Bit Digital Posts $146.7M Q1 Loss After ETH Valuation Hit

Bit Digital recorded a $146.7 million net loss for the first quarter of 2026 after a $121.1 million mark-to-market write-down on its Ethereum holdings for the quarter ended March 31.

Revenue for the quarter was $27.9 million, down 13.6% from the prior quarter. Management attributed the decline to lower revenue from cloud services, Ethereum staking and digital-asset mining.

Ethereum staking revenue fell 29.4% to $2.3 million as lower Ether prices reduced staking returns and related income.

During the quarter Bit Digital converted about 70,000 ETH into liquid-staked ETH to increase treasury flexibility. At March 31 the company held about 155,444 ETH. The firm’s average acquisition cost for those holdings was $3,045 per ETH, while Ether closed at $2,104 on March 31.

Under mark-to-market accounting, companies must revalue digital-asset holdings to current market prices. That process produced the $121.1 million unrealized markdown for Bit Digital rather than a loss from a sale.

Other crypto-focused companies also recorded large first-quarter losses tied to treasury valuations. Sharplink reported a $685.6 million net loss, including $506.7 million in unrealized losses and a $191.7 million impairment related to liquid-staked ETH. BitMine Immersion Technologies posted a $3.8 billion loss for the quarter ended Feb. 28, 2026. Forward Industries disclosed a $585.6 million loss linked to Solana write-downs, Upexi reported a $109.3 million net loss, and Strategy reported a $12.54 billion loss driven by mark-to-market declines in Bitcoin.

Price declines across major digital assets during the quarter reduced the market value of corporate treasuries and lowered income tied to staking and similar activities.