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Business Description
Bit Digital, Inc. (Nasdaq: BTBT), formerly Golden Bull Limited (renamed September 2020), is a U.S.-listed company that transitioned from China-based Bitcoin mining to an Ethereum staking and AI/HPC infrastructure strategy, now holding a majority equity stake in a separately traded subsidiary.
Incorporated in 2015 as Golden Bull Limited, the company operated a Bitcoin mining fleet in China before Beijing's cryptocurrency ban prompted a full fleet relocation to North America, completed by November 2021. In subsequent years, Bit Digital systematically reduced Bitcoin mining exposure: by September 30, 2025, the fleet operated at 1.90 EH/s with monthly production of 21.63 BTC (per BitcoinMiningStock.io data), and Bitcoin treasury holdings stood at 6.10 BTC as capital was reallocated toward Ethereum and AI infrastructure.
ETH staking is now the company's primary operating activity. As of March 31, 2026, Bit Digital held 155,444.40 ETH (per BitcoinMiningStock.io data), with approximately 89% (roughly 138,263 ETH) actively staked via institutional-grade third-party custody as of December 31, 2025. The staking program generated 1,988.8 ETH, or $7.0 million in revenue, during fiscal year 2025, a 287% increase over the prior year at an annualized yield of approximately 3.5%. A $150 million tranche of 4.00% convertible notes due 2030, convertible at $4.16 per share, also sits on the balance sheet.
Bit Digital's AI/HPC exposure is structured through its approximately 70% equity stake in WhiteFiber, Inc. (Nasdaq: WYFI). WhiteFiber completed an upsized $159.4 million IPO in August 2025 with B. Riley Securities as lead left bookrunner. WhiteFiber operates the MTL-1 Tier-3 data center (4 MW gross) in Montreal and had approximately 4,000 GPUs under contract as of mid-2025. The subsidiary reported Q2 2025 revenues of $18.7 million (+48% year-over-year), with cloud services gross margin at 61%. Bit Digital committed in early 2026 to retain all approximately 27 million WhiteFiber shares through the calendar year.
At the consolidated level, Bit Digital reported FY2025 total revenues of $113.6 million, up 5% from $108.0 million in FY2024. Cloud services contributed $68.8 million (+50%), colocation services $8.9 million (+555%), and ETH staking $7.0 million (+287%). Net loss attributable to BTBT shareholders was $80.3 million, or $0.31 per diluted share. Enterprise value stood at $0.26 billion as of May 8, 2026, per BitcoinMiningStock.io data.
Q1 2026 financial results are scheduled for release following the May 7, 2026 announcement of the call date, with Bit Digital continuing to wind down Bitcoin mining as it consolidates around its Ethereum treasury and WhiteFiber AI infrastructure positions.
