Bit Digital's first-quarter revenue fell nearly 14% to $27.9 million, with a net loss of approximately $147 million.

CoinFeed reported on May 15th that, according to The Block, Ethereum treasury company Bit Digital released its Q1 financial report, showing total revenue of $27.9 million, a 13.6% decrease quarter-over-quarter, primarily due to declines in cloud service revenue, ETH staking revenue, and digital asset mining revenue. ETH staking revenue decreased by 29.4% quarter-over-quarter to $2.3 million, as the company converted approximately 70,000 ETH into liquidity staking to maintain treasury flexibility. The company reported a net loss of $146.7 million in Q1, compared to a net loss of $185.3 million in the previous quarter. As of the end of March, the company held approximately 154,400 ETH, valued at approximately $327 million, with an average holding cost of $3,045. The company continues to reduce its Bitcoin mining exposure, stating that while mining still generates cash flow, it is no longer a strategic growth focus, and capital allocation will shift towards Ethereum and infrastructure-related opportunities.