Category: Blockchain

Bitcoin Depot (BTM) – Reverse Stock Split

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, February 24, 2026

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

BTM 1-for-7 reverse stock split. On February 23, 2026, the company’s Class A common stock began trading on a split-adjusted basis on Nasdaq. The action had been previously authorized by shareholders and approved by the Board and did not reflect any change in operating performance or strategy.

No alteration to economic ownership or fundamentals. Every seven shares outstanding were consolidated into one share, with fractional shares cashed out based on the pre-split VWAP. Authorized shares and par value remained unchanged, while public warrants, equity awards, and other convertible securities were adjusted proportionally, including a mechanical increase in the BTMWW warrant exercise price.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – January Ethereum Metrics

Posted on by cpatches


Monday, February 09, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of January 2026. As of month end, the Company held approximately 155,239 ETH versus 155,227 ETH at the end of December. Included in the ETH holdings were approximately 15,236 ETH and ETH-equivalents held in an externally managed fund. The Company’s total staked ETH was approximately 138,266, or about 89% of its total holdings as of January 31st.

Yield and Value. Staking operations generated approximately 344 ETH in rewards during the period, representing an annualized yield of approximately 2.9%. Based on a closing ETH price of $2,449, as of January 31, 2026, the market value of the Company’s ETH holdings was approximately $380.2 million.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital Inc. Reports Monthly Ethereum Treasury and Staking Metrics for January 2026

Posted on by slightbourne@noblecapitalmarkets.com

NEW YORK, February 6, 2026 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”) today announced its monthly Ethereum (“ETH”) treasury and staking metrics for the month of January 2026:

Key Highlights for January 2026

  • As of January 31, 2026, the Company held approximately 155,239.4[1] ETH.
  • Based on a closing ETH price of approximately $2,449, as of January 31, 2026, the market value of the Company’s ETH holdings was approximately $380.2 million.
  • The Company’s total average ETH acquisition price for all holdings was approximately $3,045 as of January 31, 2026.
  • The Company’s total staked ETH was ~138,266, or ~89% of its total holdings, as of January 31, 2026.
  • Staking operations generated approximately 344.0 ETH in rewards during the period, representing an annualized yield of approximately 2.9%.
  • Bit Digital shares outstanding were 324,202,059 as of January 31, 2026.
  • The Company maintains ownership of approximately 27.0 million WhiteFiber (WYFI) shares with a market value of approximately $527.6 million as of January 31, 2026. On January 28, 2026, Bit Digital reaffirmed its long-term investment in WhiteFiber and confirmed that it will not sell any of its WhiteFiber shares in any secondary offering or other discretionary disposition during 2026.

About Bit Digital
Bit Digital (NASDAQ: BTBT) is a Strategic Asset Company (SAC) focused on active participation in Ethereum infrastructure and controlling equity exposure to AI/HPC infrastructure through its majority ownership stake in WhiteFiber (NASDAQ: WYFI). The Company purchases and stakes ETH to generate protocol-native yield and participates directly in the Ethereum network. Bit Digital allocates capital with a focus on long-duration, foundational infrastructure and disciplined balance sheet management. For additional information, please contact ir@bit-digital.com or follow us on LinkedIn or X.

Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and any subsequently filed Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K.  If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor Statement” below.

Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

[1] Includes approximately 15,236.4 ETH and ETH-equivalents held in an externally managed fund.

Bitcoin Rebounds Above $65,000 as Volatility Tests Investor Conviction

Posted on by slightbourne@noblecapitalmarkets.com

Bitcoin has clawed its way back above the $65,000 mark, offering a brief sense of relief after a punishing selloff that has put the cryptocurrency on track for its steepest weekly decline since late 2022. The rebound comes amid signs that a broader rout in global technology stocks may be stabilizing, easing pressure on risk assets that had been aggressively sold across markets.

Despite the bounce, the damage has already been done. Bitcoin is still down nearly 14% on the week, reflecting how quickly sentiment has shifted after months of fragility in digital asset markets. Prices earlier dipped close to $60,000, a level that rattled traders who had grown accustomed to sharp rallies fueled by optimism around artificial intelligence, crypto-friendly political rhetoric, and expanding institutional participation.

The current downturn highlights how closely bitcoin has become linked to the wider tech and macro trade. As leveraged positions in equities, precious metals, and cryptocurrencies were unwound, bitcoin was swept up in the selloff. What was once marketed as a hedge against traditional markets is again behaving like a high-beta risk asset, moving in step with broader shifts in investor appetite for risk.

