<p>比特数字公司（Bit Digital, Inc. ((BTBT)）已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>比特数字最新的财报电话会议传达了一种谨慎乐观的语气，管理层在面对短期压力的同时，仍然倾向于长期向以太坊和人工智能基础设施的转型。高管们强调了可观的数字资产基础和战略性股份，他们表示这些将支撑未来的增长，尽管收入下降，亏损仍然很大，流动性在本季度下降。</p>
<h2>大规模以太坊国库支撑战略</h2>
<p>比特数字强调其以太坊持有量作为新战略的核心，截至季度末约有 155,000 ETH，价值约 3.27 亿美元，按每个 ETH 约 2,100 美元的价格计算。管理层将这一持仓视为国库储备和质押收入的来源，尽管每个 ETH 的平均收购成本约为 3,030 至 3,040 美元，目前公司处于未实现亏损状态。</p>
<h2>WhiteFiber 股权被视为长期人工智能资产</h2>
<p>公司强调其在 WhiteFiber 的约 2,700 万股股份，截至 2026 年 3 月估值约为 3.22 亿美元，作为对人工智能基础设施的核心投资。高管们将 WhiteFiber 描述为一个战略性持股，他们计划在今年不进行变现，建议投资者将其视为未来计算需求的嵌入式看涨期权，而不是短期流动性来源。</p>
<h2>从比特币挖矿转向基础设施和质押</h2>
<p>管理层重申了有意从传统比特币挖矿转向以太坊质押、共址和云服务，旨在实现经常性收入。他们认为这一转型应能减少波动性，并随着时间的推移改善盈利质量，尽管他们承认，淘汰旧的挖矿业务部分正在抑制近期的收入增长。</p>
<h2>共址业务显示出亮点</h2>
<p>为数不多的明确增长领域之一是共址服务，季度收入环比增长约 23.9%，达到 480 万美元。公司表示，这一表现突显了对托管计算基础设施的强劲需求，并验证了其专注于建设能够支持加密和人工智能工作负载的设施的方向。</p>
<h2>净亏损缩小但仍然可观</h2>
<p>比特数字报告本季度净亏损为 1.467 亿美元，较上期的 1.853 亿美元亏损有所改善，减少约 20.8%。管理层将这一进展部分归因于重新定位的努力和较少的一次性项目，同时警告称，数字资产的非现金市场波动仍然对报告的收益产生重大影响。</p>
<h2>监管和战略里程碑</h2>
<p>公司强调获得以太坊基金会批准直接购买 ETH，作为其信誉和与生态系统长期对齐的标志。它还指出，参议院银行委员会对 Clarity Act 的进展，可能成为支持性监管发展的潜在信号，能够鼓励更广泛的机构参与数字资产。</p>
<h2>并购管道和资本配置纪律</h2>
<p>高管们表示，他们正在积极评估符合其基础设施和国库重点的收购目标，表明有意进行机会性交易。他们强调了严格的资本配置框架，认为强劲的资产负债表和多种融资工具提供了灵活性，以追求增长，同时保持杠杆在可控范围内。</p>
<h2>WhiteFiber 融资加深整合</h2>
<p>资产负债表上的可比票据增加至 3.34 亿美元，主要由于 WhiteFiber 发行的债务工具被合并到比特数字的账目中。管理层将此视为与 WhiteFiber 资产的财务整合加深的证据，尽管这也增加了与人工智能基础设施投资相关的复杂性和杠杆。</p>
<h2>收入下滑影响近期表现</h2>
<p>总收入从上季度的 3,230 万美元滑落至 2,790 万美元，下降约 13.7%，反映出战略转型的成长烦恼。下降突显出，尽管业务正在向基础设施和质押重新定位，但尚未完全抵消来自旧业务线的收入缩减。</p>
<h2>云服务需求减弱</h2>
<p>云服务收入下降至 1,680 万美元，环比下降约 13.1%，显示出该领域需求疲软或价格压力。管理层并未表示云战略的逆转，但承认这一业务仍然对更广泛的市场条件和客户预算敏感。</p>
<h2>以太坊质押收入承压</h2>
<p>以太坊质押收入下降至 230 万美元，环比下降约 29.4%，受到较低的平均 ETH 价格和较小的本地质押余额的影响。公司指出，截至 4 月底，仅约 60,700 ETH 仍然处于本地质押状态，尽管它继续优化其在大额国库中最大化质押收益的方法。</p>
<h2>比特币挖矿收入持续下降</h2>
<p>数字资产挖矿收入下降至 370 万美元，较上季度几乎下降三分之一，主要由于比特币产量减少和 BTC 价格疲软。管理层重申，比特币挖矿不再是战略增长引擎，其减少的角色可能会继续对收入施加压力，随着转型的推进。</p>
<h2>现金和数字资产价值大幅下降</h2>
<p>资产负债表显示出显著的资金流出，现金及现金等价物从 1.184 亿美元下降至 7950 万美元，下降约 32.9%。报告的数字资产价值也从 4.157 亿美元下降至 2.95 亿美元，下降约 29%，因较低的 ETH 价格和市值损失对报告的资本造成压力。</p>
<h2>非现金市值损失扭曲结果</h2>
<p>管理层强调，数字资产的非现金公允价值调整仍然是季度业绩的主要波动因素，显著导致了 146.7 百万美元的净亏损。他们认为，这些会计效应可能会掩盖公司的基本运营轨迹，特别是对于持有大量 ETH 及相关资产的公司而言。</p>
<h2>ETH 国库的未实现损失</h2>
<p>由于 Bit Digital 的平均 ETH 购买价格约为每枚 3,030 至 3,040 美元，超过了近期市场水平接近 2,100 美元，因此该公司在其国库库存上承受了相当大的未实现损失。这些纸面损失压缩了报告的资产价值和股本，但管理层坚持以太坊和质押经济学的长期论点依然有效。</p>
<h2>传统矿业业务逐渐淡出背景</h2>
<p>公司指出，比特币挖矿仍然保持现金流为正，但不再是战略重点，资源正在重新分配到新的项目上。这一从原核心业务的撤退突显了正在进行的转型规模，并解释了由于传统贡献逐渐减弱而导致的一些短期收入疲软。</p>
<h2>前瞻性指引信号持续转型与战略更新</h2>
<p>展望未来，Bit Digital 重申计划将资本从比特币挖矿转移到以太坊国库、质押和以 AI 为重点的基础设施，同时保持资产负债表的灵活性。公司预计计算能力将持续短缺，今年将避免变现 WhiteFiber，并承诺在近期内提供关于以太坊国库战略的重大更新。</p>
<p>Bit Digital 的财报电话会议描绘了一幅正在转型的公司图景，正在用短期收入和流动性交换对以太坊和 AI 基础设施的集中投资。对于投资者而言，故事的关键在于这些大型资产头寸和战略转型是否最终能够转化为更稳定、可持续的现金流，从而证明今天的波动性和报告的亏损是合理的。</p>

比特数字

ETHE

ETHW

<p>比特数字公司在其第一季度财报电话会议中报告了谨慎的前景，强调尽管面临重大损失和流动性下降，但仍战略性地转向以太坊和人工智能基础设施。该公司持有约 155,000 个以太坊，价值 3.27 亿美元，视其为国库储备。比特数字正从比特币挖矿转向以太坊质押和托管服务，托管服务的收入增长了 23.9%。然而，总收入降至 2790 万美元，净亏损缩小至 1.467 亿美元。该公司正在探索收购机会，并保持严格的资本配置策略</p>

