Bit Digital (BTBT)
Market Price (7/8/2026): $1.65 | Market Cap: $534.3 MilSector: Financials | Industry: Diversified Capital Markets
Bit Digital (BTBT)
Market Price (7/8/2026): $1.65Market Cap: $534.3 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | Weak multi-year price returns2Y Excs Rtn is -88%, 3Y Excs Rtn is -133% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -57 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -50% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -254%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -506% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% Key risksBTBT key risks include [1] its major strategic transition away from its core Bitcoin mining business to a heavy concentration in Ethereum and [2] significant execution risk in establishing sustained profitability in its new, Show more. |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. |
| Weak multi-year price returns2Y Excs Rtn is -88%, 3Y Excs Rtn is -133% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -57 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -50% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -254%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -506% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% |
| Key risksBTBT key risks include [1] its major strategic transition away from its core Bitcoin mining business to a heavy concentration in Ethereum and [2] significant execution risk in establishing sustained profitability in its new, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Bit Digital (BTBT) stock has gained about 25% since 3/31/2026 because of the following key factors:
1. Strategic Expansion into AI and High-Performance Computing (HPC) Infrastructure: Bit Digital's significant pivot towards AI and HPC infrastructure through its majority-owned subsidiary, WhiteFiber, has been a core driver. The company announced securing a substantial $100 million to $150 million senior secured delayed-draw loan facility for WhiteFiber to fund AI-driven HPC data center build-outs, positioning Bit Digital as a structured credit originator in digital infrastructure. This strategic shift and investment in a high-growth sector has positively impacted investor sentiment.
2. Deepened Commitment to Ethereum Treasury and Staking: Reinforcing its focus on Ethereum strategies, Bit Digital made a notable purchase of approximately 8,568 ETH for $20 million in May 2026, increasing its total Ethereum holdings to approximately 158,461.75 ETH. This action solidified Bit Digital's position as one of the largest public holders of Ethereum globally and signaled strong conviction in the asset's long-term value, contributing to the stock's upward trend.
Show more
Bit Digital (BTBT) stock has gained about 25% since 3/31/2026 because of the following key factors:
1. Strategic Expansion into AI and High-Performance Computing (HPC) Infrastructure: Bit Digital's significant pivot towards AI and HPC infrastructure through its majority-owned subsidiary, WhiteFiber, has been a core driver. The company announced securing a substantial $100 million to $150 million senior secured delayed-draw loan facility for WhiteFiber to fund AI-driven HPC data center build-outs, positioning Bit Digital as a structured credit originator in digital infrastructure. This strategic shift and investment in a high-growth sector has positively impacted investor sentiment.
2. Deepened Commitment to Ethereum Treasury and Staking: Reinforcing its focus on Ethereum strategies, Bit Digital made a notable purchase of approximately 8,568 ETH for $20 million in May 2026, increasing its total Ethereum holdings to approximately 158,461.75 ETH. This action solidified Bit Digital's position as one of the largest public holders of Ethereum globally and signaled strong conviction in the asset's long-term value, contributing to the stock's upward trend.
3. Sustained Positive Analyst Sentiment Despite Q1 2026 Miss: Despite reporting a net loss attributable to shareholders of $(146.7) million for fiscal Q1 2026 and an earnings per share (EPS) of -$0.45 which missed analysts' consensus estimates of -$0.04, the company's strategic direction maintained a favorable outlook from analysts. B. Riley, for example, maintained a "Buy" rating (though adjusting its price target from $5 to $4), and the broader street consensus remained "Buy" with an average price target around $4.90. This continued analyst confidence in Bit Digital's evolving business model, particularly its focus on Ethereum and AI, helped to support the stock price.
