<p>比特數字公司（Bit Digital, Inc. ((BTBT)）已召開其第一季度財報電話會議。以下是會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以便做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>比特數字最新的財報電話會議傳達了一種謹慎樂觀的語氣，管理層在面對短期壓力的同時，仍然傾向於長期向以太坊和人工智能基礎設施的轉型。高管們強調了可觀的數字資產基礎和戰略性股份，他們表示這些將支撐未來的增長，儘管收入下降，虧損仍然很大，流動性在本季度下降。</p>
<h2>大規模以太坊國庫支撐戰略</h2>
<p>比特數字強調其以太坊持有量作為新戰略的核心，截至季度末約有 155,000 ETH，價值約 3.27 億美元，按每個 ETH 約 2,100 美元的價格計算。管理層將這一持倉視為國庫儲備和質押收入的來源，儘管每個 ETH 的平均收購成本約為 3,030 至 3,040 美元，目前公司處於未實現虧損狀態。</p>
<h2>WhiteFiber 股權被視為長期人工智能資產</h2>
<p>公司強調其在 WhiteFiber 的約 2,700 萬股股份，截至 2026 年 3 月估值約為 3.22 億美元，作為對人工智能基礎設施的核心投資。高管們將 WhiteFiber 描述為一個戰略性持股，他們計劃在今年不進行變現，建議投資者將其視為未來計算需求的嵌入式看漲期權，而不是短期流動性來源。</p>
<h2>從比特幣挖礦轉向基礎設施和質押</h2>
<p>管理層重申了有意從傳統比特幣挖礦轉向以太坊質押、共址和雲服務，旨在實現經常性收入。他們認為這一轉型應能減少波動性，並隨着時間的推移改善盈利質量，儘管他們承認，淘汰舊的挖礦業務部分正在抑制近期的收入增長。</p>
<h2>共址業務顯示出亮點</h2>
<p>為數不多的明確增長領域之一是共址服務，季度收入環比增長約 23.9%，達到 480 萬美元。公司表示，這一表現突顯了對託管計算基礎設施的強勁需求，並驗證了其專注於建設能夠支持加密和人工智能工作負載的設施的方向。</p>
<h2>淨虧損縮小但仍然可觀</h2>
<p>比特數字報告本季度淨虧損為 1.467 億美元，較上期的 1.853 億美元虧損有所改善，減少約 20.8%。管理層將這一進展部分歸因於重新定位的努力和較少的一次性項目，同時警告稱，數字資產的非現金市場波動仍然對報告的收益產生重大影響。</p>
<h2>監管和戰略里程碑</h2>
<p>公司強調獲得以太坊基金會批准直接購買 ETH，作為其信譽和與生態系統長期對齊的標誌。它還指出，參議院銀行委員會對 Clarity Act 的進展，可能成為支持性監管發展的潛在信號，能夠鼓勵更廣泛的機構參與數字資產。</p>
<h2>併購管道和資本配置紀律</h2>
<p>高管們表示，他們正在積極評估符合其基礎設施和國庫重點的收購目標，表明有意進行機會性交易。他們強調了嚴格的資本配置框架，認為強勁的資產負債表和多種融資工具提供了靈活性，以追求增長，同時保持槓桿在可控範圍內。</p>
<h2>WhiteFiber 融資加深整合</h2>
<p>資產負債表上的可比票據增加至 3.34 億美元，主要由於 WhiteFiber 發行的債務工具被合併到比特數字的賬目中。管理層將此視為與 WhiteFiber 資產的財務整合加深的證據，儘管這也增加了與人工智能基礎設施投資相關的複雜性和槓桿。</p>
<h2>收入下滑影響近期表現</h2>
<p>總收入從上季度的 3,230 萬美元滑落至 2,790 萬美元，下降約 13.7%，反映出戰略轉型的成長煩惱。下降突顯出，儘管業務正在向基礎設施和質押重新定位，但尚未完全抵消來自舊業務線的收入縮減。</p>
<h2>雲服務需求減弱</h2>
<p>雲服務收入下降至 1,680 萬美元，環比下降約 13.1%，顯示出該領域需求疲軟或價格壓力。管理層並未表示雲戰略的逆轉，但承認這一業務仍然對更廣泛的市場條件和客户預算敏感。</p>
<h2>以太坊質押收入承壓</h2>
<p>以太坊質押收入下降至 230 萬美元，環比下降約 29.4%，受到較低的平均 ETH 價格和較小的本地質押餘額的影響。公司指出，截至 4 月底，僅約 60,700 ETH 仍然處於本地質押狀態，儘管它繼續優化其在大額國庫中最大化質押收益的方法。</p>
<h2>比特幣挖礦收入持續下降</h2>
<p>數字資產挖礦收入下降至 370 萬美元，較上季度幾乎下降三分之一，主要由於比特幣產量減少和 BTC 價格疲軟。管理層重申，比特幣挖礦不再是戰略增長引擎，其減少的角色可能會繼續對收入施加壓力，隨着轉型的推進。</p>
<h2>現金和數字資產價值大幅下降</h2>
<p>資產負債表顯示出顯著的資金流出，現金及現金等價物從 1.184 億美元下降至 7950 萬美元，下降約 32.9%。報告的數字資產價值也從 4.157 億美元下降至 2.95 億美元，下降約 29%，因較低的 ETH 價格和市值損失對報告的資本造成壓力。</p>
