HIGHOutside partyCounterparty
Figment
“10-K Item 1: 'As of December 31, 2025, the Company conducted its staking operations exclusively on the Ethereum network through Figment.'”
BTBT · Concentration risk · 10-K extracted
Bit Digital (BTBT) concentration risks
Updated
The most significant concentration Bit Digital discloses is Figment, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Bit Digital’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-in & outside partyCommodity
Ethereum (ETH)
“10-K Item 1: 'the Company announced that it had initiated a strategic transition to become a pure play ETH staking and treasury company'”
MEDIUMOutside partyCounterparty
Coinbase
“10-K Item 1: 'Our primary cryptocurrency exchange is Coinbase; however, we also have basic accounts with multiple alternative cryptocurrency exchanges and OTC desks.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Bit Digital's concentration risk has shifted with its strategic pivot to become a pure-play ETH staking and treasury company — a high-share, mixed-character exposure since it is both a deliberate structural choice and a dependency on a single crypto asset's price and network dynamics. Operationally, that staking strategy runs through a single infrastructure partner: as of December 31, 2025, the company conducted its staking operations exclusively on the Ethereum network through Figment, a high-share, dependency-type exposure with no disclosed diversification of staking providers. On the exchange side, the company's primary cryptocurrency exchange is Coinbase, though it also maintains accounts with multiple alternative exchanges and OTC desks, a medium-share dependency that is somewhat mitigated by those additional relationships. Netting these together, Bit Digital's risk profile is now built around Ethereum specifically — both as an asset and as an operational dependency on a single staking provider in Figment — with exchange-counterparty risk as a secondary, partially diversified concern. This is a concentrated, single-asset strategic bet rather than a diversified digital-asset holding company.
For the engine’s reasoning on BTBT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Capital Markets
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CLSK | CleanSpark, Inc. | 3 | 1 | 0 | 4 |
| ABTC | American Bitcoin Corp. | 2 | 1 | 0 | 3 |
| BTBT● | Bit Digital, Inc. | 2 | 1 | 0 | 3 |
| BMNR | BitMine Immersion Technologies, | 1 | 0 | 0 | 1 |
| BTGO | BitGo Holdings, Inc. | 0 | 1 | 0 | 1 |
| BGC | BGC Group, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.