Key Highlights

● Second-quarter 2026 Revenue was $32.1 million, up 15% from the first quarter.

● The company held about 164,310 ETH and 27,043,750 WhiteFiber shares at June 30.

● Net loss attributable to shareholders was $107.2 million, driven largely by non-cash movements.

● Convertible notes stood at $336.2 million against cash of about $83.6 million.

Bit Digital, Inc. (NASDAQ:BTBT) has shifted from Bitcoin Mining toward an Ethereum treasury and AI cloud infrastructure, with a large stake in WhiteFiber (NASDAQ:WYFI). Its second-quarter 2026 results, released August 13, showed revenue of $32.1 million and a net loss attributable to shareholders of $107.2 million, driven largely by non-cash digital asset movements. CEO Sam Tabar said operating results improved through the quarter while the valuation did not, which frames the Balance Sheet and its asset base as central issues. Current share price, market Capitalization and analyst forecasts were not verified and are omitted.

Latest Company Context

Second-quarter revenue rose 15% from the first quarter. Cloud services contributed $23.8 million, up 42% sequentially, colocation $4.7 million, ETH staking $0.9 million and bitcoin mining $2.4 million, a Business the company is winding down. At June 30, 2026 it held about 164,310 ETH including liquid-staked positions, valued at an ETH price near $1,569, and it recorded a $46.0 million non-cash Impairment on liquid staking tokens. It also held 27,043,750 WhiteFiber (WYFI) shares, which it valued at roughly $1.05 billion at $38.85 per share in the results release.

Cash was about $83.6 million, including $56.1 million at WhiteFiber, and convertible notes stood at $336.2 million. Six-month revenue was $60.0 million, up 18% year on year, and Gross Profit in the quarter was $18.6 million, a 57.9% gross margin. Operating Cash Flow for the half was $46.8 million. The company also said it bought 8,568 ETH for $20 million in May and sold none during the quarter.

Key Business and index Drivers

A September 2026 investor presentation, using data as of July 31, framed the discount directly: with the shares at $1.31 and an mNAV of $2.21 per share, the company implied a discount of about 41%. Those inputs are dated and have likely moved, so they are best read as management's framework, not a current quote. Value drivers include ETH prices, the WYFI share price and the build-out of AI cloud capacity. The company reported remaining performance obligations of just under $1 billion, a $150 million delayed-draw facility, and an initial $50 million draw on a Galaxy (NASDAQ:GLXY) ETH-backed Facility at 5.45%.

New multi-year cloud agreements since the prior call exceeded $540 million in aggregate contract value, according to the company. Other points include the pledged Collateral structure, with 49,000 liquid-staked tokens posted against a $105.6 million receivable, and the Nscale anchor contract described in the September presentation as 40 MW of IT load with roughly $865 million of total contract value over ten years. Investors may weigh the contractual Backlog against the capital needed to deliver it.

What Investors Should Watch

Investors may watch third-quarter results, where management expects WhiteFiber's NC-1 facility to begin contributing revenue. Because the company holds crypto Assets and a listed stake at fair value, reported Earnings could swing with ETH and WYFI prices regardless of operating progress. Financing costs matter too: the NC-1 delayed-draw Loan carries a 9.5% rate stepping to 8.0% on milestones, and the ETH-backed borrowing could be sensitive to collateral values.

Management gave no formal numerical guidance, though it described cloud revenue potentially exceeding $200 million annualized once fully deployed. Whether the discount to net asset value narrows may depend on execution, market conditions and dilution from convertible notes. The company's targeted capacity of about 70 MW by the end of 2026, against roughly 11 MW online in 2025, is another delivery milestone that might be tracked through future updates.

Backlog Versus Capital Needs

Bit Digital's second quarter pairs improving cloud revenue with sizeable non-cash losses and an asset base tied to volatile markets. The reported discount to mNAV is a management-presented metric from July data, not a current valuation. Readers may wish to consult the underlying filings for updated figures before forming a view.