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…