Bit Digital

BTBT · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

BTBT · Last close · November 6, 2026

$0.73

Bit Digital's revenue rose 5.1% to $114 million in fiscal 2025. Its operating margin was −80.9%, down from 25.5% a year earlier. Free cash flow was −$575 million. It paid out $1 million in dividends and buybacks. The diluted share count rose 82.2%.

Bit Digital, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 27, 2026 · 0001213900-26-035544 Updated November 7, 2026

Revenue

$114M

5.1%

Operating margin

−80.9%

106.4 pts

Net income

−$80M

$28M a year earlier

Free cash flow

−$575M

Return on equity

−13.5%

22.7 pts

Market cap

$257M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Bit Digital does

Bit Digital is a holding company incorporated in the Cayman Islands. It calls itself a strategy asset company: it owns assets that produce yield or usage and builds operations around them. Its main activity is Ethereum. It buys and stakes the cryptocurrency ETH, which means locking it up to help run the Ethereum network and earn rewards paid in ETH. It also has a smaller digital asset mining operation.

In June 2025 it announced a move to become a pure play ETH staking and treasury company, and it has been converting its bitcoin holdings into ETH over time. It also owns about 70.5% of WhiteFiber, a separate company listed on Nasdaq that sells cloud services and data center space for artificial intelligence and high performance computing. WhiteFiber went public in August 2025, after Bit Digital moved its computing business into it.

The company says its aim is to build a large ETH holding while keeping some exposure to AI computing infrastructure.

Its biggest risks, as it describes them

Large swings in the price of ETH and bitcoin, which make up its holdings.
Risks of staking, including software flaws, custody failures and loss of private keys.
Rules for digital assets that keep changing and may differ between countries.
A history of operating losses and a business model built around holding digital assets.
Depending on affordable, reliable electricity and data center hosting.

From Bit Digital's annual report on Form 10-K, filed March 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2024, earnings per share fell 35.3% a year and net income grew 85.7% a year, as new shares raised the share count by 444% and diluted each share's earnings. Bit Digital then lost money in fiscal 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	43	33	17	95	118
Debt incl. finance leases	3	3	—	—	123
Net debt (negative means net cash)	−41	−30	—	—	5
Net debt to EBITDA	−2.0x	—	—	—	—
Debt to equity	0.0x	0.0x	—	—	0.2x
Interest coverage	—	—	—	—	−29.7x
Current ratio	17.9x	8.7x	3.1x	5.4x	6.4x
Quick ratio	17.9x	8.7x	3.1x	5.4x	6.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Bit Digital's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Bit Digital's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Bit Digital shares on the open market, and 1 insider sold $3.2 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 21, 2025	Erke HuangChief Financial Officer, Director	Sold	410,636	$2.01	$825,378	Form 4
Nov 20, 2025	Erke HuangChief Financial Officer, Director	Sold	1,089,364	$2.18	$2.4 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	−106.9%	41.5%	−501.1%
Altman Z''	3.21	9.21	4.72
Accruals ratio	−10.3%	11.3%	24.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Fail	Fail
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Bit Digital side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Bit Digital	FY25	5.1%	−80.9%	−506.2%	—	—	—
TeraWulf	FY25	20.3%	−110.5%	−702.5%	—	—	1	Compare
Cipher Digital	FY25	48.0%	−188.2%	−310.7%	−18.2%	—	3	Compare
Keel Infrastructure	FY25	72.0%	−65.2%	−142.6%	−20.5%	—	2	Compare
Hut 8	FY25	44.8%	−136.9%	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4	7	8	5	21	96	32	45	108	114
Revenue growth	—	87.7%	13.4%	−42.0%	360.7%	356.1%	−66.4%	39.1%	140.6%	5.1%
Gross profit	—	—	—	—	7	65	12	15	—	—
Research and development	0	0	0	0	—	—	—	—	—	—
Operating income	0	−1	−2	−2	2	6	−107	−17	28	−92
Net income	0	−1	−4	−10	−2	−1	−105	−14	28	−80
Diluted EPS (US$)	6.19	−0.14	−0.24	−0.62	−0.07	−0.02	−1.34	−0.16	0.19	−0.31
Diluted shares (millions)	26	7	14	15	31	55	79	88	142	258
Cash flow
Cash from operations	−1	−2	−5	−1	−1	−17	−8	1	−13	−289
Capital expenditure	0	0	1	—	4	47	19	67	94	286
Free cash flow	−1	−2	−6	—	−5	−64	−28	−66	−107	−575
Dividends paid	0	0	0	0	0	0	0	2	0	1
Share buybacks	0	0	0	0	0	1	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	39	2
Stock-based compensation	—	—	—	—	—	22	2	9	10	25
Balance sheet at fiscal year end
Cash and short-term investments	7	6	2	0	0	43	33	17	95	118
Debt incl. finance leases	—	—	—	—	—	3	3	—	—	123
Total assets	9	13	12	4	40	174	100	189	538	1,174
Total liabilities	0	0	0	0	2	8	10	37	75	309
Shareholders' equity	8	12	12	4	38	165	90	153	464	724
Margins and ratios
Gross margin	—	—	—	—	33.0%	68.0%	36.9%	34.2%	—	—
Operating margin	5.8%	−19.6%	−24.0%	−43.6%	7.4%	6.1%	−331.8%	−37.0%	25.5%	−80.9%
Net margin	4.3%	−13.6%	−44.8%	−211.6%	−10.8%	−1.1%	−326.0%	−30.9%	26.2%	−70.7%
Free cash flow margin	−32.4%	−28.1%	−73.6%	—	−26.0%	−66.8%	−86.2%	−145.9%	−99.0%	−506.2%
Rule of 40 (growth + FCF margin)	—	59.5%	−60.1%	—	334.7%	289.3%	−152.6%	−106.9%	41.5%	−501.1%
Return on capital	—	—	—	—	—	—	−91.5%	—	—	—
Return on equity	—	−9.6%	−30.2%	−125.3%	−11.0%	−1.0%	−82.5%	−11.4%	9.2%	−13.5%
Return on assets	—	−8.6%	−27.9%	−113.8%	−10.3%	−0.9%	−76.8%	−9.6%	7.8%	−9.4%
Net debt to EBITDA	—	—	—	—	—	−2.0x	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Bit Digital's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Bit Digital.