Bit Digital Q1 revenue fell by 14%, with ETH staking income decline dragging down performance

Nasdaq-listed company Bit Digital released its Q1 2026 financial report, showing total revenue of $27.9 million, a decrease of 13.6% from the previous quarter, primarily affected by declines in Ethereum staking income, cloud services, and mining business revenue.

Among them, ETH staking income fell by 29.4% to $2.3 million, with the company citing reasons including the drop in ETH prices and a reduction in staking scale. Meanwhile, cloud service revenue decreased by 13.1% to $16.8 million, and Bitcoin mining revenue dropped by 32.9% to $3.7 million.

During the reporting period, the company's net loss widened to $146.7 million, mainly impacted by non-cash factors such as changes in the fair value of digital assets.

As of the end of March, the Ethereum holdings were approximately 154,400 coins, valued at about $327 million. The company stated that it has converted about 70,000 ETH into liquid staking to enhance asset flexibility.

In recent years, Bit Digital has continuously shifted from Bitcoin mining to Ethereum staking and digital asset treasury strategies, gradually laying out high-performance computing (HPC) and AI infrastructure business. The company's management indicated that future capital allocation will continue to tilt towards Ethereum and infrastructure.