Bit Digital (BTBT) Company Report

Bit Digital (BTBT) has transitioned from a Bitcoin miner to a strategic asset company, focusing on owning and operating productive infrastructure in Ethereum economic infrastructure and AI/HPC intelligence infrastructure.
As of the end of 2025, Bit Digital held approximately 155,000 ETH, with about 90% actively staked yielding 3-4%, and a 70% equity stake in WhiteFiber (WYFI), an AI infrastructure company.
The combined market value of these assets was nearly $900 million at the end of 2025, though it recently stood at approximately $650 million due to digital asset price pressure.
Bit Digital issued $150 million in unsecured convertible notes in 2025, ensuring its ETH holdings are not collateralized. WhiteFiber, its majority-owned AI infrastructure company, had approximately 11 MW online at the end of 2025, projected to grow to over 75 MW by year-end 2026, and recently signed an $865 million contract with Nscale.

3 hours ago

Transcript

Bit Digital outlines strategic asset company model and asset base

BTBT

New Projects/Investments

Debt Issuance

Bit Digital (BTBT) has transitioned to a "strategic asset company" model, focusing on owning and operating productive digital infrastructure, specifically Ethereum economic infrastructure and AI/HPC intelligence infrastructure through WhiteFiber.
As of the end of 2025, Bit Digital's balance sheet includes approximately 155,000 ETH, with about 90% actively staked yielding 3%-4%, and a 70% majority equity ownership in WhiteFiber (representing 27 million shares).
WhiteFiber, a public AI infrastructure company (ticker Wi-Fi) that IPO'd in 2025, had 11 MW online at the end of 2025, with an expected growth to over 75 MW by year-end 2026, and recently secured an $865 million contract over 10 years with Nscale.
In 2025, Bit Digital issued $150 million of unsecured convertible notes, structured to ensure its ETH holdings are not collateralized.

3 hours ago

Transcript

Bit Digital outlines strategic shift to Ethereum and AI infrastructure

BTBT

New Projects/Investments

Debt Issuance

Revenue Acceleration/Inflection

Bit Digital (BTBT) has transitioned from Bitcoin mining to a strategic asset company focused on Ethereum economic infrastructure and AI/HPC intelligence infrastructure through its majority ownership in WhiteFiber.
As of the end of 2025, the company holds approximately 155,000 ETH, with about 90% actively staked yielding 3-4%, and owns approximately 27 million shares of WhiteFiber, representing 70% ownership.
The combined market value of these assets was nearly $900 million at the end of 2025, recently approximately $650 million, with WhiteFiber's stock up 10% year-to-date offsetting some crypto weakness.
WhiteFiber, in which Bit Digital holds a 70% stake, expects to grow its online capacity from 11 MW at the end of 2025 to over 75 MW by year-end 2026, and recently signed an $865 million 10-year contract with Nscale.
Bit Digital issued $150 million in unsecured convertible notes in 2025, ensuring its ETH holdings are not collateralized and providing balance sheet flexibility.

3 hours ago

Transcript

Bit Digital (BTBT) Investor Presentation Highlights Strategic Shift and Asset Valuation

BTBT

New Projects/Investments

Guidance Update

Bit Digital (BTBT) is transitioning to a Strategic Asset Company (SAC), focusing on Ethereum economic infrastructure and AI/HPC intelligence infrastructure through its majority stake in WhiteFiber.
As of December 31, 2025, the company held 155,277.3 ETH valued at $460.7 million and a 70.4% stake in WhiteFiber (WYFI) with 27,043,750 shares valued at $427.3 million.
Bit Digital's mNAV per share was $2.74 as of December 31, 2025, representing a 31% discount compared to its share price of $1.89.
WhiteFiber, the AI compute and data center infrastructure subsidiary, had approximately 11 MW online in 2025 and anticipates 76 MW online by year-end 2026, with a pipeline of ~1.6 GW and ~4,500 NVIDIA GPUs deployed.

