | 0 | 1 | — | 5 | 47 | 19 | 67 | 94 | 286 | 483 |
| Free cash flow | −1 | −2 | −6 | — | −5 | −64 | −28 | −66 | −107 | −575 | −761 |
| Stock-based pay | — | — | — | — | — | 22 | 2 | 9 | 10 | 25 | 18 |
| Free cash flow after stock pay | — | — | — | — | — | −86 | −30 | −75 | −117 | −599 | −779 |
| Balance sheet | |||||||||||
| Cash | 7 | 5 | 2 | 0 | 0 | 42 | 33 | 17 | 95 | 118 | 84 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 2 | 1 | 110 | 415 |
| Net debt (negative = net cash) | −7 | −5 | −2 | −0 | −0 | −40 | −30 | −15 | −94 | −8 | 331 |
| Diluted shares | — | 27m | 29m | 30m | 31m | 55m | 79m | 88m | 142m | 258m | 329m |
| Returned to shareholders | |||||||||||
| Dividends | — | — | — | — | — | — | — | 2 | — | 1 | 1 |
| Buybacks | — | — | — | — | — | 1 | 0 | — | — | — | — |
| Total returned | — | — | — | — | — | 1 | 0 | 2 | — | 1 | 1 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 23 | 26 | 25 | 26 | 30 | 32 | 28 | 32 |
| EBITDA | −28 | 37 | −45 | 20 | 151 | −181 | −133 | −73 |
| Operating income | −37 | 28 | −52 | 12 | 142 | −193 | −143 | −83 |
| Net income | −39 | 29 | −58 | 15 | 151 | −188 | −147 | −107 |
| Diluted EPS | −$0.26 | $0.20 | −$0.32 | $0.07 | $0.47 | −$0.77 | −$0.45 | −$0.31 |
| Growth (year on year) | ||||||||
| Revenue | — | — | −17.4% | −11.7% | +33.4% | +25.4% | +11.2% | +25.2% |
| EBITDA | — | — | −183.6% | — | — | −586.9% | — | −463.3% |
| Operating income | — | — | −211.0% | — | — | −777.3% | — | −803.8% |
| Net income | — | — | −215.2% | — | — | −750.1% | — | −820.8% |
| Diluted EPS | — | — | −174.4% | — | — | −485.0% | — | −542.9% |
| Margins | ||||||||
| EBITDA margin | −123.6% | 144.4% | −179.7% | 77.8% | 497.1% | −560.6% | −475.8% | −225.8% |
| Operating margin | −160.3% | 110.5% | −208.6% | 45.7% | 465.5% | −596.8% | −511.8% | −257.3% |
| Net margin | −169.9% | 112.4% | −229.9% | 58.0% | 495.3% | −582.5% | −525.2% | −333.9% |
| Free-cash-flow margin | 37.0% | −308.4% | −189.4% | −251.3% | −843.1% | −636.9% | −609.7% | −397.6% |
| Cash flow | ||||||||
| Cash from operations | 10 | 7 | 17 | 18 | −240 | −84 | −1 | 48 |
| Capital spending | 2 | 87 | 65 | 82 | 17 | 122 | 169 | 176 |
| Free cash flow | 8 | −80 | −48 | −64 | −257 | −206 | −170 | −128 |
| Stock-based pay | 5 | 4 | 0 | 1 | 1 | 2 | 15 | 0 |
| Free cash flow after stock pay | 3 | −83 | −48 | −65 | −257 | −208 | −186 | −128 |
| Last 12 months unless stated | BTBT | DHX | CIFR | TZOO | WULF | BGIN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $123m | $125m | $146m | $92m | $165m | $67m | $242m |
| Revenue growth, last 12 months | 23.6% | −7.3% | −29.2% | 4.9% | 14.6% | −77.7% | 8.3% |
| Revenue growth, 3-year average | 221.2% | −7.1% | — | 6.1% | 59.9% | — | 7.6% |
| Revenue growth, latest quarter | 25.2% | −2.1% | −62.8% | −2.9% | −6.0% | — | 5.5% |
| Gross margin | 68.0% | 83.8% | 50.5% | 76.3% | 40.2% | −112.2% | 49.5% |
| Operating margin | −225.3% | 4.9% | −387.2% | 1.9% | −250.4% | −261.3% | −56.0% |
