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Bit Digital’s majority-owned subsidiary WhiteFiber supplies computing capacity to customers that develop and run AI models, as well as cloud-gaming providers such as Boosteroid. Customers pay to use its GPU servers under service or equipment-leasing agreements; this cloud business supplies most of Bit Digital’s revenue. WhiteFiber also charges customers, including Cerebras, for data-center space, power and cooling to house their equipment.
WhiteFiber’s revenue has depended heavily on its initial cloud customer. Services to that customer are paused, its GPUs have been reassigned to other customers, and the parties have not reached a definitive resolution of their agreements. Delivering computing services and adding capacity depend on access to GPUs, reliable electricity and suitable data-center infrastructure, including facilities leased from third parties.
Alongside WhiteFiber, Bit Digital holds ETH and commits it to validating transactions on Ethereum, a process called staking. The Ethereum network pays rewards and transaction fees in ETH rather than customers paying cash. Figment handles its native staking operations. The income and value of this business depend on ETH prices and validator performance. Bit Digital is winding down bitcoin mining and plans to redeploy the proceeds into ETH as part of its shift toward an ETH staking and treasury business. Regulatory and compliance requirements already limit the products and services it can offer in some jurisdictions.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Bit Digital’s results hinge on ETH prices and staking returns alongside WhiteFiber’s delivery of AI infrastructure, including its approximately $865 million, ten-year order to host Nscale’s equipment.
WhiteFiber directly carries Bit Digital’s AI infrastructure exposure: Bit Digital owned approximately 70.5% at December 31, 2025. WhiteFiber earns fees from AI developers renting GPU computing and customers renting data-center space and power, so its cloud and hosting revenue are the lines to watch.
Sharplink shares Bit Digital’s exposure to ETH prices and staking returns: both accumulate ETH and entrust it to validators that help run Ethereum, earning protocol rewards. Watch Sharplink’s ETH staking rewards rather than its unrelated affiliate-marketing revenue.
BitMine Immersion Technologies offers a comparison for Bit Digital’s move from mining Bitcoin for its own account to accumulating ETH. Watch its ETH accumulation and mining wind-down, while noting that BitMine retains flexibility to mine or hold BTC when economics are attractive.
CoreWeave competes with Bit Digital’s WhiteFiber for customers paying to rent GPU computing for AI training and inference. Its committed AI cloud contracts show the demand WhiteFiber is pursuing, while its integrated software and services compete with WhiteFiber’s offering.
Nebius Group competes with Bit Digital’s WhiteFiber for AI customers buying GPU computing, storage and managed infrastructure for training and inference. Watch its in-house server designs and cloud software, which it says support performance, energy efficiency and scaling.
IREN competes with Bit Digital’s WhiteFiber by owning data centers and selling GPU cloud computing to AI training and inference customers. Watch how quickly IREN brings computing capacity online: both companies use control of their facilities to support their cloud services.
HIVE Digital Technologies overlaps with Bit Digital in selling computing for AI workloads and earning Bitcoin mining rewards, though Bit Digital is winding down mining. HIVE’s upgrades of mining facilities into AI data centers are the more relevant developments for WhiteFiber’s customer business.
Applied Digital competes with Bit Digital’s WhiteFiber for large computing customers renting high-density AI data-center capacity under long-term agreements. Watch its access to power and grid connections, which Applied Digital identifies as the main constraint on bringing new capacity online.
TeraWulf competes with Bit Digital’s WhiteFiber for customers leasing high-density computing space through long-term data-center agreements. Its delivery of contracted AI and HPC capacity is a useful comparison for WhiteFiber turning its Nscale hosting order into revenue.
Core Scientific competes with Bit Digital’s WhiteFiber in building and operating power-intensive data centers for AI and HPC customers. Watch its conversion of mining facilities into space, power and cooling for customer equipment; Core Scientific says its mining experience supports that work.
Ionic Digital and Bit Digital’s WhiteFiber both depend on Nscale paying for powered data-center capacity for AI infrastructure. Ionic’s fixed monthly lease payments were scheduled to begin in August 2026, making payment updates a concrete item to watch alongside WhiteFiber’s Nscale billing.
