Bit Digital, Inc., together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities. The company was formerly known as Golden Bull Limited and changed its name to Bit Digital, Inc. in September 2020. Bit Digital, Inc. was incorporated in 2017 and is headquartered in New York, New York.
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Analogy 1: Imagine a gold mining company like Barrick Gold, but Bit Digital 'mines' Bitcoin digitally instead of physical gold.
Analogy 2: Similar to an oil exploration and production company (e.g., ExxonMobil), but they 'produce' Bitcoin using specialized computing power instead of crude oil.
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- Bitcoin Mining: Operating a large-scale fleet of specialized computers to solve cryptographic puzzles and earn newly minted Bitcoin as a reward for validating transactions on the Bitcoin network.
- Ethereum Staking: Participating in the Ethereum network's proof-of-stake consensus mechanism by locking up Ethereum to validate transactions and earn staking rewards.
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Bit Digital (symbol: BTBT) operates as a Bitcoin mining company. Its primary business involves generating Bitcoin through mining operations and subsequently selling this mined Bitcoin into the global cryptocurrency market. As such, Bit Digital does not have traditional "major customers" in the sense of specific companies or individuals with direct, recurring purchasing agreements for its Bitcoin output. Instead, its mined Bitcoin is typically sold through various cryptocurrency exchanges and Over-the-Counter (OTC) desks to a diverse and global pool of buyers.
While the ultimate purchasers of Bitcoin from the open market are a mix of individuals, institutional investors, and corporations, to address the prompt's requirement for customer categorization, we describe the categories of end-users who represent the broad demand for Bitcoin. The company's sales indirectly serve these categories of customers:
Bit Digital primarily sells its mined Bitcoin into a liquid, global market that serves a wide range of participants. Given the nature of this market, and the widespread adoption by retail participants, we can categorize the ultimate buyers of Bitcoin that Bit Digital's operations contribute to, as if the company were serving primarily individuals:
- Retail Investors and Speculators: Individuals who purchase Bitcoin for investment purposes, aiming for long-term appreciation, or engaging in short-term trading to profit from price fluctuations. These customers view Bitcoin as a digital asset and a store of value.
- Everyday Users for Transactions and Remittances: Individuals who acquire Bitcoin to utilize its decentralized network for peer-to-peer transactions, online purchases, or international money transfers, often seeking lower fees and faster settlement times compared to traditional financial systems.
- Long-Term Holders ("HODLers"): Individuals who buy Bitcoin with the intention of holding it for an extended period, often years, without selling. They see Bitcoin as a hedge against inflation, a form of digital gold, or a fundamental part of the future financial system.
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- Bitmain
- MicroBT
- Coinmint LLC
- Blockfusion USA, Inc.
- Digihost Technology Inc. (NASDAQ: DGHI)
- Greenidge Generation Holdings Inc. (NASDAQ: GREE)
- Blockbreakers LLC
- Hashlabs Mining LLC
- The MiningStore LLC
- Argo Blockchain plc (NASDAQ: ARBK)
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Sam Tabar Chief Executive Officer
Sam Tabar was appointed CEO of Bit Digital in March 2023, after serving as Chief Strategy Officer from 2021 to 2023. He co-founded Fluidity (2017-2020), a fin-tech company responsible for the decentralized trading platform AirSwap, which was acquired by ConsenSys in 2020. His prior experience includes serving as Head of Capital Strategy for Bank of America Merrill Lynch in the Asia Pacific Region (2011-2013), a Partner at FullCycle Fund (2015-2017), and Co-Head of Marketing at Sparx Group (2003-2011). Mr. Tabar began his career as an attorney at Skadden, Arps, Slate, Meagher & Flom LLP (2001-2004). He holds degrees from Oxford University and Columbia Law School.
Erke Huang Chief Financial Officer & Director
Erke Huang has served as Chief Financial Officer and Director of Bit Digital since October 2019, and also held the role of Interim Chief Executive Officer from February to March 2021. He co-founded and served as an advisor for Long Soar Technology Limited (2019-2020) and was the Founder and CEO of Bitotem Investment Limited (2018-2019). Mr. Huang's background also includes serving as an Investment Manager at Guojin Capital from 2016 to 2018. He earned a Master's degree from Carnegie Mellon University and a Bachelor's degree from Southwest Jiaotong University.
