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BTBT Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About BTBT Interactive Breakdown Better Bets vs. BTBT Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Bit Digital (BTBT)

Market Price (5/24/2026): $1.95 | Market Cap: $631.4 Mil
Sector: Financials | Industry: Diversified Capital Markets

Bit Digital (BTBT)

Market Price (5/24/2026): $1.95
Market Cap: $631.4 Mil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining.

Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -96%

Meaningful short interest
Short 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 19%

Not profitable at operating income level
Op 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 compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22%

Not cash flow generative
CFO/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 negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%

Key risks
BTBT 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.

0 Megatrend and thematic drivers
Megatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining.
1 Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -96%
2 Meaningful short interest
Short 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 19%
3 Not profitable at operating income level
Op 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%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22%
5 Not cash flow generative
CFO/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%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%
7 Key risks
BTBT 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.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Bit Digital (BTBT) stock has remained largely at the same level since 1/31/2026 because of the following key factors:

1. Bit Digital reported a significant decline in its first-quarter 2026 financial results, which contributed to the stock's negative trend. Total revenue for Q1 2026 decreased by 13.6% sequentially to $27.9 million, driven by lower revenue from cloud services, Ethereum (ETH) staking, and digital asset mining. The company posted a net loss attributable to shareholders of $(146.7) million and adjusted EBITDA was negative $(9.4) million. Earnings per share (EPS) of -$0.45 significantly missed analysts' consensus estimates of -$0.04.

2. The company experienced a substantial decrease in digital asset mining and ETH staking revenue, influenced by lower cryptocurrency prices. Digital asset mining revenue fell by 32.9% to $3.7 million in Q1 2026, primarily due to decreased Bitcoin production and depressed average Bitcoin prices. Similarly, ETH staking revenue declined by 29.4% to $2.3 million, reflecting lower average ETH prices and a strategic repositioning of approximately 70,000 ETH into liquid staking, which resulted in lower natively staked balances.

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Stock Movement Drivers

Fundamental Drivers

The -2.0% change in BTBT stock from 1/31/2026 to 5/23/2026 was primarily driven by a -5.7% change in the company's P/S Multiple.
(LTM values as of)13120265232026Change
Stock Price ($)2.031.99-2.0%
Change Contribution By: 
Total Revenues ($ Mil)1071146.1%
P/S Multiple6.05.7-5.7%
Shares Outstanding (Mil)317324-2.0%
Cumulative Contribution-2.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/23/2026
ReturnCorrelation
BTBT-2.0% 
Market (SPY)8.1%60.2%
Sector (XLF)-2.3%28.3%

Fundamental Drivers

The -45.6% change in BTBT stock from 10/31/2025 to 5/23/2026 was primarily driven by a -36.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)103120255232026Change
Stock Price ($)3.661.99-45.6%
Change Contribution By: 
Total Revenues ($ Mil)9911414.3%
P/S Multiple7.65.7-25.5%
Shares Outstanding (Mil)207324-36.1%
Cumulative Contribution-45.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/23/2026
ReturnCorrelation
BTBT-45.6% 
Market (SPY)9.9%56.4%
Sector (XLF)0.0%27.0%

Fundamental Drivers

The 2.6% change in BTBT stock from 4/30/2025 to 5/23/2026 was primarily driven by a 87.4% change in the company's P/S Multiple.
(LTM values as of)43020255232026Change
Stock Price ($)1.941.992.6%
Change Contribution By: 
Total Revenues ($ Mil)1081145.1%
P/S Multiple3.05.787.4%
Shares Outstanding (Mil)169324-47.9%
Cumulative Contribution2.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/23/2026
ReturnCorrelation
BTBT2.6% 
Market (SPY)36.0%44.8%
Sector (XLF)8.2%27.5%

