Net Loss More Than Doubles to $150M in Q1 on Digital Asset Losses; Raises $230M in Convertible Debt
BTBT sits 64% above its 52-week low of $1.25 on elevated volume (2.4× avg).
Summary
Bit Digital's Q1 net loss more than doubled to $150.3 million, driven by significant digital asset losses, despite revenue growth in its cloud and colocation segments. The company secured $230 million in convertible debt and continues share offerings to support its operations and strategic transition.
Key Events · Earnings and Guidance · BTBT
-
Net Loss Worsens Significantly
Net loss increased to $150.3 million in Q1 2026 from $57.7 million in Q1 2025, primarily due to $121.1 million in digital asset losses.
-
Operating Cash Flow Turns Negative
Net cash used in operating activities was $1.1 million in Q1 2026, a reversal from $17.4 million provided in Q1 2025.
-
Substantial Convertible Debt Issuance
Issued $230 million in 4.50% convertible senior notes due 2031 in January 2026, providing $222.1 million in net proceeds, but increasing long-term debt.
-
Ongoing Share Dilution
Sold 2.4 million ordinary shares for $4.1 million net proceeds in Q1 2026, with an additional 22.8 million shares sold for $33.9 million post-quarter end via an at-the-market offering.
Analysis · BTBT · Crypto Assets
Bit Digital reported a significantly wider net loss in Q1 2026, primarily due to substantial losses on its digital asset holdings. While the company saw revenue growth in its cloud and colocation services, its core digital asset mining revenue declined. The company raised $230 million through convertible notes and continues to dilute shareholders via an at-the-market offering to fund operations and strategic shifts towards Ethereum staking and HPC.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 36.9% of the 966 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.66%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BTBT was trading at $2.05 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $695.6M. The 52-week trading range was $1.25 to $4.55. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.