Bit Digital, Inc
BTBT · Finance Services · 349.2M shares · +11%/yr ↑ shares · EDGAR filings ↗
Reference price $2.01 · est. market cap ~$702M — last insider sale, 2025-11-21 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D47Bit Digital — bitcoin miner pivoting to AI/HPC data centers, heavy losses.
Strengths
- Strong liquidity (current 6.4); HPC/AI buildout optionality
Risks
- Deep losses; massive negative FCF; short cash runway (~0.8q)
- Crypto-price and capital-intensity dependence
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -70.7%)
- Cash burnNegative free cash flow (-574.9M)
- Revenue declineRevenue -13.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-80.9%
Net margin
-70.7%
Return on equity
-11.1%
Return on assets
-6.8%
Revenue growth (QoQ)
-13.6%
Net-income growth
-383.7%
Current ratio
6.4×
Free cash flow
-$575M
EBITDA
-$55M
Tangible book value
$691M
Cash & investments
$118M
Cash runway
1q
Stock comp / revenue
21.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-02 | Zhu Justin | Tax withheld | 40K | — |
| 2026-03-25 | Zhu Justin | Option exercise | 94K | — |
| 2026-03-25 | Tabar Samir | Option exercise | 150K | — |
| 2026-03-25 | Huang Erke | Option exercise | 750K | — |
| 2026-03-19 | Zhu Justin | Tax withheld | 1.8K | — |
| 2026-03-16 | Zhu Justin | Option exercise | 3.1K | — |
| 2026-01-28 | Huang Erke | Option exercise | 205K | $1.89 |
| 2026-01-28 | Tabar Samir | Option exercise | 205K | $1.89 |
| 2025-12-29 | Zhu Justin | Tax withheld | 1.2K | — |
| 2025-12-12 | Pierce Brock Jeffrey | Option exercise | 20K | — |
| 2025-11-21 | Huang Erke | Sell | 411K | $2.01 |
| 2025-11-20 | Huang Erke | Sell | 1.1M | $2.18 |
| 2025-10-15 | Tabar Samir | Option exercise | 325K | — |
| 2025-10-15 | Huang Erke | Option exercise | 325K | — |
| 2025-09-24 | Zhu Justin | Tax withheld | 1.0K | $3.21 |
| 2025-08-21 | Zhu Justin | Tax withheld | 20K | $2.71 |
| 2025-07-25 | Zhu Justin | Option exercise | 48K | — |
| 2025-07-25 | Tabar Samir | Option exercise | 300K | — |
| 2025-07-25 | Huang Erke | Option exercise | 300K | — |
| 2025-07-16 | Tabar Samir | Option exercise | 255K | — |
| 2025-07-16 | Huang Erke | Option exercise | 255K | — |
| 2025-06-25 | Pierce Brock Jeffrey | Buy | 500K | $2.00 |
| 2025-06-25 | Tabar Samir | Buy | 750K | $2.00 |
| 2025-01-14 | Pierce Brock Jeffrey | Grant | 20K | $0.01 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-27 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2026-03-31 | ResultsExhibits | filing ↗ |
| 2026-02-25 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-02-04 | Reg FDExhibits | filing ↗ |
| 2025-12-12 | Exec/director changeExhibits | filing ↗ |
| 2025-12-12 | Exec/director changeExhibits | filing ↗ |
| 2025-11-14 | ResultsExhibits | filing ↗ |
| 2025-10-31 | Results | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-27 | 2026-05-20 | 0001213900-26-061574 ↗ |
| 10-Q | 2026-05-15 | 2026-03-31 | 0001213900-26-057116 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001213900-26-037587 ↗ |
| 10-K | 2026-03-27 | 2025-12-31 | 0001213900-26-035544 ↗ |
| 8-K | 2026-02-25 | 2026-02-19 | 0001213900-26-020401 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001213900-26-011802 ↗ |
| 8-K | 2025-12-12 | 2025-12-09 | 0001213900-25-121063 ↗ |
| 8-K | 2025-12-12 | 2025-12-07 | 0001213900-25-120806 ↗ |
| 8-K | 2025-11-14 | 2025-11-14 | 0001213900-25-110283 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001213900-25-110383 ↗ |
| 8-K | 2025-10-31 | 2025-10-31 | 0001213900-25-104749 ↗ |
| 8-K | 2025-10-02 | 2025-09-29 | 0001213900-25-095533 ↗ |