Ethereum has followed a similar path. While ether has rebounded toward $1,900, it remains deep in the red for the week and significantly lower year-to-date. The weakness across major tokens underscores the broader cooling of enthusiasm toward crypto after last year’s explosive rally ended abruptly.

Since peaking in early October, the total crypto market has shed roughly $2 trillion in value, according to industry data. More than half of that decline has occurred in just the past month, as investors reassess assumptions that prices would continue climbing without interruption. Analysts point to excessive leverage and crowded positioning as key contributors to the speed and severity of the pullback.

Another headwind has come from U.S. spot bitcoin exchange-traded funds, which have seen sustained outflows in recent months. Billions of dollars have exited these products since November, signaling that institutional investors are reducing exposure rather than stepping in to buy the dip. That shift has removed a major source of support that previously helped absorb selling pressure.

Still, some market participants caution against interpreting the move toward $60,000 as a sign that crypto’s long-term story is broken. Instead, they argue the pullback reflects a normalization process after speculative narratives ran ahead of fundamentals. In this view, the current volatility is forcing traders to confront real risk management rather than relying on momentum alone.

Whether bitcoin’s recovery above $65,000 marks the beginning of a more durable rebound remains uncertain. Much will depend on broader market conditions, particularly the trajectory of equities and interest rates. For now, bitcoin’s price action serves as a reminder that even the most popular digital assets are not immune to sharp corrections—and that conviction is tested most when volatility returns.

Bitcoin Stabilizes Near $78,000, but Bearish Momentum Persists

Posted on by slightbourne@noblecapitalmarkets.com

Bitcoin steadied near $78,000 on Monday following a sharp weekend sell-off, but market strategists continue to warn that the recent pause may offer little reassurance to investors expecting a sustained rebound. While prices have stabilized in the short term, sentiment across the crypto market remains fragile, with technical indicators and positioning data suggesting the broader downtrend is still intact.

The world’s largest cryptocurrency fell sharply over the weekend, briefly touching its lowest level since April of last year and extending its losing streak to a fourth consecutive month. Bitcoin is now down more than 12% year to date after a disappointing 2025 that eroded confidence among both retail and institutional investors. Ether has fared even worse, plunging roughly 23% since the start of the year. In aggregate, the crypto market has shed an estimated $1.7 trillion in value, or nearly 40% from its peak last year, according to industry data.

The latest leg lower coincided with a broader risk-off move across global markets. On Friday, President Trump announced his intention to nominate Kevin Warsh as the next chair of the Federal Reserve when Jerome Powell’s term ends in May. Markets largely view Warsh as hawkish, reinforcing expectations that monetary policy could remain restrictive for longer than previously anticipated. That shift weighed on assets sensitive to liquidity conditions, including cryptocurrencies, precious metals, and other speculative investments.

Gold and industrial metals also sold off sharply, underscoring a broader retreat from inflation hedges and high-volatility assets. For crypto markets, which have historically thrived in periods of abundant liquidity, the evolving rate outlook continues to act as a meaningful headwind.

Strategists at 10X Research noted that flow and positioning data indicate investors are not yet prepared to buy the dip. Instead of rotating capital back into risk assets, traders appear focused on deleveraging and unwinding existing positions. That behavior typically reflects caution rather than capitulation and suggests the market may require more time before establishing a durable bottom.

While sentiment and technical indicators are approaching historically oversold levels, analysts caution that such conditions alone are not sufficient to trigger a sustained rally. In the absence of a clear catalyst — such as a shift in Federal Reserve policy or a resurgence in risk appetite — there is little urgency for sidelined capital to re-enter the market. Bitcoin’s next key support level sits near $73,000, an area closely watched by traders if selling pressure resumes.

Not all strategists are uniformly bearish. Fundstrat’s head of digital assets, Sean Farrell, pointed to the mid-$70,000 range as a logical technical support zone, noting that it previously served as both resistance and support during major market inflection points in 2024 and 2025. Farrell suggested that the recent pullback and signs of capitulation could create a more attractive near-term risk-reward setup, though he emphasized that any allocation should remain modest.

For now, Bitcoin’s ability to hold near $78,000 may slow the pace of declines, but it has yet to signal a meaningful trend reversal. Until macro conditions improve or a decisive catalyst emerges, volatility and downside risk remain central features of the crypto landscape.

Are Investors Abandoning Crypto for Hard Assets?

Posted on by slightbourne@noblecapitalmarkets.com

The investment landscape entering 2026 has delivered an unmistakable verdict: when uncertainty strikes, capital flows to tangible assets. While cryptocurrencies continue to struggle with volatility and declining investor confidence, precious metals are shattering records in a historic surge that’s forcing investors to reconsider where true value resides.

