WhiteFiber, Inc. (WYFI) shares plummeted 10.60% during intraday trading on Friday, extending losses from earlier sessions.

The sharp decline follows the release of weak first quarter 2026 financial results from Bit Digital, Inc., which holds a majority stake in WhiteFiber. Bit Digital reported a 13.6% decrease in total revenue compared to the previous quarter, citing lower cloud services, ETH staking, and digital asset mining revenue. The parent company also reported a net loss attributable to shareholders of $146.7 million and a significant decrease in cash and cash equivalents.

Investor concerns were further heightened by an increase in Bit Digital's convertible notes to $334.2 million, driven in part by the issuance of notes by WhiteFiber, which are consolidated within the parent company's financial statements. This combination of declining revenue, substantial losses, and increased debt at the parent company level triggered negative sentiment toward WhiteFiber.