Bit Digital (NASDAQ: BTBT) reported on April 7 that it held approximately 155,444 ETH as of March 31, 2026, with a market value of roughly $327 million. During the month, the company reduced the share of its holdings allocated to staking — a deliberate move to increase treasury flexibility rather than maximize yield.
The Holdings and the Numbers
At month-end, roughly 96,322 ETH — about 62% of the total — remained staked. That staking position generated approximately 291 ETH in rewards over March, equivalent to an annualized yield of around 2.9%. The company’s average acquisition price across its entire ETH position is approximately $3,045 per coin, meaning the holding is currently underwater relative to the March 31 closing price of $2,104.
The decision to reduce staking allocation was framed by the company as a way to preserve optionality. Rather than locking up more capital in staking contracts, Bit Digital is keeping a larger portion liquid — available to redeploy into other opportunities, manage against market volatility, or simply maintain a more flexible balance sheet.
This approach reflects a broader maturation in how public companies manage digital asset treasuries. Early adopters often pursued a simple “buy and hold” strategy; more sophisticated operators are now actively managing yield, liquidity, and risk exposure. For context on how other companies have approached this, see our coverage of how Bitmine built its Ethereum treasury strategy.
| Metric | March 2026 Figure | Notes |
|---|---|---|
| Total ETH Holdings | 155,444.4 ETH | ~$327M at $2,104/ETH |
| Staked ETH | 96,322 ETH (62%) | Reduced during March |
| Monthly Staking Rewards | ~291 ETH | ~2.9% annualized yield |
| Average Acquisition Price | ~$3,045 per ETH | Position currently at a loss |
Yield Versus Flexibility
Staking Ethereum generates a predictable, protocol-native return — currently around 2.9% annualized for Bit Digital. But staked ETH is not immediately liquid. Unstaking requires waiting through an exit queue, which can take days depending on network conditions. For a company managing a large treasury in a volatile market, that illiquidity carries real cost.
By reducing its staking ratio, Bit Digital is effectively trading some yield for faster access to capital. The company noted in its disclosure that the change was intended to allow it to “pursue alternative yield opportunities” — a phrase that could refer to DeFi lending protocols, liquid staking derivatives, or simply holding ETH in reserve ahead of anticipated market moves.
“The Company reduced its staked position during March, a move intended to provide more flexibility in managing its treasury, including the potential to pursue alternative yield opportunities.”
Bit Digital Inc., PR Newswire, April 7, 2026
This is a meaningful distinction from the approach taken by some other corporate ETH holders. While many institutions focus on maximizing staking yield as a core part of their investment thesis, Ethereum’s staking ecosystem offers enough flexibility for different strategies to coexist — from fully staked positions to actively managed allocations like Bit Digital’s.
Beyond Ethereum: The WhiteFiber Position
Bit Digital’s balance sheet is not purely an Ethereum story. The company also reported ownership of approximately 27 million shares of WhiteFiber, valued at roughly $322 million as of March 31. That holding is nearly as large as the ETH position in dollar terms, giving the company a diversified digital asset and equity portfolio rather than a single-asset bet.
With approximately 326.6 million shares outstanding, Bit Digital’s combined digital asset exposure — ETH plus WhiteFiber — represents a substantial portion of its overall market positioning. The company’s strategy appears to be one of managed diversification: maintaining a large ETH treasury while balancing it with other digital infrastructure investments.
Key Takeaways
Bit Digital’s March update is a practical example of what active Ethereum treasury management looks like at scale. Holding 155,000 ETH is not a passive decision — it requires ongoing choices about how much to stake, when to adjust that ratio, and how to balance yield against liquidity needs.
The company’s average acquisition price of $3,045 means it is currently sitting on unrealized losses. Whether it holds through the cycle, averages down, or deploys its newly liquid ETH into higher-yielding opportunities will be worth watching. For now, the move signals a preference for flexibility over yield — a reasonable stance given the current market uncertainty.