Justin Zhu Senior Vice President of Finance, Chief Accounting Officer
Prior to joining Bit Digital, Justin Zhu was a senior manager at Ernst & Young US LLP from 2015 to July 2021, where he provided counsel to Fortune 500 clients on accounting, reporting, and regulatory requirements related to transactions.
Zhaohui Deng Chairman of the Board
Zhaohui Deng was elected Chairman of the Board of Bit Digital in January 2021. From 1995 to 2010, he held positions as board secretary and Vice President of Hunan Jinguo Industrial Co., Ltd. Since 2011, Mr. Deng has been active as a private investor and provides private counsel to several listed companies in the People's Republic of China.
Jiashu Xiong Director
Jiashu Xiong currently serves as the IT Director of Bit Digital Canada, Inc. and was elected to Bit Digital's Board of Directors on October 13, 2023. Before his roles at Bit Digital, Mr. Xiong was the IT/DevOps Tech Lead for the Agricultural Bank of China's Canada branch from February 2018 to March 2023.
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The key risks to Bit Digital's business operations are primarily centered around its strategic business model transition, the inherent volatility of cryptocurrency markets, and an uncertain regulatory landscape.
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Strategic Business Model Transition and Associated Operational/Market Risks: Bit Digital is undergoing a significant pivot from its historical focus on Bitcoin mining to Ethereum staking and high-performance computing (HPC) cloud services, including AI infrastructure. This transition introduces substantial operational and market risks because the company is entering new, rapidly evolving, and highly competitive industries. The company is actively winding down its Bitcoin mining operations, which previously generated a significant portion of its revenue, and is now heavily concentrated in Ethereum. There is execution risk in establishing and growing these new business lines, and the company has faced challenges in achieving sustained profitability in these newer segments.
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Volatility of Digital Asset Holdings and Cryptocurrency Markets: As a company with substantial digital asset holdings, particularly Ethereum (ETH), Bit Digital's financial condition and stock performance are highly sensitive to the extreme price fluctuations inherent in cryptocurrency markets. The unpredictable nature of cryptocurrency prices makes it difficult to forecast future cash flows and responsibly manage debt, directly impacting the company's profitability and the value of its treasury assets.
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Regulatory and Legal Uncertainty: The legal and regulatory environment for both cryptocurrencies and the emerging AI/cloud services sectors is dynamic and unpredictable. Bit Digital faces risks from evolving regulations that could impact its operations, technology use, and competitive position. This includes potential scrutiny from regulators, restrictions on technology consumption, and compliance costs that could divert substantial resources. For instance, increased regulatory scrutiny in regions like China has historically impacted Bitcoin mining operations, even as Bit Digital shifts away from that specific geography.
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Regulatory actions targeting the energy consumption and environmental impact of Bitcoin mining. Governments and regulatory bodies globally are increasingly scrutinizing the substantial energy demands of Proof-of-Work cryptocurrency mining. This emerging trend manifests as concrete actions such as moratoria on new mining operations, specialized electricity pricing or taxation for miners, and even outright bans in certain jurisdictions. Such measures directly threaten the operational viability, expansion plans, and profitability of companies like Bit Digital by increasing costs, restricting growth, or forcing costly relocation of facilities.
Accelerated obsolescence and market saturation due to the rapid deployment of next-generation ASIC mining hardware by competitors. The Bitcoin mining industry is characterized by a relentless technological arms race, with manufacturers constantly releasing more powerful and energy-efficient Application-Specific Integrated Circuit (ASIC) miners. If competitors, especially well-capitalized existing players or new entrants, are able to procure and deploy vast quantities of these significantly more efficient ASICs at a faster pace or on better terms than Bit Digital, it could rapidly dilute the overall network profitability for older machines. This makes Bit Digital's existing fleet less competitive, compresses profit margins, and necessitates continuous, significant capital expenditure to avoid rapid technological obsolescence and maintain market share.
