Dilution profile // every instrument, one screen, from SEC filings

Bit Digital, Inc (BTBT)

CIK 1710350 · all EDGAR filings →

Overall dilution risk
HIGHworst of 3 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$2500M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
HIGH+225% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
HIGH~3.3 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2017-12-312026-05-11

Latest: 349.2M shares as of May 11, 2026 (10-Q).

Cash runway

~3 months of cash left

critical · burning $72.2M / quarter

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Private Placement Warrant10.1M$7.91

Tranches exactly as the company dimensioned them in its 10-K filed Mar 27, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Balance-sheet fair value of warrants: $10.0M as of Mar 31, 2026.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Two Thousand Thirty One Convertible Notesnot tagged$230.0M$20.32
Convertible Senior Notes Due 2030not tagged$150.0M$3.24%
Two Thousand Thirty Notesnot tagged$4.16

Notes exactly as the company dimensioned them in its 10-Q filed May 15, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding349.2MMay 11, 2026
+ Private Placement Warrant (if exercised)10.1MDec 31, 2025
Fully diluted estimate359.3M+2.9% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $2500.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASROct 31, 2025$2500.0M registeredfiling →
S-3Apr 30, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 2 executed · 1 registered.

REGISTEREDOct 31, 2025Automatic shelf registration — effective immediately (large filers)S-3ASR
EXECUTEDOct 1, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
MARKETINGSep 30, 2025Free-writing prospectus — offering being marketedFWP
EXECUTEDSep 29, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJul 15, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJul 14, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJun 26, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJun 25, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEJun 20, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJun 18, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDJun 11, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDApr 30, 2025S-3 registration — capacity to sell shares, not a sale yetS-3

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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