Stock Track | WhiteFiber Plunges 6.40% in Pre-market After Majority Owner Reports Weak Quarterly Results

Stock Track05-15 16:41

WhiteFiber, Inc. (WYFI) experienced a pre-market plunge of 6.40% on Friday, as investor sentiment turned sharply negative following the release of quarterly financial results from its majority owner, Bit Digital, Inc.

Bit Digital, which holds a majority stake in WhiteFiber, announced its first quarter 2026 financial results, reporting a 13.6% decrease in total revenue compared to the previous quarter. The company cited lower cloud services revenue, reduced ETH staking revenue, and decreased digital asset mining revenue as primary drivers of the decline. Bit Digital also reported a net loss attributable to shareholders of $146.7 million and a significant decrease in cash and cash equivalents.

Notably, Bit Digital's convertible notes increased to $334.2 million, driven by the issuance of notes by WhiteFiber, which are consolidated within the parent company's financial statements. This increase in debt, combined with the broader negative financial performance, likely contributed to investor concerns about WhiteFiber's financial position and prospects, triggering the pre-market sell-off.

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