Bit Digital posts $146.7M Q1 loss as ETH markdowns hit

Bit Digital reported a $146.7 million net loss for the first quarter of 2026, with $121.1 million in mark-to-market losses tied to its Ethereum holdings. Revenue for the quarter fell 13.6% from the prior quarter to $27.9 million.

The company reported declines in cloud services, ETH staking and digital asset mining revenue. ETH staking revenue dropped 29.4% to $2.3 million as ETH prices weakened during the quarter. Bit Digital transferred roughly 70,000 ETH into liquid-staked ETH during Q1 to increase treasury flexibility and reduce liquidity constraints.

At quarter end the firm held about 155,444 ETH. The company’s average acquisition cost for ETH was $3,045, compared with an ETH closing price of $2,104 on March 31, producing unrealized losses on its balance sheet.

Other crypto-focused companies reported large mark-to-market losses in the same period. Sharplink (SBET) reported a $685.6 million Q1 net loss, including $506.7 million in unrealized losses and a $191.7 million impairment tied to liquid-staked ETH. BitMine Immersion Technologies (BMNR) reported a $3.8 billion loss for the quarter ended Feb. 28, 2026. Forward Industries (FWDI) disclosed a $585.6 million loss linked to Solana write-downs, Upexi (UPXI) posted a $109.3 million net loss, and Strategy (MSTR) recorded a $12.54 billion Q1 loss tied to Bitcoin mark-to-market declines.

Bit Digital trades on Nasdaq under the ticker BTBT and identifies as an Ethereum-focused strategic asset company. Its balance sheet shows a gap between the average acquisition cost for ETH and market prices, which produced the unrealized markdowns reported for the quarter.