Fundamentals snapshot
BTBT · NCM · Financial Services · Capital Markets
Current price
$1.76
52-week range
$1.18 - $4.55
Market cap
$634.71M
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net debt $372.19M. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Bit Digital's main business is using powerful computers to "mine" (create and earn) new cryptocurrencies like Bitcoin, which it then sells for income. The company now also rents out its powerful computers to businesses developing Artificial Intelligence, providing a second stream of revenue that isn't solely tied to the often-unpredictable crypto market.
Bit Digital started in 2015 as a company named Golden Bull Limited. In 2020, it completely changed its business, renaming itself Bit Digital and pivoting into mining Bitcoin. A more recent major turning point came in 2025 when the company announced another strategic shift, deciding to focus almost entirely on Ethereum, a different digital asset. This new direction involves winding down its Bitcoin mining and using its resources to buy and hold Ethereum.
Bit Digital is now primarily focused on two main areas: digital assets and high-tech computing. For its digital asset business, the company buys and holds a large amount of a cryptocurrency called Ethereum, and earns rewards on it through a process called staking. Separately, it runs a high-performance computing (HPC) business that provides the powerful infrastructure and cloud services needed for artificial intelligence (AI) work. The company is currently phasing out its original cryptocurrency business of mining for new Bitcoin.
This is now the company's main focus in the digital asset world. Instead of mining, Bit Digital buys and holds large amounts of Ethereum (ETH) in its treasury. It then participates in securing the Ethereum network through a process called staking (committing its assets to support the network's operation), for which it earns rewards in the form of more ETH. This part of the business generates income from these staking rewards, aiming to grow the company's total holdings over time.
This is a large and growing part of Bit Digital's business, which operates under the brand name WhiteFiber. This segment provides the powerful, specialized computing infrastructure that other companies need to develop artificial intelligence (AI) applications. Customers, like AI developers, pay WhiteFiber for cloud services and for physical space and power in its data centers, a service known as colocation. This business generates a significant and increasing share of the company's revenue through long-term contracts.
This was Bit Digital's original digital asset business but is now being intentionally phased out. The company used to operate powerful computers that would solve complex math problems to verify transactions and create new bitcoins, earning rewards for doing so. Management has decided to wind down these operations and is no longer investing significant money into this area. The revenue from this segment has been declining as the company shifts its capital and focus to Ethereum and AI infrastructure.
Management is making a clear bet on the future of Ethereum and artificial intelligence. They are strategically shifting away from Bitcoin mining to become a company focused on accumulating and staking ETH, believing this will create more long-term value. At the same time, they are heavily investing in their high-performance computing (HPC) business, WhiteFiber, to meet the massive demand for the specialized computing power required by AI technologies. The goal is to generate more stable, predictable revenue from these two areas rather than relying on the volatile Bitcoin mining market.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net debt $372.2M. Interest coverage -18.3x.
Bit Digital, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Total debt $455.74M Interest coverage -18.30x This is the baseline the peer rows are being compared against.
Total debt $374.30M Interest coverage -87.83x Neither company has much profit cushion over interest right now.
Total debt $7.84B Interest coverage -6.39x Neither company has much profit cushion over interest right now.
Total debt $5.10B Interest coverage -5.91x Neither company has much profit cushion over interest right now.
Total debt $5.24B Interest coverage -2.12x Neither company has much profit cushion over interest right now.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
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Debt comparison
What you should know