Cipher Digital competes with Bit Digital’s WhiteFiber to provide powered HPC data centers to large computing customers under long-term arrangements. Watch its development of facilities for hyperscaler tenants and progress securing grid connections, rather than treating its existing Bitcoin-mining revenue as AI hosting revenue.
NVIDIA supplies the GPUs that Bit Digital’s WhiteFiber rents to AI cloud customers, so new hardware generations can change deployment timing and customer commitments. A WhiteFiber customer previously postponed an order while considering newer NVIDIA GPUs; watch those product transitions as well as hardware availability.
Bitdeer competes with Bit Digital in AI cloud infrastructure and also mines Bitcoin for its own account, while Bit Digital is winding down mining. For WhiteFiber, watch Bitdeer’s AI infrastructure and cloud-services business separately from its mining-rig sales and mining revenue.
Digital Realty competes with Bit Digital’s WhiteFiber for enterprises and computing providers paying for data-center space, power, cooling and connectivity. Its customer leases and interconnection services are the relevant comparison for WhiteFiber’s recurring hosting revenue, not GPU cloud sales.
Equinix competes with Bit Digital’s WhiteFiber for customers renting data-center space and power for their IT equipment. Its monthly recurring infrastructure revenue is the line to compare with WhiteFiber’s recurring cabinet-space, power and connectivity fees.
Super Micro supplies servers and computing infrastructure that Bit Digital’s WhiteFiber needs to deploy GPU cloud capacity for paying customers. Watch its ability to deliver AI server and rack systems: WhiteFiber says supplier shortfalls can delay operations, while replacements can add time and cost.
Duke Energy’s electricity supply and planned capacity increases are essential to Bit Digital’s WhiteFiber expanding NC-1 for customers such as Nscale. Watch delivery of additional power, but note that WhiteFiber’s first-phase Nscale billing also depended on construction and commissioning, not power alone.
MARA Holdings and Bit Digital both earn Bitcoin rewards for verifying network transactions, linking their mining returns to Bitcoin prices, mining difficulty and electricity costs. MARA’s mining output is a comparison for Bit Digital’s remaining mining business, not its growing ETH staking exposure.
Cleanspark shares Bit Digital’s exposure to Bitcoin mining rewards, but that tie is shrinking as Bit Digital exits mining. Watch Cleanspark’s mining-fleet efficiency and Bitcoin production for the economics of the business Bit Digital is leaving, rather than for its ETH strategy.
Riot Platforms shares Bit Digital’s Bitcoin-mining exposure, although Bit Digital intends to redirect net proceeds from a mining sale or wind-down into ETH. Riot’s Bitcoin production and access to low-cost power remain useful comparisons for Bit Digital’s remaining mining operations, not its staking revenue.
Equinix, Inc. earningsEQIX
Equinix’s report will show demand for data-center space, power and connectivity—the recurring hosting services that compete most directly with WhiteFiber’s.
Look at Equinix’s monthly recurring infrastructure revenue alongside WhiteFiber’s recurring fees for cabinet space, power and connectivity. Resilient revenue at Equinix would be a supportive signal that customers still want these data-center services; weakness would raise the question of whether customers are taking less space or delaying expansion. The companies have different customers and facilities, so one report cannot establish the other’s results.
Fed Interest Rate Decision
Bit Digital’s convertible notes pay fixed interest, but higher Federal Reserve rates can raise the cost of new borrowing and, if WhiteFiber draws its Iceland loan priced off three-month SOFR, increase its interest expense.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates are higher than expected, future borrowing may cost Bit Digital more, and a higher three-month SOFR would increase WhiteFiber’s interest expense if it draws the Iceland loan.
If it comes in below expectations
If rates are lower than expected, future borrowing may cost Bit Digital less, and a lower three-month SOFR would reduce WhiteFiber’s interest expense if it draws the Iceland loan.