| Operating margin, 3-year average | −89.0% | 1.8% | −155.8% | 13.0% | −122.9% | — | −25.3% |
| Net margin | −237.2% | 1.0% | −742.3% | 0.5% | <−999% | −262.6% | −55.8% |
| Cash from operations / revenue | −225.7% | 21.3% | −231.1% | 3.5% | −169.0% | −247.6% | −10.4% |
| Free-cash-flow margin | −619.3% | 16.2% | <−999% | 3.5% | <−999% | −253.8% | −25.9% |
| Free-cash-flow margin, 3-year average | −276.5% | 8.8% | −823.7% | 12.9% | −637.2% | — | −17.4% |
| Stock pay / revenue | 14.8% | 3.5% | 74.7% | 1.6% | 118.8% | 0.8% | 11.9% |
| Change in share count | 84.8% | −5.1% | 12.4% | −10.8% | 12.0% | 1.2% | 5.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 23.6% | 10.1% | 9 of 34 |
| Change in growth rate Growth | +10.4pp | -0.6pp | 5 of 34 |
| Operating margin Profitability | -225.3% | -49.3% | 25 of 33 |
| Net margin Profitability | -237.2% | -47.1% | 25 of 34 |
| Stock pay as % of revenue Cash generation | 14.8% | 12.4% | 19 of 32 |
| Long-term debt as % of assets Balance sheet | 2.1% | 20.2% | 4 of 25 |
| Change in share count Balance sheet | 84.8% | 5.2% | 22 of 26 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Cloud Services | $68.8M | 59.8% | ▲ 50.4% |
| Digital Asset Mining | $27.3M | 23.8% | ▼ 53.3% |
| Colocation Services | $8.9M | 7.7% | ▲ 554.8% |
| ETH Staking | $7M | 6.1% | ▲ 287.2% |
| Other | $1.5M | 1.3% | ▲ 172.0% |
| Other Revenue | $1.5M | 1.3% | ▲ 172.0% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| IS | $69.2M | 60.9% | ▲ 49.7% |
| United States | $27.3M | 24.1% | ▼ 53.3% |
| Canada | $8.9M | 7.8% | ▲ 554.8% |
| Singapore | $7M | 6.2% | ▲ 287.2% |
| Outside the US | $1.1M | 1.0% | ▲ 1136.0% |
From Bit Digital, Inc's 10-K filed March 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $56.2M | 31.2M | 16.6% | ▲ 13.7% |
| Geode Capital Management, LLC | $32.5M | 10.5M | 9.6% | ▲ 7.9% |
| State Street Corp | $24.2M | 13.5M | 7.1% | ▲ 11.2% |
| Millennium Management LLC | $16.5M | 9.2M | 4.9% | ▲ 221.2% |
| Charles Schwab Investment Management Inc | $15M | 8.3M | 4.4% | ▲ 2.3% |
| Citadel Advisors LLC | $14.2M | 7.9M | 4.2% | ▼ 20.2% |
| Allspring Global Investments Holdings, LLC | $14.1M | 8.0M | 4.2% | ▲ 37.7% |
| Invesco Ltd. | $12.6M | 7.0M | 3.7% | ▼ 29.4% |
| Goldman Sachs Group Inc | $9M | 5.0M | 2.7% | ▲ 164.0% |
| Jane Street Group, LLC | $8.6M | 4.8M | 2.5% | ▲ 360.5% |
| HRT Financial LP | $8.1M | 4.5M | 2.4% | ▲ 1266.1% |
| Renaissance Technologies LLC | $7M | 3.9M | 2.1% | ▼ 46.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bit Digital, Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Huang Erke Chief Financial Officer | November 21, 2025 | Sell | 410,636 | $2.01 | $825,378 |
| Huang Erke Chief Financial Officer | November 20, 2025 | Sell | 1,089,364 | $2.18 | $2.4M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 30, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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