Show less
Stock Movement Drivers
Fundamental Drivers
The 26.0% change in BTBT stock from 3/31/2026 to 7/7/2026 was primarily driven by a 26.0% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.31 | 1.65 | 26.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 114 | 114 | 0.0% |
| P/S Multiple | 3.7 | 4.7 | 26.0% |
| Shares Outstanding (Mil) | 324 | 324 | 0.0% |
| Cumulative Contribution | 26.0% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| BTBT | 26.0% | |
| Market (SPY) | 15.0% | 46.3% |
| Sector (XLF) | 13.5% | 1.1% |
Fundamental Drivers
The -12.7% change in BTBT stock from 12/31/2025 to 7/7/2026 was primarily driven by a -16.1% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.89 | 1.65 | -12.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 107 | 114 | 6.1% |
| P/S Multiple | 5.6 | 4.7 | -16.1% |
| Shares Outstanding (Mil) | 317 | 324 | -2.0% |
| Cumulative Contribution | -12.7% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| BTBT | -12.7% | |
| Market (SPY) | 9.9% | 53.5% |
| Sector (XLF) | 2.9% | 19.8% |
Fundamental Drivers
The -24.7% change in BTBT stock from 6/30/2025 to 7/7/2026 was primarily driven by a -44.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.19 | 1.65 | -24.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 103 | 114 | 10.5% |
| P/S Multiple | 3.9 | 4.7 | 21.7% |
| Shares Outstanding (Mil) | 181 | 324 | -44.0% |
| Cumulative Contribution | -24.7% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| BTBT | -24.7% | |
| Market (SPY) | 22.0% | 45.7% |
| Sector (XLF) | 8.3% | 23.5% |
Fundamental Drivers
The -59.4% change in BTBT stock from 6/30/2023 to 7/7/2026 was primarily driven by a -75.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.06 | 1.65 | -59.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34 | 114 | 232.2% |
| P/S Multiple | 9.3 | 4.7 | -49.6% |
| Shares Outstanding (Mil) | 79 | 324 | -75.7% |
| Cumulative Contribution | -59.4% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| BTBT | -59.4% | |
| Market (SPY) | 74.6% | 39.5% |
| Sector (XLF) | 73.7% | 28.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTBT Return | -72% | -90% | 605% | -31% | -35% | -8% | -92% |
| Peers Return | 31% | -85% | 410% | -3% | 66% | 66% | 166% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| BTBT Win Rate | 33% | 25% | 67% | 58% | 42% | 43% | |
| Peers Win Rate | 44% | 33% | 73% | 45% | 67% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| BTBT Max Drawdown | -86% | -91% | -57% | -57% | -55% | -47% | |
| Peers Max Drawdown | -71% | -89% | -57% | -61% | -60% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MARA, RIOT, CLSK, CIFR, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | BTBT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.3% | -18.8% |
| % Gain to Breakeven | 73.4% | 23.1% |
| Time to Breakeven | 88 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.6% | -7.8% |
| % Gain to Breakeven | 25.9% | 8.5% |
| Time to Breakeven | 13 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.9% | -9.5% |
| % Gain to Breakeven | 91.9% | 10.5% |
| Time to Breakeven | 39 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.3% | -6.7% |
| % Gain to Breakeven | 18.0% | 7.1% |
| Time to Breakeven | 4 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -17.4% | -33.7% |
| % Gain to Breakeven | 21.1% | 50.9% |
| Time to Breakeven | 1 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.7% | -19.2% |
| % Gain to Breakeven | 102.6% | 23.8% |
| Time to Breakeven | 17 days | 105 days |
In The Past
Bit Digital's stock fell -42.3% during the 2025 US Tariff Shock. Such a loss loss requires a 73.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | BTBT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.3% | -18.8% |
| % Gain to Breakeven | 73.4% | 23.1% |
| Time to Breakeven | 88 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.6% | -7.8% |
| % Gain to Breakeven | 25.9% | 8.5% |
| Time to Breakeven | 13 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.9% | -9.5% |
| % Gain to Breakeven | 91.9% | 10.5% |
| Time to Breakeven | 39 days | 24 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.7% | -19.2% |
| % Gain to Breakeven | 102.6% | 23.8% |
| Time to Breakeven | 17 days | 105 days |
In The Past
Bit Digital's stock fell -42.3% during the 2025 US Tariff Shock. Such a loss loss requires a 73.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bit Digital (BTBT)
Bit Digital, Inc. (BTBT) is a public company primarily focused on the digital asset sector, specifically engaging in the mining of Bitcoin. Founded in 2017 and headquartered in New York, the company has established itself as an operator in the competitive cryptocurrency mining industry.
The core business of Bit Digital revolves around its bitcoin mining operations. This involves utilizing specialized computer hardware and significant electrical power to solve complex cryptographic puzzles, a process that validates transactions on the Bitcoin network and, in return, rewards the miner with newly minted bitcoins. In essence, their primary "product" is the acquisition of newly generated Bitcoin through this energy-intensive computational process.
Beyond mining, Bit Digital also actively engages in treasury management activities. This entails strategically managing its holdings of mined Bitcoin and potentially other digital assets to optimize their value and contribute to the company's financial performance. The company's market encompasses the global cryptocurrency ecosystem, where Bitcoin serves as a decentralized digital currency, catering to investors, users, and various entities participating in this evolving financial landscape.
AI Analysis | Feedback
Newmont (NEM) for Bitcoin: Similar to how Newmont mines physical gold, Bit Digital 'mines' the digital currency Bitcoin.
