Bit Digital returned to profit in the third quarter, earning $28.5 million. Its stock still closed at $0.79 on Wednesday, valuing the company at under $290 million despite $439 million in Ethereum (ETH).
Across roughly 360 million shares, each one sits on about $1.22 of ETH alone. Yet the stock slipped another 6% before Thursday’s open, Yahoo Finance data shows.
Why Is Bit Digital Stock Worth Less Than Its Ethereum?
Crypto value swings and one-off items made up $16.3 million of the New York company’s profit. Revenue fell 11% to $27.1 million.
It also owns 59.7% of WhiteFiber, a Nasdaq-listed AI data center firm, valued at $487 million on Sept. 30. However, WhiteFiber traded near $10 in late October, down from $18.01 at quarter end, per StockAnalysis data.
The ETH is not all free, either. Bit Digital swapped 73,683 ETH for LsETH, a token that earns staking yield. It has since pledged 64,000 LsETH as loan collateral.
BeInCrypto warned in October 2025 that deep NAV discounts were pushing crypto treasury firms toward leverage. Bit Digital also owes $150 million in convertible notes.
Wall Street analysts were more upbeat in April. HC Wainwright kept a $7 price target and B. Riley set one at $5, MarketBeat data shows. It lists no newer targets.
Will Bit Digital Buy Back Its Own Shares?
CEO Sam Tabar raised the idea himself.
“The persistent discount to our net asset value makes repurchases an option that deserves serious consideration, but the benefit to shareholders depends on both the price we pay and how we fund them.”
Shareholders must approve it first. Funding it could mean selling ETH, which Tabar said would cut staking income. Last quarter, the company sold 1,625 ETH and bought none.
FG Nexus sold ETH for buybacks in 2025 after its stock fell 94% in four months.
What Happens if Bit Digital Stays Below $1?
The stock first closed under $1 on Oct. 16. Nasdaq warns firms after 30 straight business days below $1, then allows 180 days to recover.
Bit Digital has been here before. It received that notice in January 2023 and cleared it within three weeks.
This time, the company has not said when, or whether, it will put a buyback to a vote.
The post Why Wall Street Won’t Pay $1 for this Stock Despite Its $439 Million in Ethereum appeared first on BeInCrypto.
