Overview
- Bit Digital posted Q1 revenue of $27.9 million, down 13.6% from the prior quarter, with a net loss of $146.7 million.
- Cloud services fell to $16.8 million, digital asset mining dropped to $3.7 million, and colocation rose to $4.8 million.
- The company held 155,444.4 ETH valued near $327 million against an average cost near $3,045 per ETH, which left large unrealized losses.
- Management moved about 70,000 ETH into liquid staking to increase treasury flexibility, with about 60,677 ETH still in native staking by April 30.
- Bit Digital consolidated WhiteFiber, holding 27,043,750 shares valued at about $322.1 million as related convertible notes totaled about $334.2 million.