AI Analysis | Feedback
- Bitcoin Mining: The company engages in the process of validating transactions on the Bitcoin network to earn new bitcoins.
- Treasury Management Activities: The company manages its financial assets, including any mined bitcoins, to optimize financial performance and manage risk.
AI Analysis | Feedback
Due to the nature of its business as a bitcoin mining company, Bit Digital (BTBT) does not have identifiable major customers in the traditional sense of specific companies or distinct categories of individual consumers.
Bit Digital generates revenue primarily by mining bitcoins and then selling these self-mined bitcoins into the open cryptocurrency market. The buyers of these bitcoins are various participants in the global cryptocurrency ecosystem, including individual investors, institutional investors, traders, and other entities that acquire bitcoin on exchanges. Therefore, its "customer base" is effectively the broad, decentralized market for cryptocurrencies.
AI Analysis | Feedback
- Core Scientific (CORZ)
- Bitmain
- MicroBT
- Blockstream
- Coinmint
AI Analysis | Feedback
Samir Tabar, Chief Executive Officer
Samir Tabar was appointed CEO of Bit Digital on March 31, 2023, having previously served as Chief Strategy Officer from March 31, 2021. He also holds the position of Chief Executive Officer at WhiteFiber, Inc. (Nasdaq: WYFI), Bit Digital's majority-owned AI infrastructure subsidiary. Before his tenure at Bit Digital, Mr. Tabar co-founded Fluidity, the team responsible for AirSwap, a decentralized trading platform, which was later acquired by Consensys. He previously served as Head of Capital Strategy for Bank of America Merrill Lynch in the Asia-Pacific region. Mr. Tabar began his career as a lawyer at Skadden, Arps, Slate, Meagher & Flom LLP in New York. He holds a BA and MA from Oxford University and an LL.M. from Columbia Law School.
Erke Huang, CFO, Secretary & Director
Erke Huang oversees the financial health and capital allocation for Bit Digital. He has also previously served as Interim Chief Executive Officer for the company. Mr. Huang is noted for combining engineering rigor with capital markets discipline and has operational experience across both the U.S. and Asia.
Thomas Sanfilippo, Chief Technology Officer
Thomas Sanfilippo serves as the Chief Technology Officer for Bit Digital.
Justin Zhu, Senior Vice President of Finance & Chief Accounting Officer
Justin Zhu holds the position of Senior Vice President of Finance and Chief Accounting Officer at Bit Digital.
William Cameron Schnier C.F.A., Head of Investor Relations
William Cameron Schnier C.F.A. is responsible for managing communication with the investment community as the Head of Investor Relations for Bit Digital.
AI Analysis | Feedback
1. Market Volatility of Digital Assets
The value of Bit Digital's digital asset holdings and its revenue from mining and staking operations are highly susceptible to the extreme price fluctuations inherent in the cryptocurrency market, particularly for Bitcoin and Ethereum. A significant decline in the market prices of these digital assets could substantially reduce the company's revenue, the value of its treasury holdings, and overall profitability.2. Operational and Strategic Transition Risks
Bit Digital is undergoing a significant business model pivot, shifting its focus from traditional Bitcoin mining to Ethereum staking and High-Performance Computing (HPC)/AI services. This strategic transition introduces substantial execution risk. Delays or inefficiencies in winding down Bitcoin mining operations, repurposing assets, or successfully scaling the new Ethereum staking and HPC/AI segments could negatively impact the company's financial performance and operational efficiency. Furthermore, this pivot leads to a concentration risk, with the company's strategy becoming heavily dependent on the performance and success of Ethereum.3. Regulatory and Governmental Scrutiny
The cryptocurrency industry operates within a dynamic and often uncertain regulatory environment. Changes in global governmental regulations concerning digital assets, cryptocurrency mining, staking, or even AI infrastructure could impose significant operational restrictions, increase compliance costs, or negatively impact the demand for Bit Digital's services. Restrictive regulations or outright bans in key markets could severely constrain the company's ability to operate and generate profits.AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
Bit Digital, Inc. (BTBT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, reflecting a strategic pivot away from traditional Bitcoin mining.
- Growth in High-Performance Computing (HPC) and Cloud Services: Bit Digital has significantly shifted its focus to high-performance computing (HPC) and cloud services, which are now primary revenue pillars. This segment, including its subsidiary WhiteFiber, has seen rapid growth due to new customer contracts and the deployment of high-end GPUs for AI training and inference workloads. The company reported cloud services as its largest revenue generator in 2024 and anticipates continued expansion with new agreements.
