Bit Digital posts $146.7M Q1 net loss on crypto valuation losses

Nasdaq-listed Bit Digital (BTBT), a company heavily invested in Ethereum, reported a 13.6% quarter-over-quarter decrease in revenue to $27.9 million for the first quarter of this year, according to The Block. The company's ETH staking revenue fell 29.4% to $2.3 million, crypto mining revenue dropped 32.9% to $3.7 million, and cloud service revenue declined 13.1% to $16.8 million. Bit Digital recorded a net loss of $146.7 million, primarily due to cryptocurrency valuation losses. The firm staked approximately 70,000 ETH during the quarter and held around 154,444 ETH, valued at $327 million, as of the end of March.