Fundamental Drivers

The 0.5% change in BTBT stock from 4/30/2023 to 5/23/2026 was primarily driven by a 229.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020235232026Change
Stock Price ($)1.981.990.5%
Change Contribution By: 
Total Revenues ($ Mil)34114229.2%
P/S Multiple4.75.719.7%
Shares Outstanding (Mil)83324-74.5%
Cumulative Contribution0.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/23/2026
ReturnCorrelation
BTBT0.5% 
Market (SPY)86.3%37.7%
Sector (XLF)64.4%27.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BTBT Return-72%-90%605%-31%-35%3%-91%
Peers Return31%-85%410%-3%66%75%180%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
BTBT Win Rate33%25%67%58%42%60% 
Peers Win Rate44%33%73%45%67%64% 
S&P 500 Win Rate75%42%67%75%67%60% 

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 5/22/2026 (YTD)

How Low Can It Go

EventBTBTS&P 500
2025 US Tariff Shock
  % Loss-42.3%-18.8%
  % Gain to Breakeven73.4%23.1%
  Time to Breakeven88 days79 days
2024 Yen Carry Trade Unwind
  % Loss-20.6%-7.8%
  % Gain to Breakeven25.9%8.5%
  Time to Breakeven13 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-47.9%-9.5%
  % Gain to Breakeven91.9%10.5%
  Time to Breakeven39 days24 days
2023 SVB Regional Banking Crisis
  % Loss-15.3%-6.7%
  % Gain to Breakeven18.0%7.1%
  Time to Breakeven4 days31 days
2020 COVID-19 Crash
  % Loss-17.4%-33.7%
  % Gain to Breakeven21.1%50.9%
  Time to Breakeven1 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-50.7%-19.2%
  % Gain to Breakeven102.6%23.8%
  Time to Breakeven17 days105 days

Compare to MARA, RIOT, CLSK, CIFR, HUT

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.

EventBTBTS&P 500
2025 US Tariff Shock
  % Loss-42.3%-18.8%
  % Gain to Breakeven73.4%23.1%
  Time to Breakeven88 days79 days
2024 Yen Carry Trade Unwind
  % Loss-20.6%-7.8%
  % Gain to Breakeven25.9%8.5%
  Time to Breakeven13 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-47.9%-9.5%
  % Gain to Breakeven91.9%10.5%
  Time to Breakeven39 days24 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-50.7%-19.2%
  % Gain to Breakeven102.6%23.8%
  Time to Breakeven17 days105 days

Compare to MARA, RIOT, CLSK, CIFR, HUT

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., 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.

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

The key risks to Bit Digital's business are:

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

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AI Analysis | Feedback

Bit Digital, Inc. primarily engages in the bitcoin mining business. The addressable market for their main service, bitcoin mining, falls under the broader cryptocurrency mining market. The global cryptocurrency mining market size was valued at approximately USD 2.77 billion in 2025 and is projected to increase to around USD 9.18 billion by 2035, growing at a compound annual growth rate (CAGR) of 12.73% from 2026 to 2035. Within this market, the Bitcoin segment is expected to account for a significant share, with one forecast indicating it will contribute to market growth with a share of 56.45% during the forecasted period. Regionally, North America represents a substantial portion of the worldwide cryptocurrency mining market, having generated the largest share. North America also held 47% of the Bitcoin Miner Market, driven by regulatory clarity and the deployment of large-scale mining farms. This region is further anticipated to grow at a CAGR of 10% in the Bitcoin mining market, supported by favorable regulations and energy resources.

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.

Better Bets vs. Bit Digital (BTBT)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Bit Digital Earnings Notes12/16/2025
2null10/17/2025
3ARTICLES 
4Why Bit Digital Stock Is Surging07/08/2025

Trade Ideas

Select ideas related to BTBT.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
EEFT_4302026_Dip_Buyer_ValueBuy04302026EEFTEuronet WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
HOMB_4242026_Insider_Buying_GTE_1Mil_EBITp+DE_V204242026HOMBHome BancSharesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		1.5%1.5%0.0%
HBAN_3312026_Insider_Buying_45D_2Buy_200K03312026HBANHuntington BancsharesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		7.1%7.1%0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K03312026NPNeptune InsuranceInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		3.9%3.9%0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper03272026JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-4.0%

Recent Active Movers

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Peer Comparisons

Peers to compare with:

