Filamentous fungi can be used for the valorization of food waste as a value-added product. The goal of this study was the valorization of bread waste through fungal cultivation and the production of value-added products. The fungal cultivation was verified for upscaling from shake flasks to a bench-scale bioreactor (4.5 L) and a pilot-scale bioreactor (26 L). The fungus showed the ability to grow without any additional enzymes or nutrients, and it was able to consume a bread concentration of 4.5% (w/v) over 48 h. The biomass concentration in the shake flasks was 4.1 g/L at a 2.5% bread concentration, which increased to 22.5 g/L at a 15% bread concentration. The biomass concentrations obtained after 48 h of cultivation using a 4.5% bread concentration were 7.2–8.3 and 8.0 g/L in 4.5 and 26 L bioreactors, respectively. Increasing the aeration rate in the 4.5 L bioreactor decreased the amount of ethanol produced and slightly reduced the protein content of the fungal biomass. The initial protein value in the bread was around 13%, while the protein content in the harvested fungal biomass ranged from 27% to 36%. The nutritional value of the biomass produced was evaluated by analyzing the amino acids and fatty acids. This study presents the valorization of bread waste through the production of a protein- and fatty-acid-rich fungal biomass that is simultaneously a source of microfibers.