<p>Bit Digital, Inc. ((BTBT)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>比特数字公司（Bit Digital, Inc. ((BTBT)）已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Bit Digital’s latest earnings call struck a cautiously optimistic tone as management leaned into a long-term pivot toward Ethereum and AI infrastructure despite sharp short-term pressures. Executives highlighted a sizeable digital asset base and strategic stakes that they say underpin future growth, even as revenue fell, losses remained large and liquidity declined during the quarter.</p>
<div class="lb-trans"><p>比特数字最新的财报电话会议传达了一种谨慎乐观的语气，管理层在面对短期压力的同时，仍然倾向于长期向以太坊和人工智能基础设施的转型。高管们强调了可观的数字资产基础和战略性股份，他们表示这些将支撑未来的增长，尽管收入下降，亏损仍然很大，流动性在本季度下降。</p>
</div><h2>Massive Ethereum Treasury Anchors Strategy</h2>
<div class="lb-trans"><h2>大规模以太坊国库支撑战略</h2>
</div><p>Bit Digital emphasized its Ethereum holdings as the core of its new strategy, with roughly 155,000 ETH worth about $327 million at quarter end prices near $2,100. Management framed this position as both a treasury reserve and a source of staking income, even though the average acquisition cost of about $3,030 to $3,040 per ETH currently leaves the firm in an unrealized loss.</p>
<div class="lb-trans"><p>比特数字强调其以太坊持有量作为新战略的核心，截至季度末约有 155,000 ETH，价值约 3.27 亿美元，按每个 ETH 约 2,100 美元的价格计算。管理层将这一持仓视为国库储备和质押收入的来源，尽管每个 ETH 的平均收购成本约为 3,030 至 3,040 美元，目前公司处于未实现亏损状态。</p>
</div><h2>WhiteFiber Stake Seen as Long-Term AI Asset</h2>
<div class="lb-trans"><h2>WhiteFiber 股权被视为长期人工智能资产</h2>
</div><p>The company underscored its roughly 27 million-share stake in WhiteFiber, valued at about $322 million as of March 2026, as a central bet on AI infrastructure. Executives described WhiteFiber as a strategic holding they do not plan to monetize this year, suggesting investors should view it as an embedded call option on future compute demand rather than a near-term liquidity source.</p>
<div class="lb-trans"><p>公司强调其在 WhiteFiber 的约 2,700 万股股份，截至 2026 年 3 月估值约为 3.22 亿美元，作为对人工智能基础设施的核心投资。高管们将 WhiteFiber 描述为一个战略性持股，他们计划在今年不进行变现，建议投资者将其视为未来计算需求的嵌入式看涨期权，而不是短期流动性来源。</p>
</div><h2>Shift From Bitcoin Mining to Infrastructure and Staking</h2>
<div class="lb-trans"><h2>从比特币挖矿转向基础设施和质押</h2>
</div><p>Management reiterated a deliberate shift away from legacy Bitcoin mining toward Ethereum staking, colocation and cloud services aimed at recurring revenue. They argued this transition should reduce volatility and improve earnings quality over time, though they acknowledged that retiring parts of the old mining business is dampening near-term topline growth.</p>
<div class="lb-trans"><p>管理层重申了有意从传统比特币挖矿转向以太坊质押、共址和云服务，旨在实现经常性收入。他们认为这一转型应能减少波动性，并随着时间的推移改善盈利质量，尽管他们承认，淘汰旧的挖矿业务部分正在抑制近期的收入增长。</p>
</div><h2>Colocation Segment Shows Bright Spot</h2>
<div class="lb-trans"><h2>共址业务显示出亮点</h2>
