Bit Digital expects WhiteFiber to reach full contracted run-rate billing under $865M Nscale agreement later this month

Bit Digital’s Q2 2026 earnings call highlighted a capital-allocation strategy centered on monetizing Ethereum liquidity to fund WhiteFiber without issuing equity. Management said it raised $50 million against Ethereum holdings and paired that with a balance sheet-backed delayed draw term facility, aiming to preserve long-term ETH exposure while avoiding dilution. The main risk discussed was Ethereum price volatility, which could trigger margin calls, though the company said it is protected by an additional ETH buffer above the loan. The board is also evaluating share buybacks to address the stock’s discount to NAV, viewing repurchases as a high-return use of capital, but timing remains uncertain. Overall, the tone was constructive for shareholders focused on capital efficiency, but the structure carries crypto-collateral risk and depends on ETH stability.