NEW YORK, May 28, 2026, 11:04 ET
Big Digital Energy Inc. shares fell in regular Nasdaq trading on Thursday, lagging larger bitcoin-mining and AI-infrastructure names as investors looked past the company’s power-and-compute pitch and focused on liquidity and listing risk. The stock recently traded at $6.46, down 20 cents, with volume of 16,077 shares and a market value of about $34 million.
Nasdaq’s 2026 calendar lists Monday, May 25, as the Memorial Day closure and Friday, June 19, as the next full U.S. market holiday, leaving Thursday’s move as a live-market read, not a stale holiday print.
The timing matters. Big Digital, formerly Mawson Infrastructure Group, is less than a month into trading under its BGDE ticker after changing its name effective April 24 and saying the new symbol was expected to begin trading on The Nasdaq Capital Market on April 30.
The rename put a small, stressed company into a busy Wall Street trade: power-rich bitcoin miners trying to sell computing capacity for artificial intelligence. High-performance computing, or HPC, means large computing jobs, often for AI or data-heavy work, that need dense server capacity and steady power.
The peers were firmer. Riot Platforms rose about 5.1%, TeraWulf gained about 0.9% and Core Scientific advanced about 1.3% in late-morning quotes, a cleaner session for larger companies that investors already associate with the bitcoin-mining-to-AI infrastructure shift.
The wider market was mixed rather than hostile. Reuters reported that main U.S. indexes had pulled back from record highs as investors weighed inflation data and Middle East tensions, while Edward Jones strategist Angelo Kourkafas said the inflation number was “not as bad as feared.” Reuters
But Big Digital’s own filings gave investors plenty to chew on. First-quarter revenue fell to $4.8 million from $13.8 million a year earlier, operations lost $8.2 million, and net income of $609,803 was helped by $10.2 million in legal-settlement gains; the company used $17.1 million of cash in operations, ended March with $2.4 million in cash, and said conditions raised substantial doubt about its ability to continue as a going concern, meaning to keep operating and meet obligations over the next year.
The company did raise cash in the quarter. It sold 1.59 million shares at an average $4.18 through an at-the-market program, or ATM, a plan that lets a company sell new stock into the market over time, generating $6.4 million in net proceeds.
Management’s near-term bridge is a related-party colocation agreement announced April 27. Colocation means hosting another party’s machines in a data center; Big Digital said an Endeavor affiliate would buy and deliver about 25,000 mining computers, while Big Digital would provide about 75 megawatts of compute capacity, split profits 50/50 and receive the cash proceeds from the miners. CEO Phil Stanley said the deal could unearth “new revenue streams,” while Executive Chair Joshua Kilgore said it “rapidly enhances Big Digital’s cash flows.”
The structure is sensitive for shareholders. A company filing showed Big Digital Energy LLC was deemed an affiliate because it is owned or controlled by Kilgore, Stanley and Chief Operating Officer Cody Smith; entities tied to them hold 60%, 20% and 20%, respectively, in BDE. The company said independent audit committee members approved the transaction and interested directors and officers recused themselves.
Shares and warrants may matter too. Warrants are contracts that give the holder the right to buy stock at a set price; in this case, BDE’s warrants carry a $20 exercise price and five-year term, while stock grants are tied to the 30-day VWAP, or volume-weighted average price, an average price that gives more weight to heavily traded prices.
But the downside case is plain. The 12-month deal’s cash depends on mining economics, and Big Digital’s filings also cite risks around Nasdaq listing compliance, raising capital, power costs, bitcoin-market volatility and demand for AI and HPC infrastructure; a weak mining margin backdrop, a poor Nasdaq hearing outcome or more equity issuance could keep the shares under pressure.
For now, the market is treating BGDE less like a clean AI-infrastructure proxy and more like a turnaround that still has to fund itself. The story has power behind it. The balance sheet still has to prove it can carry the load.