Financials

BTBTMARARIOTCLSKCIFRHUTMedian
NameBit Digi.MARA Riot Pla.Cleanspa.Cipher D.Hut 8  
Mkt Price1.9913.8124.4915.9721.97105.9018.97
Mkt Cap0.65.28.54.38.911.86.9
Rev LTM114868653740210284469
Op Inc LTM-57-907-389-268-370-139-319
FCF LTM-575-1,283-1,273-1,072-1,017-814-1,045
FCF 3Y Avg-249-901-1,116-915-559-424-730
CFO LTM-289-835-634-526-69-133-408
CFO 3Y Avg-100-650-337-340-96-87-218

Growth & Margins

BTBTMARARIOTCLSKCIFRHUTMedian
NameBit Digi.MARA Riot Pla.Cleanspa.Cipher D.Hut 8  
Rev Chg LTM5.1%23.1%42.4%37.7%38.0%114.6%37.8%
Rev Chg 3Y Avg58.6%130.6%38.6%87.9%183.8%48.6%73.3%
Rev Chg Q25.4%-18.4%3.6%-24.9%-28.8%225.5%-7.4%
QoQ Delta Rev Chg LTM6.1%-4.3%0.9%-5.8%-6.3%20.9%-1.7%
Op Inc Chg LTM-101.1%-62.0%-9.7%-186.3%-187.5%-99.3%-100.2%
Op Inc Chg 3Y Avg-26.4%-101.0%-38.3%-68.0%-114.1%-368.0%-84.5%
Op Mgn LTM-49.8%-104.5%-59.5%-36.2%-176.1%-49.0%-54.7%
Op Mgn 3Y Avg-45.1%-73.0%-74.5%-25.5%-96.5%-36.4%-59.1%
QoQ Delta Op Mgn LTM4.3%-13.8%-6.5%-14.9%-25.5%-7.6%-10.7%
CFO/Rev LTM-254.4%-96.2%-97.0%-71.1%-33.0%-46.6%-83.7%
CFO/Rev 3Y Avg-88.0%-90.9%-62.2%-61.2%-58.8%-49.8%-61.7%
FCF/Rev LTM-506.2%-147.8%-194.8%-144.9%-484.9%-286.4%-240.6%
FCF/Rev 3Y Avg-250.4%-122.8%-243.1%-176.8%-305.8%-213.3%-228.2%

Valuation

BTBTMARARIOTCLSKCIFRHUTMedian
NameBit Digi.MARA Riot Pla.Cleanspa.Cipher D.Hut 8  
Mkt Cap0.65.28.54.38.911.86.9
P/S5.76.013.05.842.441.49.5
P/Op Inc-11.4-5.8-21.9-16.0-24.1-84.4-18.9
P/EBIT-7.7-2.7-10.1-8.6-11.0-28.3-9.4
P/E-8.0-2.6-9.8-8.5-9.9-37.7-9.2
P/CFO-2.2-6.3-13.4-8.1-128.7-88.7-10.8
Total Yield-12.5%-38.8%-10.2%-11.7%-10.1%-2.7%-10.9%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-63.6%-24.8%-37.0%-40.7%-30.1%-18.3%-33.6%
D/E0.20.50.10.40.50.00.3
Net D/E0.00.40.10.20.50.00.1

Returns

BTBTMARARIOTCLSKCIFRHUTMedian
NameBit Digi.MARA Riot Pla.Cleanspa.Cipher D.Hut 8  
1M Rtn25.9%17.0%34.5%30.6%17.5%34.4%28.3%
3M Rtn21.3%73.3%56.2%65.5%50.0%96.8%60.8%
6M Rtn-4.8%37.1%92.7%64.1%55.3%208.4%59.7%
12M Rtn-20.4%-6.2%186.4%70.6%533.1%536.0%128.5%
3Y Rtn-20.7%46.4%117.3%257.3%859.4%907.6%187.3%
1M Excs Rtn20.8%11.9%29.4%25.4%12.4%29.3%23.1%
3M Excs Rtn10.6%66.1%47.2%53.3%35.1%86.7%50.3%
6M Excs Rtn-20.4%11.9%70.9%43.7%37.8%169.6%40.8%
12M Excs Rtn-45.6%-40.7%149.2%30.1%498.9%519.4%89.6%
3Y Excs Rtn-95.7%-42.8%32.7%176.8%709.8%827.9%104.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Digital asset mining594432  
Cloud services460   
Ethereum (ETH) staking21   
Colocation services10   
Other revenue10   
Ethereum (ETH) liquid staking  0  
Ethereum (ETH) native staking  0  
Single Segment   9621
Total10845329621