5 hours ago

Presentation

Bit Digital, Inc. Outlines Strategic Asset Company Focus and Asset Holdings

BTBT

New Projects/Investments

Guidance Update

Bit Digital, Inc. (BTBT) presented its strategy as a Strategic Asset Company (SAC), emphasizing its focus on Ethereum economic infrastructure and AI/HPC intelligence infrastructure.
As of December 31, 2025, the company's asset holdings included 155,277.3 ETH valued at approximately $460.7 million and a 70.4% equity stake in WhiteFiber (WYFI) valued at approximately $427.3 million.
The company reported 138,263 ETH staked as of December 31, 2025, yielding 644.3 ETH in staking rewards for Q3 2025 with an annual yield of 3.5%.
Bit Digital's mNAV per share was $2.74 as of December 31, 2025, representing a 31% discount to its share price of $1.89.

10 hours ago

8-K

Bit Digital Details Strategic Shift to Ethereum and AI Infrastructure

BTBT

New Projects/Investments

Debt Issuance

Revenue Acceleration/Inflection

Bit Digital has undergone a structural shift, exiting bitcoin mining to focus on Ethereum as economic infrastructure and AI as intelligence infrastructure through its majority stake in WhiteFiber.
As of the third quarter (2025), the company held over 150,000 ETH, with the majority staked to generate protocol-native rewards.
Bit Digital will not sell any of its WhiteFiber shares in 2026 and intends to remain a long-term owner, viewing it as a core strategic asset.
To support this transformation, the company completed an unsecured convertible note offering during 2025 and aims for alpha generation through active value creation in the future.

6 days ago

Press Release

Bit Digital Reaffirms Long-Term WhiteFiber Investment

BTBT

New Projects/Investments

Guidance Update

Bit Digital, Inc. (Nasdaq: BTBT) has reaffirmed its long-term investment in WhiteFiber, Inc. (Nasdaq: WYFI).
The company will not sell any of its approximately 27 million WhiteFiber shares in any secondary offering or discretionary disposition during 2026, following the expiration of the IPO lockup period on February 2, 2026.
Bit Digital considers its WhiteFiber investment a core strategic holding that represents its primary exposure to AI infrastructure.
Bit Digital's core business is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies.

7 days ago

Press Release

Bit Digital Reports December 2025 Ethereum Treasury and Staking Metrics

BTBT

New Projects/Investments

As of December 31, 2025, Bit Digital held approximately 155,227.3 ETH with a market value of approximately $460.5 million.
The company's total staked ETH reached approximately 138,263, representing 89% of its total ETH holdings, and generated 389.6 ETH in rewards during December 2025.
Bit Digital acquired approximately 366.8 ETH in December 2025, bringing its total average ETH acquisition price for all holdings to approximately $3,045 as of month-end.
Additionally, Bit Digital owned approximately 27.0 million WhiteFiber (WYFI) shares, valued at approximately $427.3 million, as of December 31, 2025.

Jan 7, 2026, 1:00 PM

Press Release

Bit Digital Reports November 2025 Ethereum Treasury and Staking Metrics

BTBT

New Projects/Investments

As of November 30, 2025, Bit Digital held approximately 154,398.7 ETH, with a market value of approximately $461.9 million.
The company's total staked ETH reached approximately 137,621, representing about 89.1% of its total holdings, and generated 328.5 ETH in rewards during November 2025.
Bit Digital reported 323,674,831 shares outstanding and maintained ownership of approximately 27.0 million WhiteFiber (WYFI) shares, valued at approximately $579.5 million as of November 30, 2025.

Dec 5, 2025, 1:00 PM

Press Release

Bit Digital Reports Strong Q3 2025 Financials, Significant Growth in Ethereum Holdings and Staking Revenue

BTBT

Earnings

New Projects/Investments

Convertible Preferred Issuance

Bit Digital reported strong Q3 2025 financial results, with total revenue of $30.5 million and net income of $146.7 million, or $0.47 per diluted share, largely due to a $168 million gain on digital assets.
The company significantly expanded its Ethereum (ETH) holdings, reaching approximately 122,000 ETH by September 30, 2025, with 100,000 ETH staked. By the end of October, ETH holdings further increased to 153,000 ETH, with 132,000 actively staked.
Ethereum staking revenue surged to $2.9 million in Q3 2025, marking a 542% increase year-over-year, establishing it as a key revenue driver.
Post-quarter, Bit Digital secured $150 million through a convertible notes offering (4% due 2030) to acquire an additional 31,000 ETH, demonstrating a disciplined approach to capital deployment.
The company is methodically winding down its Bitcoin mining operations, producing 65 BTC in Q3 2025, and plans to retain its 71.5% ownership stake in White Fiber throughout 2026.