In a stunning display of safe-haven demand, gold exploded past $5,100 per ounce in late January 2026, following a 65% gain throughout 2025. Silver achieved an even more extraordinary feat, soaring beyond $117 per ounce after rising over 200% in just 12 months. Platinum surged 121% while palladium rallied to breach $2,000 per ounce. This synchronized rally across all major precious metals represents the most significant wealth preservation movement in modern financial history.

Meanwhile, the cryptocurrency market tells a starkly different story. After finishing 2025 down 6% for Bitcoin and 11% for Ethereum, early 2026 has brought more pain. Bitcoin plunged below $90,000 in mid-January amid global risk-off sentiment, while Ethereum dropped below $3,000. Heavy liquidations continued to plague the market, with over $1 billion wiped out in a single January event as 182,000 traders saw their positions forcibly closed. Bitcoin ETFs recorded persistent outflows, with nearly $500 million exiting in late 2025 as investors lost confidence in digital assets.

The rotation from crypto to hard assets isn’t speculation—it’s quantifiable and accelerating. Gold funds attracted nearly $40 billion in 2025 alone, while gold mining funds soared 114% with $5.4 billion in net inflows during Q3—the largest quarterly move since 2009. Most tellingly, the Bitcoin-to-gold ratio collapsed by 50% throughout 2025 and continues to deteriorate. With gold now around $5,100 and Bitcoin at roughly $90,000, one bitcoin now buys less than 18 ounces of gold—down dramatically from highs where it purchased over 30 ounces.

Four converging forces explain this historic reallocation. The U.S. Dollar Index plummeted 10-11% in 2025, marking its worst performance in over five decades, driving investors urgently toward assets with intrinsic value. Goldman Sachs recently raised its December 2026 gold forecast to $5,400 per ounce. Federal Reserve rate cuts have made non-yielding assets like gold more attractive, while paradoxically failing to boost crypto as advocates predicted. Rising geopolitical tensions including tariff threats, military actions, and global debt fears have amplified safe-haven demand. Perhaps most critically, physical precious metals face real-world production limits—COMEX silver inventories plunged 26% in a single week in January 2026, triggering what analysts call a “run on the vaults” that pushed prices parabolic.

The market has spoken with unprecedented clarity: as gold breaches $5,100, silver soars past $117, and investment banks project gold could reach $6,000 by year-end, the evidence of a historic wealth rotation is irrefutable. When survival is at stake, investors don’t seek innovation—they seek preservation. And preservation, history repeatedly demonstrates, resides in physical assets that have maintained value for millennia, not digital tokens that have existed for barely a decade.

Coincheck Group Expands Global Footprint with 3iQ Acquisition

Posted on by slightbourne@noblecapitalmarkets.com

Coincheck Group N.V. (Nasdaq: CNCK) has announced a significant expansion of its institutional capabilities through an agreement to acquire approximately 97% of 3iQ Corp., a pioneering digital asset investment manager based in Ontario, Canada. The transaction values 3iQ at approximately $111.8 million and represents a strategic repositioning for the Japan-focused crypto exchange as it pursues aggressive global growth. For small cap investors seeking exposure to the digital asset infrastructure space, this deal offers a compelling case study in how emerging players are consolidating capabilities to compete against larger, established financial institutions entering the crypto market.

The all-stock transaction will see Coincheck Group issue 27.1 million newly issued ordinary shares to Monex Group, its majority shareholder and current owner of the 3iQ stake. Based on an agreed share price of $4.00, the deal also includes provisions for minority shareholders to receive up to 810,435 additional shares, potentially bringing Coincheck Group’s ownership to 100%. Subject to regulatory approvals and customary closing conditions, the acquisition is expected to close in the second quarter of 2026.

Founded in 2012, 3iQ has established itself as a trailblazer in bringing digital assets into traditional investment frameworks. The company achieved several industry firsts, including launching North America’s first major exchange-listed Bitcoin and Ether funds on the Toronto Stock Exchange in 2020, and introducing the world’s first Ethereum staking ETF in 2023. More recently, 3iQ launched one of the first Solana staking ETFs and a spot-based XRP ETF in 2025. The firm’s QMAP platform, launched in 2023, provides a managed account solution for sophisticated investors seeking risk-managed digital asset exposure. Its recent partnership with UAE-based Further Asset Management to launch a market-neutral, multi-strategy hedge fund demonstrates 3iQ’s expanding geographic reach and product sophistication.

