Bit Digital's Q1 revenue declined by 14%, with lower ETH staking yields dragging down its performance.

According to Mars Finance, on May 15th, Nasdaq-listed Bit Digital released its Q1 2026 financial report, showing total revenue of $27.9 million, a 13.6% decrease from the previous quarter, primarily due to declining Ethereum staking revenue, cloud service revenue, and mining revenue. Specifically, ETH staking revenue decreased by 29.4% to $2.3 million, with the company citing reasons including a drop in ETH price and a reduction in staking size. Meanwhile, cloud service revenue decreased by 13.1% to $16.8 million, and Bitcoin mining revenue decreased by 32.9% to $3.7 million. During the reporting period, the company's net loss widened to $146.7 million, mainly due to non-cash factors such as changes in the fair value of digital assets. As of the end of March, the company held approximately 154,400 Ethereum, valued at approximately $327 million. The company stated that it had converted approximately 70,000 ETH into liquidity staking to improve asset flexibility. In recent years, Bit Digital has been shifting its focus from Bitcoin mining to Ethereum staking and digital asset treasury strategies, and is gradually expanding into high-performance computing (HPC) and AI infrastructure businesses. Company management stated that future capital allocation will continue to tilt towards Ethereum and infrastructure.