Bit Digital, Inc. is a New York, New York-headquartered Strategic Asset Company (Nasdaq: BTBT) focused on Ethereum (ETH) strategies and AI/HPC infrastructure through its majority ownership of WhiteFiber Inc. (Nasdaq: WYFI). The Company has pivoted from bitcoin mining (now winding down) to a dual-pillar model: an ETH treasury (164,310.5 ETH valued at ~$258M at $1,569/ETH on June 30, 2026) generating staking yield and collateralized liquidity, and a controlling stake in WhiteFiber (27.0M shares, implied value ~$1.05B at $38.85/share) building the NC-1 data center campus for cloud/AI workloads. For Q2 2026, total revenue was $32.1M (+15% QoQ, +18% YoY H1), with cloud services at $23.8M (+42% QoQ, +29% YoY H1, ~58% gross margin), colocation at $4.7M (flat QoQ, +182% YoY H1, ~63% margin), ETH staking at $0.9M (down from $2.3M QoQ, +246% YoY H1), and bitcoin mining at $2.4M (32.3 BTC, down from 48.1 BTC, ~26% margin, winding down). Gross profit of $18.6M (57.9% margin). Net loss attributable to Bit Digital shareholders of $(107.2)M ($(0.31)/share) driven by non-cash digital asset movements (~$86M). Operating cash flow of $46.8M for H1 2026 (+33% YoY). Cash of $83.6M ($27.5M Bit Digital, $56.1M WhiteFiber). Contract liabilities of $143.1M, remaining performance obligations of ~$1.0B. Convertible notes of $336.2M. The Company executed a $50M treasury-backed financing against ETH and originated a $150M delayed draw facility for WhiteFiber's NC-1 development without selling ETH or issuing equity.
The investment thesis rests on three variables. The WhiteFiber NC-1 ramp and cloud services growth is the load-bearing infrastructure variable, with initial billing commenced at NC-1, 40MW of contracted IT load expected to reach full run-rate billing, $540M+ in new multi-year cloud contracts signed, and $200M+ annualized cloud revenue expected once fully deployed, and the strategic intent is to execute the NC-1 build-out and convert the contract backlog into recognized revenue. The ETH treasury productive deployment and collateralization is the load-bearing treasury variable, with 164,310.5 ETH ($258M), 75,757.5 ETH direct (staked), 73,235 ETH liquid-staked to 66,192 LsETH (49,000 LsETH collateralized for $105.6M receivable), $50M borrowed against treasury, and the strategic intent is to maximize productive use of ETH (staking yield, collateral, liquidity) without selling the principal. The bitcoin mining wind-down and capital reallocation is the load-bearing transition variable, with mining revenue down 58% YoY (32.3 BTC in Q2), gross margin positive but not strategic, no growth/maintenance capital allocated, and the strategic intent is to complete the mining exit and redeploy all capital to ETH and infrastructure.