Price Behavior

Price Behavior
Market Price$1.99 
Market Cap ($ Bil)0.6 
First Trading Date03/20/2018 
Distance from 52W High-52.8% 
   50 Days200 Days
DMA Price$1.61$2.34
DMA Trenddownindeterminate
Distance from DMA23.3%-14.9%
 3M1YR
Volatility90.5%96.0%
Downside Capture526.60533.44
Upside Capture452.06347.14
Correlation (SPY)56.6%45.5%
BTBT Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta2.323.043.633.563.292.48
Up Beta1.951.463.223.152.851.55
Down Beta16.173.753.764.093.322.14
Up Capture199%345%360%290%688%15412%
Bmk +ve Days15223166141428
Stock +ve Days13192751114346
Down Capture348%348%335%269%205%113%
Bmk -ve Days4183056108321
Stock -ve Days9243772129384

[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-38.0%90.3%-0.13-
Sector ETF (XLF)4.9%14.5%0.1131.1%
Equity (SPY)29.5%12.0%1.8651.2%
Gold (GLD)35.5%26.8%1.1120.0%
Commodities (DBC)42.9%18.7%1.772.0%
Real Estate (VNQ)15.2%13.1%0.8222.7%
Bitcoin (BTCUSD)-31.3%41.8%-0.7858.5%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BTBT
BTBT-31.5%117.5%0.18-
Sector ETF (XLF)8.4%18.6%0.3329.1%
Equity (SPY)14.0%17.0%0.6438.1%
Gold (GLD)18.8%18.0%0.857.7%
Commodities (DBC)10.4%19.4%0.426.1%
Real Estate (VNQ)3.8%18.8%0.1024.6%
Bitcoin (BTCUSD)11.6%55.3%0.4153.3%

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-10.6%133.8%0.48-
Sector ETF (XLF)12.9%22.1%0.5318.8%
Equity (SPY)15.7%17.9%0.7526.1%
Gold (GLD)13.0%16.0%0.674.7%
Commodities (DBC)7.8%17.9%0.356.4%
Real Estate (VNQ)5.5%20.7%0.2316.3%
Bitcoin (BTCUSD)66.7%66.9%1.0632.3%

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Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity61.1 Mil
Short Interest: % Change Since 4152026-4.1%
Average Daily Volume17.1 Mil
Days-to-Cover Short Interest3.6 days
Basic Shares Quantity323.8 Mil
Short % of Basic Shares18.9%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/31/20265.3%1.5%15.3%
11/14/2025-4.4%-18.7%-16.7%
3/14/20257.5%5.7%-18.5%
SUMMARY STATS   
# Positive221
# Negative112
Median Positive6.4%3.6%15.3%
Median Negative-4.4%-18.7%-17.6%
Max Positive7.5%5.7%15.3%
Max Negative-4.4%-18.7%-18.5%

SEC Filings

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Report DateFiling DateFiling
12/31/202503/27/202610-K
09/30/202511/14/202510-Q
06/30/202508/14/202510-Q
03/31/202505/15/202510-Q
12/31/202403/14/202510-K
09/30/202411/18/20246-K
06/30/202408/19/20246-K
03/31/202405/15/20246-K
12/31/202303/18/202420-F
09/30/202311/14/20236-K
06/30/202308/15/20236-K
03/31/202306/12/20236-K
12/31/202204/28/202320-F
09/30/202212/07/20226-K
06/30/202208/30/20226-K
03/31/202206/22/20226-K

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Huang, ErkeChief Financial OfficerDirectSell112420252.01410,636825,3782,361,750Form
2Huang, ErkeChief Financial OfficerDirectSell112420252.181,089,3642,374,8143,456,686Form
3Pierce, Brock JeffreyDirectBuy62720252.00500,0001,000,0001,000,000Form
4Tabar, SamirChief Executive OfficerDirectBuy62620252.00750,0001,500,0004,216,178Form

Industry Resources

External Quote Links


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