</div><p>One of the few clear growth areas was colocation services, where revenue rose about 23.9% quarter over quarter to $4.8 million. The company said this performance highlights strong demand for hosted compute infrastructure and validates its focus on building out facilities that can support both crypto and AI workloads.</p>
<div class="lb-trans"><p>为数不多的明确增长领域之一是共址服务，季度收入环比增长约 23.9%，达到 480 万美元。公司表示，这一表现突显了对托管计算基础设施的强劲需求，并验证了其专注于建设能够支持加密和人工智能工作负载的设施的方向。</p>
</div><h2>Net Loss Narrows but Remains Substantial</h2>
<div class="lb-trans"><h2>净亏损缩小但仍然可观</h2>
</div><p>Bit Digital reported a net loss of $146.7 million for the quarter, an improvement from the $185.3 million loss in the prior period, representing about a 20.8% reduction. Management attributed the progress partly to repositioning efforts and fewer one-off items, while cautioning that noncash market swings in digital assets still heavily influence reported earnings.</p>
<div class="lb-trans"><p>比特数字报告本季度净亏损为 1.467 亿美元，较上期的 1.853 亿美元亏损有所改善，减少约 20.8%。管理层将这一进展部分归因于重新定位的努力和较少的一次性项目，同时警告称，数字资产的非现金市场波动仍然对报告的收益产生重大影响。</p>
</div><h2>Regulatory and Strategic Milestones</h2>
<div class="lb-trans"><h2>监管和战略里程碑</h2>
</div><p>The company highlighted approval from the Ethereum Foundation to purchase ETH directly as a sign of its credibility and long-term alignment with the ecosystem. It also pointed to progress on the Clarity Act in the Senate Banking Committee as a potentially supportive regulatory development that could encourage broader institutional participation in digital assets.</p>
<div class="lb-trans"><p>公司强调获得以太坊基金会批准直接购买 ETH，作为其信誉和与生态系统长期对齐的标志。它还指出，参议院银行委员会对 Clarity Act 的进展，可能成为支持性监管发展的潜在信号，能够鼓励更广泛的机构参与数字资产。</p>
</div><h2>M&amp;A Pipeline and Capital Allocation Discipline</h2>
<div class="lb-trans"><h2>并购管道和资本配置纪律</h2>
</div><p>Executives said they are actively evaluating acquisition targets that fit their infrastructure and treasury focus, signaling an appetite for opportunistic deals. They stressed a disciplined capital allocation framework, arguing that a strong balance sheet and multiple financing tools provide flexibility to pursue growth while keeping leverage in check.</p>
<div class="lb-trans"><p>高管们表示，他们正在积极评估符合其基础设施和国库重点的收购目标，表明有意进行机会性交易。他们强调了严格的资本配置框架，认为强劲的资产负债表和多种融资工具提供了灵活性，以追求增长，同时保持杠杆在可控范围内。</p>
</div><h2>WhiteFiber Financing Deepens Integration</h2>
<div class="lb-trans"><h2>WhiteFiber 融资加深整合</h2>
</div><p>Comparable notes on the balance sheet increased to $334 million, largely due to WhiteFiber’s issuance of debt instruments that are consolidated into Bit Digital’s accounts. Management cast this as evidence of deeper financial integration with the WhiteFiber asset, although it also adds complexity and leverage tied to the AI infrastructure bet.</p>
<div class="lb-trans"><p>资产负债表上的可比票据增加至 3.34 亿美元，主要由于 WhiteFiber 发行的债务工具被合并到比特数字的账目中。管理层将此视为与 WhiteFiber 资产的财务整合加深的证据，尽管这也增加了与人工智能基础设施投资相关的复杂性和杠杆。</p>
</div><h2>Revenue Slide Weighs on Near-Term Performance</h2>
<div class="lb-trans"><h2>收入下滑影响近期表现</h2>