For investors in Coincheck Group, this acquisition represents a meaningful pivot toward institutional services and geographic diversification. While Coincheck has dominated Japan’s retail crypto market—ranking number one in trading app downloads for over six consecutive years—the addition of 3iQ’s institutional infrastructure opens new revenue streams in North America and beyond. This is particularly significant for small cap investors, as the deal transforms CNCK from a single-market operator into a multi-jurisdictional player with products spanning retail trading, institutional prime brokerage, and regulated investment products. The company’s current market capitalization positions it as an accessible entry point for investors who believe traditional finance’s adoption of digital assets is still in early innings. CEO Gary Simanson emphasized that the combination positions Coincheck Group to serve traditional financial institutions now seeking digital asset exposure for their clients. The company expects the acquisition to be earnings accretive, while spreading its public company costs over a more diversified revenue base.

The 3iQ deal follows Coincheck Group’s October 2025 acquisition of Aplo SAS, a Paris-based crypto prime brokerage, and its March 2025 purchase of staking platform Next Finance Tech. Management has indicated plans to create revenue synergies across these businesses, with 3iQ and Aplo cross-selling services to their respective institutional clients, and Next Finance providing staking infrastructure across the group.

The transaction highlights Coincheck Group’s ambition to evolve from a Japan-centric retail exchange into a diversified, global digital asset services provider. For small cap investors, the key questions revolve around execution: Can management successfully integrate these disparate businesses? Will institutional clients embrace the combined platform? And can the company achieve the promised synergies? With 3iQ’s proven track record and Coincheck’s operational expertise, the foundation appears solid. Investors should monitor regulatory approval progress and watch for early signs of cross-selling success as the deal approaches its anticipated Q2 2026 close.

Bit Digital (BTBT) – Monthly ETH Production

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, January 08, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of December 2025. As of December 31, 2025, the Company held approximately 155,227 ETH versus 154,398.7 ETH at the end of November. Included in the ETH holdings were approximately 15,146.0 ETH and ETH-equivalents held in an externally managed fund. The Company staked an additional 642 ETH during the month. The Company’s total staked ETH was approximately 138,263, or about 89% of its total holdings as of December 31st.

Yield and Value. Staking operations generated approximately 389.6 ETH in rewards during the period, representing an annualized yield of approximately 3.5%. Based on a closing ETH price of $2,967, as of December 31, 2025, the market value of the Company’s ETH holdings was approximately $460.5 million.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bitcoin Heads Toward a Negative Year-End, but January Could Bring a Relief Rally

Posted on by slightbourne@noblecapitalmarkets.com

Bitcoin is on track to close out the year in negative territory, marking a sharp contrast to the record highs seen earlier in 2025. After months of volatility and a steep pullback from its peak, the world’s largest cryptocurrency has struggled to regain momentum, spending much of December locked in a narrow trading range.

As the year draws to a close, bitcoin has hovered around the mid-to-high $80,000 level, capping a third consecutive month of losses. Year to date, the digital asset is down roughly 5%, weighed down by aggressive liquidations, profit-taking by long-term holders, and fading speculative demand following its dramatic run above $120,000 earlier in the fall.

The recent decline has pushed bitcoin nearly 30% below its October highs, dragging the broader crypto market lower in the process. While multi-month losing streaks are rare for bitcoin, they tend to occur during periods of transition rather than prolonged bear markets.

Despite the weak finish to the year, some analysts see conditions forming for a potential rebound as early as January. Technical indicators tracked by several crypto research firms suggest that bitcoin’s downtrend may be losing strength, setting the stage for a possible shift in momentum at the start of the new year.

One factor that could support prices is portfolio rebalancing. As institutional investors adjust allocations following year-end performance reviews, capital flows back into bitcoin-linked exchange-traded products could provide a short-term lift. Historically, such rebalancing activity has helped spark relief rallies after extended pullbacks.

Still, expectations for a strong breakout remain muted. Many strategists believe the first half of 2026 will likely be characterized by consolidation rather than explosive upside. Analysts point to tighter liquidity conditions, selective institutional demand, and lingering uncertainty around global macroeconomic trends as reasons for caution.

That said, bitcoin’s longer-term outlook remains supported by structural tailwinds. The crypto sector entered 2025 with increased regulatory clarity, growing institutional acceptance, and policy developments that helped legitimize digital assets in traditional finance. While those catalysts fueled last year’s rally, the recent correction has tempered expectations for near-term gains.

Several market observers now anticipate bitcoin trading within a broad range during the first quarter of 2026, with price action potentially fluctuating between the low $80,000s and near $100,000. Rather than a rapid surge, analysts expect renewed accumulation and base-building to define the early months of the year.

