Bit Digital's first-quarter revenue fell by 14%, with declining ETH staking rewards dragging down performance

BlockBeats News, May 15th. Nasdaq-listed company Bit Digital released its first-quarter 2026 financial report, showing a total revenue of $27.9 million, a 13.6% decrease from the previous quarter, mainly impacted by Ethereum staking rewards, cloud services, and mining business revenue.

Among them, ETH staking revenue decreased by 29.4% to $2.3 million, with the company citing reasons including the fall in ETH price 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 expanded to $146.7 million, mainly due to non-cash factors such as the fair value change of digital assets.

As of the end of March, the company held approximately 154,400 ETH, valued at around $327 million. The company stated that about 70,000 ETH had been converted 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 expanding into high-performance computing (HPC) and AI infrastructure businesses. The company's management has indicated that future capital allocation will continue to tilt towards Ethereum and infrastructure.