</div><p>Total revenue slipped to $27.9 million in the quarter from $32.3 million previously, a drop of about 13.7%, reflecting the growing pains of the strategic transition. The decline underscores that while the business is repositioning toward infrastructure and staking, it has yet to fully offset shrinking contributions from older lines.</p>
<div class="lb-trans"><p>总收入从上季度的 3,230 万美元滑落至 2,790 万美元，下降约 13.7%，反映出战略转型的成长烦恼。下降突显出，尽管业务正在向基础设施和质押重新定位，但尚未完全抵消来自旧业务线的收入缩减。</p>
</div><h2>Cloud Services Face Softer Demand</h2>
<div class="lb-trans"><h2>云服务需求减弱</h2>
</div><p>Cloud services revenue fell to $16.8 million, down roughly 13.1% quarter over quarter, pointing to weaker demand or pricing pressure in that segment. Management did not signal a reversal of the cloud strategy but acknowledged that this line remains sensitive to broader market conditions and customer budgets.</p>
<div class="lb-trans"><p>云服务收入下降至 1,680 万美元，环比下降约 13.1%，显示出该领域需求疲软或价格压力。管理层并未表示云战略的逆转，但承认这一业务仍然对更广泛的市场条件和客户预算敏感。</p>
</div><h2>Ethereum Staking Revenue Under Pressure</h2>
<div class="lb-trans"><h2>以太坊质押收入承压</h2>
</div><p>Ethereum staking revenue dropped to $2.3 million, down about 29.4% quarter over quarter, hampered by lower average ETH prices and smaller natively staked balances. The company noted that only around 60,700 ETH remained natively staked by late April, even as it continues to refine its approach to maximizing staking yields within its large treasury.</p>
<div class="lb-trans"><p>以太坊质押收入下降至 230 万美元，环比下降约 29.4%，受到较低的平均 ETH 价格和较小的本地质押余额的影响。公司指出，截至 4 月底，仅约 60,700 ETH 仍然处于本地质押状态，尽管它继续优化其在大额国库中最大化质押收益的方法。</p>
</div><h2>Bitcoin Mining Revenue Continues to Erode</h2>
<div class="lb-trans"><h2>比特币挖矿收入持续下降</h2>
</div><p>Digital asset mining revenue fell to $3.7 million, nearly one-third lower than the prior quarter, driven by reduced Bitcoin production and weaker BTC prices. Management reiterated that Bitcoin mining is no longer a strategic growth engine and that its diminished role will likely continue to pressure revenues as the pivot progresses.</p>
<div class="lb-trans"><p>数字资产挖矿收入下降至 370 万美元，较上季度几乎下降三分之一，主要由于比特币产量减少和 BTC 价格疲软。管理层重申，比特币挖矿不再是战略增长引擎，其减少的角色可能会继续对收入施加压力，随着转型的推进。</p>
</div><h2>Cash and Digital Asset Values Decline Sharply</h2>
<div class="lb-trans"><h2>现金和数字资产价值大幅下降</h2>
</div><p>The balance sheet showed a notable drawdown, with cash and equivalents slipping from $118.4 million to $79.5 million by March 31, a drop of roughly 32.9%. Reported digital asset value also fell from $415.7 million to $295 million, down about 29%, as lower ETH prices and mark-to-market losses weighed on reported capital.</p>
<div class="lb-trans"><p>资产负债表显示出显著的资金流出，现金及现金等价物从 1.184 亿美元下降至 7950 万美元，下降约 32.9%。报告的数字资产价值也从 4.157 亿美元下降至 2.95 亿美元，下降约 29%，因较低的 ETH 价格和市值损失对报告的资本造成压力。</p>
</div><h2>Noncash Mark-to-Market Losses Distort Results</h2>
<div class="lb-trans"><h2>非现金市值损失扭曲结果</h2>
