Bit Digital Joins Growing List of Crypto Firms Reporting Quarterly Losses
Bit Digital (BTBT) reported a Q1 2026 web loss of $146.7 million. Mark-to-market hits of $121.1 million on its digital asset holdings drove most of the injury.
The Ethereum (ETH)-focused strategic asset firm joins a rising record of crypto corporations posting steeper Q1 losses.
ETH Treasury Markdowns Weigh on Bit Digital
Revenue at Bit Digital fell 13.6% quarter-over-quarter to $27.9 million. Lower cloud providers, ETH staking, and digital asset mining revenues every weighed on the end result.
ETH staking revenue dropped 29.4% to $2.3 million on decrease ETH costs. The agency transferred roughly 70,000 ETH into liquid-staked ETH to reinforce treasury flexibility.
Bit Digital held about 155,444 ETH at quarter-end. The agency’s common acquisition value of $3,045 sat properly above the $2,104 ETH shut on March 31.
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Crypto-Focused Firms See Widespread Losses
Digital asset treasuries reported widespread losses up to now quarter. Sharplink (SBET), the second-largest company ETH holder, reported a $685.6 million Q1 web loss. Unrealized losses of $506.7 million and a $191.7 million LsETH impairment drove the rise in web loss.
Previously, BitMine Immersion Technologies (BMNR), the biggest company ETH holder, reported a $3.8 billion loss for the quarter ended February 28, 2026.
Not simply ETH treasuries. Other crypto-focused corporations posted related outcomes. Forward Industries (FWDI) disclosed a $585.6 million loss tied to Solana (SOL) write-downs. Upexi (UPXI) additionally posted a $109.3 million web loss.
Strategy (MSTR), the largest corporate Bitcoin (BTC) holder, recorded a $12.54 billion Q1 loss tied to BTC’s mark-to-market decline. The losses stem from declining crypto costs throughout the board.
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