Bit Digital Caps $15B Crypto Loss Wave With $146.7M Q1 Hit

Bit Digital closed the disastrous Q1 2026 earnings season on May 15 with a $146.7M net loss, pivoting its treasury to Ethereum staking and AI infrastructure via WhiteFiber. The week began May 11 when CleanSpark posted a $378.3M loss driven by a $224.1M Bitcoin impairment, then escalated through Keel’s $145M hit, Boyaa’s HK$470–500M warning, Nakamoto’s $238.8M loss, Strategy’s record $14.47B wipeout on 818,334 BTC, BitGo’s widened $60.7M deficit, and Bullish’s $604.9M trading collapse. In total, nine firms recorded over $15B in combined losses tied to Bitcoin’s 23% quarterly decline, prompting accelerated shifts toward AI, HPC, and staking.