Bit Digital (BTBT) reported a Q1 2026 net loss of $146.7 million. Mark-to-market hits of $121.1 million on its digital asset holdings drove most of the damage.
The Ethereum (ETH)-focused strategic asset company joins a growing list of crypto firms 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 services, ETH staking, and digital asset mining revenues each weighed on the result.
ETH staking revenue dropped 29.4% to $2.3 million on lower ETH prices. The firm transferred roughly 70,000 ETH into liquid-staked ETH to enhance treasury flexibility.
Bit Digital held about 155,444 ETH at quarter-end. The firm’s average acquisition price of $3,045 sat well above the $2,104 ETH close on March 31.
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Crypto-Focused Firms See Widespread Losses
Digital asset treasuries reported widespread losses in the past quarter. Sharplink (SBET), the second-largest corporate ETH holder, reported a $685.6 million Q1 net loss. Unrealized losses of $506.7 million and a $191.7 million LsETH impairment drove the increase in net loss.
Previously, BitMine Immersion Technologies (BMNR), the largest corporate ETH holder, reported a $3.8 billion loss for the quarter ended February 28, 2026.
Not just ETH treasuries. Other crypto-focused firms posted similar results. Forward Industries (FWDI) disclosed a $585.6 million loss tied to Solana (SOL) write-downs. Upexi (UPXI) also posted a $109.3 million net 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 prices across the board.
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