Bit Digital Loses $146M as Crypto Stocks Tumble-What’s Next?

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Bit Digital Joins Growing List of Crypto Firms Reporting Quarterly Losses

Bit Digital reported a net loss of $146.7 million for the first quarter of 2026. This loss was largely due to a $121.1 million decrease in the value of its digital assets.

This company, which invests in Ethereum, is reporting larger losses for the first quarter of the year, following a trend among other cryptocurrency businesses.

ETH Treasury Markdowns Weigh on Bit Digital

Bit Digital’s revenue decreased by 13.6% compared to the previous quarter, reaching $27.9 million. This decline was due to reduced income from its cloud services, Ethereum staking, and digital asset mining operations.

Ethereum staking rewards decreased by 29.4% to $2.3 million due to falling ETH prices. To improve financial flexibility, the company moved approximately 70,000 ETH into a form that’s easier to trade.

At the end of the quarter, Bit Digital owned approximately 155,444 ETH. They originally purchased this Ethereum at an average price of $3,045, which was higher than the closing price of $2,104 on March 31st.

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Here are the key financial highlights for Bitfarms’ first quarter of 2026: Total revenue reached $27.9 million, with $21.6 million specifically from High Performance Computing and Artificial Intelligence. The company holds 155,444.4 ETH, valued at $327.0 million, and generated $2.3 million in revenue from ETH staking. Bitfarms also owns 27.0 million shares of WYFI. You can find the full report here.

— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) May 14, 2026

Crypto-Focused Firms See Widespread Losses

Digital asset treasuries experienced significant losses last quarter. Sharplink (SBET), which holds the second-largest amount of Ethereum among corporations, reported a net loss of $685.6 million in the first quarter. This loss was primarily due to a $506.7 million decrease in the value of its assets and a $191.7 million impairment of its LsETH holdings.

BitMine Immersion Technologies (BMNR), which holds the most Ethereum among companies, recently announced a $3.8 billion loss for the quarter ending February 28, 2026.

Ethereum isn’t the only one facing losses. Several other crypto companies have reported similar financial setbacks. Forward Industries (FWDI) revealed a $585.6 million loss due to declining value in its Solana (SOL) holdings, and Upexi (UPXI) reported a net loss of $109.3 million.

MicroStrategy (MSTR), the company holding the most Bitcoin, reported a $12.54 billion loss for the first quarter. This loss is due to the recent drop in Bitcoin and other cryptocurrency prices.

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2026-05-15 13:31