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Bit Digital's main products and services include Bitcoin mining, Ethereum staking, and AI cloud/high-performance computing (HPC) services. The addressable markets for these services are as follows:
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Bitcoin Mining: The global Bitcoin miner market was valued at approximately USD 11.19 billion in 2024, projected to reach USD 14.17 billion in 2025, and is forecast to grow to USD 94.14 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 26.7% over the forecast period. The global cryptocurrency mining market as a whole was valued at USD 1.55 billion in 2024 and is expected to reach USD 2.83 billion by 2032, growing at a CAGR of 7.8% from 2025 to 2032. North America leads the global cryptocurrency mining market, with the U.S. holding the largest share in the region. Another report indicates the global cryptocurrency mining market is projected to grow from USD 4.66 billion in 2024 to USD 14.09 billion by 2035, with a CAGR of 10.57%. Bitcoin mining specifically is expected to have a market share of 56.45% in this period.
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Ethereum Staking: In 2025, Ethereum staking rewards reached approximately $2.1 billion globally. The Ether segment is expected to witness a fast CAGR of around 15.87% during the forecast period up to 2035 within the cryptocurrency mining market.
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AI Cloud Services/High-Performance Computing (HPC) Services: The global data center services market, which encompasses services supporting AI, was estimated at USD 24.8 billion in 2024 and is expected to grow to USD 102.5 billion by 2034, at a CAGR of 15.2%. North America dominated this market with a 37% share in 2024, and the U.S. alone generated USD 7.7 billion in revenue within North America. The global data center as a service market size was estimated at USD 125.35 billion in 2024 and is projected to reach USD 461.44 billion by 2030, growing at a CAGR of 23.3% from 2025 to 2030. North America held a significant revenue share of around 36.6% in 2024 in the data center as a service market. Another source reports the data center service market size reached USD 148.31 billion in 2025 and is projected to hit USD 316.65 billion by 2031, expanding at a robust 16.38% CAGR.
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Bit Digital (BTBT) is strategically repositioning itself, and several key drivers are expected to fuel its revenue growth over the next 2-3 years:
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Ethereum (ETH) Staking and Treasury: Bit Digital has undergone a significant strategic pivot, shifting its focus from Bitcoin mining to becoming a pure-play Ethereum staking and treasury company. The company is actively accumulating substantial amounts of Ethereum and staking a majority of its holdings to generate native yield. This move is anticipated to provide a consistent revenue stream and capitalize on the long-term utility and institutional interest in Ethereum.
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Expansion into High-Performance Computing (HPC) and AI Cloud Services: Through its subsidiary, WhiteFiber, Inc., Bit Digital is aggressively expanding into the high-performance computing (HPC) and artificial intelligence (AI) cloud solutions market. This segment demonstrated significant growth, with cloud services revenue increasing by 33% in Q2 2025, and is poised for continued growth driven by booming AI demand.
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Growth in Data Center Infrastructure and Colocation Services: Bit Digital is expanding its physical data center footprint by acquiring real estate and developing Tier-3 data centers, particularly in strategic metropolitan areas like Montreal. This expansion is designed to support its growing HPC and AI initiatives, as well as to offer colocation services to external customers. Colocation services, a new offering launched in late 2024, already contributed revenue in Q2 2025.
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Strategic Acquisitions and Capital Allocation for Digital Asset Diversification: The company is utilizing capital raises, such as convertible note offerings, to strategically acquire more Ethereum and explore additional digital asset initiatives. This approach aims to strengthen and diversify Bit Digital's position within the broader digital asset markets, taking advantage of institutional interest in Ethereum and potential future digital assets.
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Share Issuance
- Bit Digital's shares outstanding significantly increased from 42.29 million in 2020 to 206.89 million in 2025.
- In 2024, the annual shares outstanding were 179.125 million, representing a 66.95% increase from the previous year.
- The company executed a placement of 75 million shares for 150 million USD, with a final placement price of 2 USD per share, on June 26, 2025.
Capital Expenditures
- Bit Digital's historical capital expenditures were approximately 5 million USD in 2020, 47 million USD in 2021, 19 million USD in 2022, 67 million USD in 2023, and 94 million USD in 2024.
- Projected capital expenditures include 93 million USD for 2025, 139 million USD for 2026, and 189 million USD for 2027.
- The primary focus of capital expenditures includes investments in Bitcoin mining infrastructure growth and High-Performance Computing (HPC) expansion to support generative AI workstreams.