Looking further ahead, forecasts for bitcoin’s next major peak vary widely. Some analysts expect a return toward prior highs later in 2026, while others caution that gains may be more modest than previous cycles. What remains clear is that volatility is likely to persist, keeping bitcoin firmly in focus for investors navigating the evolving digital asset landscape.

Release – Bit Digital Announces Appointment of Amanda Cassatt to Board of Directors

Posted on by slightbourne@noblecapitalmarkets.com

NEW YORK, December 22, 2025 /PRNewswire/ – Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies, today announced the appointment of Amanda Cassatt, founder and and Chief Executive Officer of Serotonin, to its Board of Directors effective January 1, 2026.

Cassatt previously served as Chief Marketing Officer at Consensys, the leading Ethereum software company, building the infrastructure, tools, and protocols that power the world’s largest decentralized ecosystem, where she helped shape early market narratives around Ethereum and its ecosystem. Serotonin is a services company for institutions and startups in the blockchain and crypto industry and has played a central role in introducing blockchain technologies to mainstream audiences.

The Company noted that Cassatt brings experience across digital assets, institutional adoption, and product strategy at a time when Bit Digital continues to expand its presence in Ethereum and AI infrastructure. Her perspective is expected to support the Company’s focus on productive digital asset strategies and compute-driven business models.

“I look forward to supporting the mission of making Ethereum and AI compute accessible to the public markets,” Cassat said. “I appreciate Bit Digital’s thoughtful, long-term approach to the assets and infrastructure that matter most for the future.”

”Amanda’s experience sits directly at the intersection of Bit Digital’s strategic priorities,“ said Sam Tabar, Chief Executive Officer of Bit Digital. “She brings a deep understanding of digital assets, infrastructure, and how emerging technologies are communicated to institutional audiences. As the market increasingly differentiates between speculative exposure and productive digital infrastructure, her perspective will be a valuable addition to the Board.”

With the addition of Cassatt, Bit Digital continues to strengthen its corporate governance and long-term strategic alignment as it executes on its Ethereum and AI-focused growth strategy.

About Bit Digital
Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The Company began accumulating and staking ETH in 2022 and now operates one of the largest institutional Ethereum staking infrastructures globally. Bit Digital’s platform includes advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Through strategic partnerships across the Ethereum ecosystem, Bit Digital aims to deliver exposure to secure, scalable, and compliant access to onchain yield. Bit Digital also holds a majority equity stake in WhiteFiber (Nasdaq: WYFI), a leading AI infrastructure provider and HPC solutions. For additional information, please contact  ir@bit-digital.com or follow us on LinkedIn or X.

Bit Digital (BTBT) – WhiteFiber Snags a New Contract

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 22, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Contract. Late last week, Bit Digital’s key investment, WhiteFiber, announced its Enovum Data Centers Corp. subsidiary has executed a long-term colocation agreement with Nscale Global Holdings, an AI infrastructure and cloud services provider serving enterprise and public sector customers. The contract represents approximately $865 million in contracted revenue over the initial 10-year term.

NC-1. The agreement secures the first 40 megawatt delivery of critical IT load at WhiteFiber’s flagship NC-1 data center campus in Madison, North Carolina. The contract includes contractual annual rate escalators and required non-recurring installation services, but excludes electricity and certain other costs passed through to the customer. Nscale is deploying the capacity to power the AI infrastructure of leading global investment grade technology customers.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – Monthly Ethereum Metrics

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 08, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of November 2025. As of November 30, 2025, the Company held approximately 154,398.7 ETH, versus 153,547 ETH at the end of October. Included in the ETH holdings were approximately 15,146.0 ETH and ETH-equivalents held in an externally managed fund. The Company staked an additional 5,141 ETH during the month. The Company’s total staked ETH was approximately 137,621, or about 89.1% of its total holdings as of November 30th.

Yield and Value. Staking operations generated approximately 328.5 ETH in rewards during the period, representing an annualized yield of approximately 3.05%. Based on a closing ETH price of $2,991.90, as of November 30, 2025, the market value of the Company’s ETH holdings was approximately $461.9 million.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – 3Q25 Review and Updated Models

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Review. In the third quarter, Bit Digital continued its transformation into an ETH focused treasury firm. Management continued its orderly wind-down of the bitcoin mining business, while the WhiteFiber holding has significant upside potential, in our view. Management has successfully guided the Company through past periods of volatility, and we believe they will be successful once again.

ETH. ETH prices remain volatile, currently trading just above $3,000, down from the $4,800 level at the end of the summer. However, as the backbone of decentralized finance (DeFi), NFTs (non-fungible tokens), and numerous blockchain-based platforms, industry experts expect the demand for ETH to grow over time, positively impacting the long-term price.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.