Bit Digital, Inc.
bit-digital.comWhat Do They Do?
Provides cloud and data-center services for artificial-intelligence and machine-learning developers and enterprise customers, alongside digital-asset operations involving Ethereum and bitcoin.
10-K for FY2025, filed Mar 27, 2026WhiteFiber believes it is a leading provider of artificial intelligence (“AI”) infrastructure solutions. WhiteFiber owns high-performance…View ↗
WhiteFiber’s business model integrates its data center infrastructure and cloud services to provide scalable, high-performance computing…View ↗
The digital asset business is comprised primarily of two distinct but highly complementary operations: (i) ETH staking (the “ETH Staking…View ↗
We commenced our bitcoin (“BTC”) mining business in February 2020. We initiated limited Ethereum mining operations in January 2022, however…View ↗
How Do They Make Money?
Cloud customers pay for computing capacity as they use it. Colocation customers are billed monthly for space, power and connectivity, while mining pools pay in digital assets daily for computing power; ETH staking earns protocol rewards, and other revenue comes from equipment leases.
10-K for FY2025, filed Mar 27, 2026These services are consumed as they are received, and the Company recognizes revenue over time using the variable allocation exception as…View ↗
Our revenue is primarily derived from recurring revenue streams, mainly (1) colocation, which is the leasing of cabinet space and power and…View ↗
Revenues from recurring revenue streams are billed monthly and recognized ratably over the term of the contract, generally 1 to 5 years for…View ↗
The transaction consideration the Company receives, if any, is noncash consideration in the form of digital assets, net of pool fees…View ↗
Delegation of ETH for staking purposes is a non-custodial process in which the Company retains ownership of its ETH while the validator…View ↗
All Other revenue is generated from equipment leases with external customers.View ↗
-
10-K for FY2025, filed Mar 27, 2026
FY2025 revenue by product or service ↗
$113.6M
-
10-K for FY2025, filed Mar 27, 2026
$113.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Digital asset mining
Usage-based
10-K for FY2025, filed Mar 27, 2026 |
24%
FY2022: 100%
|
Digital asset mining, FY2025
$27.3M Sources
|
Usage-based |
|
Cloud services
Usage-based
10-K for FY2025, filed Mar 27, 2026 |
61% |
Cloud services, FY2025
$68.8M Sources
|
Usage-based |
|
Colocation services
Recurring
|
7.9% |
Colocation services, FY2025
$8.9M Sources
|
Recurring |
|
ETH staking
|
6.2%
FY2022: 0.1%
|
ETH staking, FY2025
$7M Sources
|
|
|
Other
Recurring
|
1.3% |
Other, FY2025
$1.5M Sources
|
Recurring |
Who Are Their Customers?
WhiteFiber serves enterprise data-center customers and cloud customers, including AI and machine-learning developers; some use computing directly, while GPU marketplaces resell WhiteFiber capacity to their users.
10-K for FY2025, filed Mar 27, 2026WhiteFiber’s HPC data center customer base consists of two primary types of customers:View ↗
Enterprise clients — current and prospective enterprise clients are active in multiple industries, including healthcare, finance, and…View ↗
GPU cloud — WhiteFiber’s GPU cloud customers offer on demand access to their GPUs for tasks like AI, VFX rendering and scientific computing.View ↗
WhiteFiber’s cloud services customer base also is comprised of two primary types of customers:View ↗
Direct end users — these customers primarily leverage WhiteFiber’s computing power for model training and inference.View ↗
GPU marketplaces — these platforms resell WhiteFiber’s computing power to their own end users. Since WhiteFiber does not have direct…View ↗
10-K for FY2025, filed Mar 27, 2026
WhiteFiber currently provides cloud services at Blönduos Campus, Iceland, where it leases capacity to house its GPUs. During 2025, our HPC…View ↗
Do Revenues Turn Into Profits?
No. It lost $80.3M in FY2025.
10-K for FY2025, filed Mar 27, 2026
−$91.8MView ↗
10-K for FY2025, filed Mar 27, 2026
−$80.3MView ↗
10-K for FY2025, filed Mar 27, 2026
−$574.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$107.2MView ↗
- ▼ Now a loss
- vs $14.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
Growing. Revenue grew 18% in 4 years, from $96.1M in FY2021 to $113.6M in FY2025, about 4% a year.
Mining to ETH and computing
The older report describes a digital-asset mining business; the latest centers on an ETH treasury and staking, alongside AI-computing cloud services and data centers.
20-F for FY2022, filed Apr 28, 2023 10-K for FY2025, filed Mar 27, 2026Bit Digital is a strategy asset company (SAC) focused on owning productive infrastructure that generates yield, usage and participation…View ↗
The digital asset business is comprised primarily of two distinct but highly complementary operations: (i) ETH staking (the “ETH Staking…View ↗
WhiteFiber believes it is a leading provider of artificial intelligence (“AI”) infrastructure solutions. WhiteFiber owns high-performance…View ↗
Who Do They Compete With?
Competes with Blockdaemon, Allnodes, Everstake, Figment, P2P, Foundry, Stakin, Stakefish, CoinTracker, Koinly, CoinLedger, Rotki, Chainalysis, and Elliptic
10-K for FY2025, filed Mar 27, 2026Crypto Asset-Focused Companies and Node Operators: Numerous companies and node operators specializing in crypto assets compete with our…View ↗
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