Bit Digital (BTBT) reported a net loss of $146.7 million in the first quarter of 2026. The primary cause was a market-capitalized loss of $121.1 million from its digital asset holdings.
This company, specializing in strategic assets related to Ethereum (ETH), continues to add to the list of crypto businesses reporting heavy losses in the first quarter.
The decline in ETH value in the Treasury is putting pressure on Bit Digital.
Bit Digital's revenue decreased by 13.6% compared to the previous quarter, falling to $27.9 million. The decline in revenue from cloud services, ETH Staking , and cryptocurrency mining significantly impacted this result.
ETH Staking revenue decreased by 29.4%, to just $2.3 million, due to the decline in ETH price. The company has shifted approximately 70,000 ETH to liquidation ETH Staking to increase the flexibility of its treasury.
Bit Digital held approximately 155,444 ETH at the end of the quarter. The company's Medium purchase price was $3,045/ ETH, significantly higher than ETH 's closing price of $2,104 on March 31, 2026.
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Crypto-focused companies report widespread losses.
In the past quarter, many businesses holding digital asset treasuries reported losses. Sharplink (SBET), the second-largest ETH holder, reported a net loss of $685.6 million in the first quarter . A $506.7 million unrealized loss and a $191.7 million depreciation of LsETH were the main reasons for the sharp increase in net loss.
Previously, BitMine Immersion Technologies (BMNR) – the largest holder of ETH – also announced a loss of $3.8 billion in the quarter ending February 28, 2026 .
It's not just companies holding ETH that are struggling. Many other businesses focused on crypto are experiencing similar results. Forward Industries (FWDI) revealed a loss of $585.6 million due to writing off Solana (SOL). Upexi (UPXI) also recorded a net loss of $109.3 million .
Strategy (MSTR), the largest Bitcoin (BTC) holding company , reported a loss of $12.54 billion in the first quarter due to a sharp drop in BTC price on paper. Overall, these losses stemmed from the widespread decline in crypto prices.
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