TLDR
- BTBT stock fell in premarket trading Thursday after Q3 revenue of $27.1 million missed estimates by about 16%.
- Net income was $28.5 million, a swing from a $107.2 million loss in Q2.
- Ether holdings were valued at $439.4 million on Sept. 30, but Ether has since dropped.
- Bitcoin mining revenue fell to $2 million while WhiteFiber colocation revenue rose 232%.
- The CEO is weighing a stock buyback, which would need holder approval.
Bit Digital (BTBT) stock slid in premarket trading on Thursday after its third-quarter revenue missed Wall Street targets. Reported drops ranged from 5% to 9%.
The Nov. 12 earnings release showed revenue of $27.1 million, down 11% from $30.5 million a year earlier. Analysts had expected about $32.2 million, a miss of roughly 16%.
The bottom line told a different story. Net income was $28.5 million, or 8 cents per diluted share, a swing from the $107.2 million loss in the second quarter.
Bit Digital Reports Third Quarter 2026 Results
The Company’s third-quarter results reflected continued execution of its Strategic Asset Company strategy, with growth in colocation revenue supported by the initial contribution from WhiteFiber’s NC-1 data center campus and… pic.twitter.com/jrVez4BLdm
— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) November 12, 2026
Gains in the value of digital assets helped the turnaround. About $16.3 million of the profit came from valuation changes and other specified items.
Gross profit was $15.2 million, for a margin of 56.1%. The results include WhiteFiber, the AI infrastructure firm where Bit Digital holds a controlling stake.
Mining Fades While Colocation Climbs
Bitcoin mining revenue fell to $2 million from $7.4 million a year ago. The company called the drop consistent with the continued winddown of the business.
It does not plan to put meaningful new growth or maintenance capital into mining. The unit still turns a profit at the gross margin level.
WhiteFiber colocation revenue jumped 232% to $5.6 million. That came from the MTL-3 facility and early work at the NC-1 campus.
Cloud services brought in $18.1 million. Staking revenue was $1 million, up 14% from the prior quarter but down from $2.9 million a year earlier.
Management tied the yearly drop in staking to moving ETH into liquid staking. That move supported WhiteFiber financing.
Ether Treasury and Buyback Talk
Bit Digital held about 163,726 ETH and Ethereum equivalents on Sept. 30, valued at $439.4 million. The figure uses an Ether closing price of $2,684.
The company sold 1,625 ETH for $3.4 million at an average price of $2,114.62. It bought none during the quarter.
It also booked a $3.2 million non-cash impairment on liquid staking tokens. The company said the charge was not a realized trading loss.
CEO Sam Tabar said buying back BTBT stock deserves serious consideration given the persistent discount to net asset value. Any program would need holder approval, and he warned that selling Ether to fund it would cut staking income.
Bit Digital holds a 59.7% stake in WhiteFiber, worth about $487 million at an $18.01 close. It ended September with $143.5 million in cash, including about $138.5 million held at WhiteFiber.
After quarter-end, it pledged another 45,000 LsETH to back WhiteFiber’s $70 million October borrowing.
Ether traded near $2,050 on Nov. 12. At that level, the holdings would be worth about $336 million, roughly $103 million below the September figure, which reflects Ether’s price and not a newly reported loss.