Ionic Digital Inc. earningsIOND
Ionic Digital’s report will update whether Nscale is paying its fixed monthly lease, offering a concrete payment check on a customer that also does business with WhiteFiber.
Check whether Ionic Digital says Nscale’s fixed monthly lease payments have started and are continuing. Payments would show Nscale paying for capacity under its separate Ionic lease; a delay would warrant attention to this shared customer’s payments, but would not show that Nscale has also missed or changed payments to WhiteFiber. The leases are separate, so WhiteFiber’s own revenue and receivables remain the deciding evidence.
Duke Energy Corporation earningsDUK
Duke Energy’s report will offer clues about power supply and added capacity, a potential constraint on WhiteFiber’s NC-1 expansion for customers.
Watch Duke Energy’s updates on added power capacity and project progress. If capacity comes through as planned, one constraint on WhiteFiber’s NC-1 expansion may ease; if supply or projects are delayed, power could still limit how much computing capacity WhiteFiber can deliver. Power alone is not enough: WhiteFiber must also finish construction and commissioning before it can serve customers as planned.
CoreWeave, Inc. earningsCRWV
CoreWeave’s report will show demand for GPU cloud computing used in AI training and inference, the same kind of customer spending WhiteFiber is pursuing.
Read CoreWeave’s cloud revenue alongside demand indicated by its committed AI cloud contracts, keeping in mind that its software and services also compete with WhiteFiber’s. Growth in both would show that customers are still paying for AI computing and would support the market WhiteFiber is pursuing; a slowdown could make it harder for WhiteFiber to grow cloud revenue as customers become more cautious or competition increases. CoreWeave’s contracts are not WhiteFiber’s orders, and do not establish that the two serve the same customers.
Bit Digital, Inc. earningsThis company
Bit Digital’s report will show whether WhiteFiber turns deployed GPU capacity into cloud revenue and gross profit, and whether recurring data-center hosting revenue is also growing.
Read cloud-services revenue alongside cloud-services gross profit, then compare both with colocation revenue. Rising cloud revenue and gross profit would show that paid GPU use is covering the costs of serving customers; higher colocation revenue would show that cabinet space, power and connectivity are adding recurring income too. If cloud revenue or gross profit weakens while colocation grows, the hosting business is contributing, but GPU customer usage, service credits or service costs are still weighing on cloud economics.
WhiteFiber, Inc. earningsWYFI
WhiteFiber’s report will separate GPU cloud-services revenue from data-center hosting revenue, showing how demand is moving in the two businesses Bit Digital owns a majority stake in.
Separate WhiteFiber’s cloud-services revenue from its colocation revenue. Growth in both would show customers paying for GPU computing as well as data-center space and power; if colocation holds up while cloud revenue weakens, hosting is still bringing in fees but GPU usage or cloud monetization is under pressure. WhiteFiber’s results illuminate this subsidiary’s operations, but they do not replace Bit Digital’s own consolidated results.
Sharplink, Inc. earningsSBET
Sharplink’s report will show its ETH staking rewards, a comparison point for Bit Digital’s income from Ethereum validation rewards.
Read Sharplink’s staking rewards alongside the amount of ETH it holds or stakes, and separate those rewards from changes in ETH’s market price. Continuing rewards would show that staking can generate protocol income, but the total alone does not reveal the return per ETH; weaker rewards would prompt a look at the amount staked, validator rewards or other arrangements. Sharplink is a comparison, while Bit Digital’s own report remains the evidence for its staking income.
Nvidia Corp earningsNVDA
NVIDIA’s report will show GPU supply and product transitions that affect how quickly WhiteFiber can deploy computing capacity for paying customers.
Watch NVIDIA’s comments on GPU supply, shipments of new products and hardware transitions. Smooth supply and timely customer adoption of newer products would make it easier for WhiteFiber to deploy capacity for rent; shortages or customers delaying purchases while they wait for new GPUs could push deployment and related revenue back. NVIDIA’s supply conditions are one factor, not proof that WhiteFiber will deploy on schedule or win orders.