<h2>非現金市值損失扭曲結果</h2>
<p>管理層強調，數字資產的非現金公允價值調整仍然是季度業績的主要波動因素，顯著導致了 146.7 百萬美元的淨虧損。他們認為，這些會計效應可能會掩蓋公司的基本運營軌跡，特別是對於持有大量 ETH 及相關資產的公司而言。</p>
<h2>ETH 國庫的未實現損失</h2>
<p>由於 Bit Digital 的平均 ETH 購買價格約為每枚 3,030 至 3,040 美元，超過了近期市場水平接近 2,100 美元，因此該公司在其國庫庫存上承受了相當大的未實現損失。這些紙面損失壓縮了報告的資產價值和股本，但管理層堅持以太坊和質押經濟學的長期論點依然有效。</p>
<h2>傳統礦業業務逐漸淡出背景</h2>
<p>公司指出，比特幣挖礦仍然保持現金流為正，但不再是戰略重點，資源正在重新分配到新的項目上。這一從原核心業務的撤退突顯了正在進行的轉型規模，並解釋了由於傳統貢獻逐漸減弱而導致的一些短期收入疲軟。</p>
<h2>前瞻性指引信號持續轉型與戰略更新</h2>
<p>展望未來，Bit Digital 重申計劃將資本從比特幣挖礦轉移到以太坊國庫、質押和以 AI 為重點的基礎設施，同時保持資產負債表的靈活性。公司預計計算能力將持續短缺，今年將避免變現 WhiteFiber，並承諾在近期內提供關於以太坊國庫戰略的重大更新。</p>
<p>Bit Digital 的財報電話會議描繪了一幅正在轉型的公司圖景，正在用短期收入和流動性交換對以太坊和 AI 基礎設施的集中投資。對於投資者而言，故事的關鍵在於這些大型資產頭寸和戰略轉型是否最終能夠轉化為更穩定、可持續的現金流，從而證明今天的波動性和報告的虧損是合理的。</p>

比特數字

ETHE

ETHW

<p>比特數字公司在其第一季度財報電話會議中報告了謹慎的前景，強調儘管面臨重大損失和流動性下降，但仍戰略性地轉向以太坊和人工智能基礎設施。該公司持有約 155,000 個以太坊，價值 3.27 億美元，視其為國庫儲備。比特數字正從比特幣挖礦轉向以太坊質押和託管服務，託管服務的收入增長了 23.9%。然而，總收入降至 2790 萬美元，淨虧損縮小至 1.467 億美元。該公司正在探索收購機會，並保持嚴格的資本配置策略</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>比特數字公司（Bit Digital, Inc. ((BTBT)）已召開其第一季度財報電話會議。以下是會議的主要亮點。</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>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以便做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</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>比特數字最新的財報電話會議傳達了一種謹慎樂觀的語氣，管理層在面對短期壓力的同時，仍然傾向於長期向以太坊和人工智能基礎設施的轉型。高管們強調了可觀的數字資產基礎和戰略性股份，他們表示這些將支撐未來的增長，儘管收入下降，虧損仍然很大，流動性在本季度下降。</p>
</div><h2>Massive Ethereum Treasury Anchors Strategy</h2>
<div class="lb-trans"><h2>大規模以太坊國庫支撐戰略</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>比特數字強調其以太坊持有量作為新戰略的核心，截至季度末約有 155,000 ETH，價值約 3.27 億美元，按每個 ETH 約 2,100 美元的價格計算。管理層將這一持倉視為國庫儲備和質押收入的來源，儘管每個 ETH 的平均收購成本約為 3,030 至 3,040 美元，目前公司處於未實現虧損狀態。</p>
</div><h2>WhiteFiber Stake Seen as Long-Term AI Asset</h2>
<div class="lb-trans"><h2>WhiteFiber 股權被視為長期人工智能資產</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>公司強調其在 WhiteFiber 的約 2,700 萬股股份，截至 2026 年 3 月估值約為 3.22 億美元，作為對人工智能基礎設施的核心投資。高管們將 WhiteFiber 描述為一個戰略性持股，他們計劃在今年不進行變現，建議投資者將其視為未來計算需求的嵌入式看漲期權，而不是短期流動性來源。</p>