- Expansion of Ethereum Staking Operations: The company is actively exiting Bitcoin mining and reallocating capital towards an Ethereum-native treasury and staking model. Bit Digital aims to build a large institutional Ethereum balance sheet, generating scalable and more stable staking yields. This strategic shift positions Ethereum staking as a significant and recurring revenue stream.
- Data Center Infrastructure Expansion: Bit Digital is aggressively expanding its data center footprint to support its growing HPC and colocation services. New data center facilities, such as those in North Carolina and Montreal, Canada, are expected to become operational and begin generating revenue in the coming years, significantly increasing capacity.
- Deployment of Advanced GPU Technology: The acquisition and deployment of high-end GPUs, including NVIDIA B200 and H200 models, are crucial for supporting high-margin AI training and inference workloads within its cloud services. These advanced GPUs are expected to generate substantial annualized recurring revenue (ARR) as they come online and are fully utilized.
AI Analysis | Feedback
Share Issuance
- Bit Digital's shares outstanding significantly increased from approximately 54.67 million in 2021 to 317.30 million in 2025, indicating substantial share issuance.
- The number of outstanding shares increased by 111.98% in 2025, 68.21% in 2024, and 62.76% in 2023.
- Shareholders have been substantially diluted in the past year.
Capital Expenditures
- In fiscal year 2024, Bit Digital invested $94.0 million in capital expenditures, an increase of 41.0% from the prior year, primarily for funding long-term assets and infrastructure.
- In the last 12 months (as of March 2026), capital expenditures were -$250.85 million.
- Heavy capital investment in fiscal year 2024 resulted in negative free cash flow, reflecting a focus on business expansion.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Bit Digital Earnings Notes | 12/16/2025 | |
| null | 10/17/2025 | |
| ARTICLES | ||
| Why Bit Digital Stock Is Surging | 07/08/2025 |
| Title | |
|---|---|
| DASHBOARDS | |
| Bit Digital Earnings Notes | |
| null | |
| ARTICLES | |
| Why Bit Digital Stock Is Surging |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.48 |
| Mkt Cap | 6.0 |
| Rev LTM | 469 |
| Op Inc LTM | -319 |
| FCF LTM | -1,045 |
| FCF 3Y Avg | -730 |
| CFO LTM | -408 |
| CFO 3Y Avg | -218 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 37.8% |
| Rev Chg 3Y Avg | 73.3% |
| Rev Chg Q | -7.4% |
| QoQ Delta Rev Chg LTM | -1.7% |
| Op Inc Chg LTM | -100.2% |
| Op Inc Chg 3Y Avg | -84.5% |
| Op Mgn LTM | -54.7% |
| Op Mgn 3Y Avg | -59.1% |
| QoQ Delta Op Mgn LTM | -10.7% |
| CFO/Rev LTM | -83.7% |
| CFO/Rev 3Y Avg | -61.7% |
| FCF/Rev LTM | -240.6% |
| FCF/Rev 3Y Avg | -228.2% |
Price Behavior
| Market Price | $1.65 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 03/20/2018 | |
| Distance from 52W High | -60.9% | |
| 50 Days | 200 Days | |
| DMA Price | $1.86 | $2.21 |
| DMA Trend | down | up |
| Distance from DMA | -11.4% | -25.3% |
| 3M | 1YR | |
| Volatility | 94.0% | 89.0% |
| Downside Capture | 525.78 | 512.97 |
| Upside Capture | 376.65 | 313.05 |
| Correlation (SPY) | 45.6% | 45.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.23 | 3.09 | 2.74 | 3.34 | 3.46 | 2.58 |
| Up Beta | 0.62 | -0.87 | 0.68 | 1.81 | 2.77 | 1.59 |
| Down Beta | 3.02 | 2.90 | 3.03 | 3.29 | 3.18 | 2.25 |
| Up Capture | 194% | 589% | 481% | 656% | 1133% | 16373% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 21 | 34 | 56 | 117 | 343 |
| Down Capture | 259% | 356% | 363% | 259% | 198% | 113% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 16 | 25 | 63 | 126 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTBT | |
|---|---|---|---|---|
| BTBT | -52.7% | 89.0% | -0.45 | - |
| Sector ETF (XLF) | 6.7% | 14.7% | 0.22 | 27.8% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | 51.4% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | 26.1% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | 5.2% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 15.1% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 59.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTBT | |
