Svmuureports that Bit Digital has released its financial results for the first quarter of 2026. The data shows the company's total revenue for the quarter was $27.9 million, a decrease of 13.6% from $32.3 million in the fourth quarter of 2025, primarily attributed to declines in cloud service revenue, ETH staking income, and digital asset mining revenue. The company reported a net loss of $146.7 million for the quarter, narrowing from a loss of $185.3 million in the previous quarter. The loss was mainly impacted by non-cash fair value adjustments on digital assets.
As of March 31, 2026, Bit Digital held a total of approximately 155,444 Ethereum. Based on ETH's closing price of around $2,104 on that day, the market value of the holdings was approximately $327 million. The company's average cost basis for its ETH holdings was approximately $3,045. To enhance capital flexibility, the company converted approximately 70,000 ETH into the liquid staking asset LsETH during the first quarter. As of April 30, approximately 60,677 ETH remained in native staking status.
In terms of business operations, the company's ETH staking revenue for the first quarter was $2.3 million, a sequential decrease of 29.4%; cloud service revenue was $16.8 million, a sequential decrease of 13.1%; hosting service revenue increased by 23.9% to $4.8 million; while digital asset mining revenue decreased by 32.9% sequentially to $3.7 million. Additionally, the company continued to gain exposure to AI infrastructure through its holdings in WhiteFiber. As of the end of the first quarter, Bit Digital held approximately 27.04 million shares of WhiteFiber stock, with a corresponding value of approximately $322 million based on the closing price at that time. (PRNewswire)