</div><h2>Shift From Bitcoin Mining to Infrastructure and Staking</h2>
<div class="lb-trans"><h2>從比特幣挖礦轉向基礎設施和質押</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>管理層重申了有意從傳統比特幣挖礦轉向以太坊質押、共址和雲服務，旨在實現經常性收入。他們認為這一轉型應能減少波動性，並隨着時間的推移改善盈利質量，儘管他們承認，淘汰舊的挖礦業務部分正在抑制近期的收入增長。</p>
</div><h2>Colocation Segment Shows Bright Spot</h2>
<div class="lb-trans"><h2>共址業務顯示出亮點</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>為數不多的明確增長領域之一是共址服務，季度收入環比增長約 23.9%，達到 480 萬美元。公司表示，這一表現突顯了對託管計算基礎設施的強勁需求，並驗證了其專注於建設能夠支持加密和人工智能工作負載的設施的方向。</p>
</div><h2>Net Loss Narrows but Remains Substantial</h2>
<div class="lb-trans"><h2>淨虧損縮小但仍然可觀</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>比特數字報告本季度淨虧損為 1.467 億美元，較上期的 1.853 億美元虧損有所改善，減少約 20.8%。管理層將這一進展部分歸因於重新定位的努力和較少的一次性項目，同時警告稱，數字資產的非現金市場波動仍然對報告的收益產生重大影響。</p>
</div><h2>Regulatory and Strategic Milestones</h2>
<div class="lb-trans"><h2>監管和戰略里程碑</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>公司強調獲得以太坊基金會批准直接購買 ETH，作為其信譽和與生態系統長期對齊的標誌。它還指出，參議院銀行委員會對 Clarity Act 的進展，可能成為支持性監管發展的潛在信號，能夠鼓勵更廣泛的機構參與數字資產。</p>
</div><h2>M&amp;A Pipeline and Capital Allocation Discipline</h2>
<div class="lb-trans"><h2>併購管道和資本配置紀律</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>高管們表示，他們正在積極評估符合其基礎設施和國庫重點的收購目標，表明有意進行機會性交易。他們強調了嚴格的資本配置框架，認為強勁的資產負債表和多種融資工具提供了靈活性，以追求增長，同時保持槓桿在可控範圍內。</p>
</div><h2>WhiteFiber Financing Deepens Integration</h2>
<div class="lb-trans"><h2>WhiteFiber 融資加深整合</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>資產負債表上的可比票據增加至 3.34 億美元，主要由於 WhiteFiber 發行的債務工具被合併到比特數字的賬目中。管理層將此視為與 WhiteFiber 資產的財務整合加深的證據，儘管這也增加了與人工智能基礎設施投資相關的複雜性和槓桿。</p>
</div><h2>Revenue Slide Weighs on Near-Term Performance</h2>
<div class="lb-trans"><h2>收入下滑影響近期表現</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>總收入從上季度的 3,230 萬美元滑落至 2,790 萬美元，下降約 13.7%，反映出戰略轉型的成長煩惱。下降突顯出，儘管業務正在向基礎設施和質押重新定位，但尚未完全抵消來自舊業務線的收入縮減。</p>
</div><h2>Cloud Services Face Softer Demand</h2>
<div class="lb-trans"><h2>雲服務需求減弱</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>雲服務收入下降至 1,680 萬美元，環比下降約 13.1%，顯示出該領域需求疲軟或價格壓力。管理層並未表示雲戰略的逆轉，但承認這一業務仍然對更廣泛的市場條件和客户預算敏感。</p>