|---|---|---|---|---|
| BTBT | -29.4% | 117.1% | 0.20 | - |
| Sector ETF (XLF) | 10.7% | 18.6% | 0.44 | 29.5% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 38.6% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 8.7% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 6.2% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 24.0% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 53.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTBT | |
|---|---|---|---|---|
| BTBT | -12.3% | 133.3% | 0.46 | - |
| Sector ETF (XLF) | 14.1% | 22.1% | 0.58 | 18.7% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 26.3% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 5.3% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 6.5% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 16.0% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 32.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/31/2026 | 5.3% | 1.5% | 15.3% |
| 11/14/2025 | -4.4% | -18.7% | -16.7% |
| 3/14/2025 | 7.5% | 5.7% | -18.5% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 1 | 1 | 2 |
| Median Positive | 6.4% | 3.6% | 15.3% |
| Median Negative | -4.4% | -18.7% | -17.6% |
| Max Positive | 7.5% | 5.7% | 15.3% |
| Max Negative | -4.4% | -18.7% | -18.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/31/2026 | 5.3% | 1.5% | 15.3% |
| 11/14/2025 | -4.4% | -18.7% | -16.7% |
| 3/14/2025 | 7.5% | 5.7% | -18.5% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 1 | 1 | 2 |
| Median Positive | 6.4% | 3.6% | 15.3% |
| Median Negative | -4.4% | -18.7% | -17.6% |
| Max Positive | 7.5% | 5.7% | 15.3% |
| Max Negative | -4.4% | -18.7% | -18.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/18/2024 | 6-K |
| 06/30/2024 | 08/19/2024 | 6-K |
| 03/31/2024 | 05/15/2024 | 6-K |
| 12/31/2023 | 03/18/2024 | 20-F |
| 09/30/2023 | 11/14/2023 | 6-K |
| 06/30/2023 | 08/15/2023 | 6-K |
| 03/31/2023 | 06/12/2023 | 6-K |
| 12/31/2022 | 04/28/2023 | 20-F |
| 09/30/2022 | 12/07/2022 | 6-K |
| 06/30/2022 | 08/30/2022 | 6-K |
| 03/31/2022 | 06/22/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/18/2024 | 6-K |
| 06/30/2024 | 08/19/2024 | 6-K |
| 03/31/2024 | 05/15/2024 | 6-K |
| 12/31/2023 | 03/18/2024 | 20-F |
| 09/30/2023 | 11/14/2023 | 6-K |
| 06/30/2023 | 08/15/2023 | 6-K |
| 03/31/2023 | 06/12/2023 | 6-K |
| 12/31/2022 | 04/28/2023 | 20-F |
| 09/30/2022 | 12/07/2022 | 6-K |
| 06/30/2022 | 08/30/2022 | 6-K |
| 03/31/2022 | 06/22/2022 | 6-K |
| 12/31/2021 | 04/15/2022 | 20-F |
| 09/30/2021 | 12/23/2021 | 6-K |
| 06/30/2021 | 08/20/2021 | 6-K |
| 03/31/2021 | 05/06/2021 | 6-K |
| 12/31/2020 | 03/30/2021 | 20-F |
| 09/30/2020 | 12/18/2020 | 6-K |
| 06/30/2020 | 10/19/2020 | 6-K |
| 12/31/2019 | 07/29/2020 | 20-F |
| 09/30/2019 | 12/21/2020 | 6-K/A |
| 06/30/2019 | 01/30/2020 | 6-K |
| 12/31/2018 | 04/30/2019 | 20-F |
| 06/30/2018 | 10/01/2018 | 6-K |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Huang, Erke | Chief Financial Officer | Direct | Sell | 11242025 | 2.01 | 410,636 | 825,378 | 2,361,750 | Form |
| 2 | Huang, Erke | Chief Financial Officer | Direct | Sell | 11242025 | 2.18 | 1,089,364 | 2,374,814 | 3,456,686 | Form |
| 3 | Pierce, Brock Jeffrey | Direct | Buy | 6272025 | 2.00 | 500,000 | 1,000,000 | 1,000,000 | Form | |
| 4 | Tabar, Samir | Chief Executive Officer | Direct | Buy | 6262025 | 2.00 | 750,000 | 1,500,000 | 4,216,178 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Huang, Erke | Chief Financial Officer | Direct | Sell | 11242025 | 2.01 | 410,636 | 825,378 | 2,361,750 | Form |
| 2 | Huang, Erke | Chief Financial Officer | Direct | Sell | 11242025 | 2.18 | 1,089,364 | 2,374,814 | 3,456,686 | Form |
| 3 | Pierce, Brock Jeffrey | Direct | Buy | 6272025 | 2.00 | 500,000 | 1,000,000 | 1,000,000 | Form | |
| 4 | Tabar, Samir | Chief Executive Officer | Direct | Buy | 6262025 | 2.00 | 750,000 | 1,500,000 | 4,216,178 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.