</div><p>Management emphasized that noncash mark-to-market adjustments on digital assets remain a major swing factor in quarterly results, contributing significantly to the $146.7 million net loss. They argued that these accounting effects can obscure the underlying operating trajectory, particularly for a company with such large ETH and related holdings.</p>
<div class="lb-trans"><p>管理层强调，数字资产的非现金公允价值调整仍然是季度业绩的主要波动因素，显著导致了 146.7 百万美元的净亏损。他们认为，这些会计效应可能会掩盖公司的基本运营轨迹，特别是对于持有大量 ETH 及相关资产的公司而言。</p>
</div><h2>Unrealized Losses on ETH Treasury</h2>
<div class="lb-trans"><h2>ETH 国库的未实现损失</h2>
</div><p>Because Bit Digital’s average ETH purchase price of about $3,030 to $3,040 per coin exceeds recent market levels near $2,100, the firm is carrying sizeable unrealized losses on its treasury inventory. These paper losses compress reported asset values and equity, yet management insists the long-term thesis around Ethereum and staking economics remains intact.</p>
<div class="lb-trans"><p>由于 Bit Digital 的平均 ETH 购买价格约为每枚 3,030 至 3,040 美元，超过了近期市场水平接近 2,100 美元，因此该公司在其国库库存上承受了相当大的未实现损失。这些纸面损失压缩了报告的资产价值和股本，但管理层坚持以太坊和质押经济学的长期论点依然有效。</p>
</div><h2>Legacy Mining Business Fades Into Background</h2>
<div class="lb-trans"><h2>传统矿业业务逐渐淡出背景</h2>
</div><p>The company noted that Bitcoin mining remains cash flow positive but is no longer a strategic priority, with resources being reallocated to newer initiatives. This retreat from its original core business underscores the scale of the transformation under way and explains some of the near-term revenue softness as the legacy contribution gradually wanes.</p>
<div class="lb-trans"><p>公司指出，比特币挖矿仍然保持现金流为正，但不再是战略重点，资源正在重新分配到新的项目上。这一从原核心业务的撤退突显了正在进行的转型规模，并解释了由于传统贡献逐渐减弱而导致的一些短期收入疲软。</p>
</div><h2>Forward Guidance Signals Continued Pivot and Strategic Update</h2>
<div class="lb-trans"><h2>前瞻性指引信号持续转型与战略更新</h2>
</div><p>Looking ahead, Bit Digital reiterated plans to keep moving capital from Bitcoin mining into Ethereum treasury, staking and AI-focused infrastructure while preserving balance sheet flexibility. The company expects compute capacity to stay in structural short supply, will avoid monetizing WhiteFiber this year, and pledged to deliver a material update on its Ethereum treasury strategy in the near term.</p>
<div class="lb-trans"><p>展望未来，Bit Digital 重申计划将资本从比特币挖矿转移到以太坊国库、质押和以 AI 为重点的基础设施，同时保持资产负债表的灵活性。公司预计计算能力将持续短缺，今年将避免变现 WhiteFiber，并承诺在近期内提供关于以太坊国库战略的重大更新。</p>
</div><p>Bit Digital’s earnings call painted a picture of a company in transition, trading near-term revenue and liquidity for concentrated bets on Ethereum and AI infrastructure. For investors, the story hinges on whether these large asset positions and strategic pivots can eventually translate into more stable, recurring cash flows that justify today’s volatility and reported losses.</p>
<div class="lb-trans"><p>Bit Digital 的财报电话会议描绘了一幅正在转型的公司图景，正在用短期收入和流动性交换对以太坊和 AI 基础设施的集中投资。对于投资者而言，故事的关键在于这些大型资产头寸和战略转型是否最终能够转化为更稳定、可持续的现金流，从而证明今天的波动性和报告的亏损是合理的。</p>
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比特数字在以太坊和人工智能领域大举投资