</div><h2>Ethereum Staking Revenue Under Pressure</h2>
<div class="lb-trans"><h2>以太坊質押收入承壓</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>以太坊質押收入下降至 230 萬美元，環比下降約 29.4%，受到較低的平均 ETH 價格和較小的本地質押餘額的影響。公司指出，截至 4 月底，僅約 60,700 ETH 仍然處於本地質押狀態，儘管它繼續優化其在大額國庫中最大化質押收益的方法。</p>
</div><h2>Bitcoin Mining Revenue Continues to Erode</h2>
<div class="lb-trans"><h2>比特幣挖礦收入持續下降</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>數字資產挖礦收入下降至 370 萬美元，較上季度幾乎下降三分之一，主要由於比特幣產量減少和 BTC 價格疲軟。管理層重申，比特幣挖礦不再是戰略增長引擎，其減少的角色可能會繼續對收入施加壓力，隨着轉型的推進。</p>
</div><h2>Cash and Digital Asset Values Decline Sharply</h2>
<div class="lb-trans"><h2>現金和數字資產價值大幅下降</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>資產負債表顯示出顯著的資金流出，現金及現金等價物從 1.184 億美元下降至 7950 萬美元，下降約 32.9%。報告的數字資產價值也從 4.157 億美元下降至 2.95 億美元，下降約 29%，因較低的 ETH 價格和市值損失對報告的資本造成壓力。</p>
</div><h2>Noncash Mark-to-Market Losses Distort Results</h2>
<div class="lb-trans"><h2>非現金市值損失扭曲結果</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>管理層強調，數字資產的非現金公允價值調整仍然是季度業績的主要波動因素，顯著導致了 146.7 百萬美元的淨虧損。他們認為，這些會計效應可能會掩蓋公司的基本運營軌跡，特別是對於持有大量 ETH 及相關資產的公司而言。</p>
</div><h2>Unrealized Losses on ETH Treasury</h2>
<div class="lb-trans"><h2>ETH 國庫的未實現損失</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>由於 Bit Digital 的平均 ETH 購買價格約為每枚 3,030 至 3,040 美元，超過了近期市場水平接近 2,100 美元，因此該公司在其國庫庫存上承受了相當大的未實現損失。這些紙面損失壓縮了報告的資產價值和股本，但管理層堅持以太坊和質押經濟學的長期論點依然有效。</p>
</div><h2>Legacy Mining Business Fades Into Background</h2>
<div class="lb-trans"><h2>傳統礦業業務逐漸淡出背景</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，比特幣挖礦仍然保持現金流為正，但不再是戰略重點，資源正在重新分配到新的項目上。這一從原核心業務的撤退突顯了正在進行的轉型規模，並解釋了由於傳統貢獻逐漸減弱而導致的一些短期收入疲軟。</p>
</div><h2>Forward Guidance Signals Continued Pivot and Strategic Update</h2>
<div class="lb-trans"><h2>前瞻性指引信號持續轉型與戰略更新</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>展望未來，Bit Digital 重申計劃將資本從比特幣挖礦轉移到以太坊國庫、質押和以 AI 為重點的基礎設施，同時保持資產負債表的靈活性。公司預計計算能力將持續短缺，今年將避免變現 WhiteFiber，並承諾在近期內提供關於以太坊國庫戰略的重大更新。</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 的財報電話會議描繪了一幅正在轉型的公司圖景，正在用短期收入和流動性交換對以太坊和 AI 基礎設施的集中投資。對於投資者而言，故事的關鍵在於這些大型資產頭寸和戰略轉型是否最終能夠轉化為更穩定、可持續的現金流，從而證明今天的波動性和報告的虧損是合理的。</p>
</div>

比特數字在以太坊和人工智能領域大舉投資