Bit Digital's ETH growth, staking rewards support repeat ‘Outperform’ rating, Noble analysts say
Published: 15:09 08 Jan 2026 EST
Bit Digital Inc (NASDAQ:BTBT) earned a repeat ‘Outperform’ rating and $5.50 price target, according to Noble Capital Markets analysts who highlighted the company’s December Ethereum treasury update and reiterated confidence in its strategic positioning.
The analysts wrote that Bit Digital’s latest disclosure shows continued growth in its Ethereum holdings and staking activity.
As of December 31, the company held about 155,227 ETH, up from roughly 154,399 ETH at the end of November. Included in that total were approximately 15,146 ETH and ETH-equivalents held in an externally managed fund.
During the month, Bit Digital staked an additional 642 ETH, bringing total staked ETH to around 138,263, or about 89% of total holdings at month-end.
The analysts noted that staking operations generated approximately 389.6 ETH in rewards for December, which equates to an annualized yield of roughly 3.5%.
Based on a December 31 closing Ethereum price of $2,967, the estimated the market value of Bit Digital’s ETH holdings is approximately $460.5 million.
Noble pointed to recent movements in Ethereum prices. They wrote that ETH experienced significant volatility late in 2025 but has strengthened since the start of the new year, rising from around $2,985 to about $3,213. They added that the current ETH price is “modestly above Bit Digital’s average ETH acquisition price.”
Noble maintained its bullish stance on the stock, citing Bit Digital’s evolving business model. “The transformation into an Ethereum Treasury with a large ownership stake in WhiteFiber has positioned the Company to capitalize on two new trends, in our view,” they wrote. “BTBT shares currently trade at a 14% discount to its NAV.”
