Core Viewpoint - The cryptocurrency ecosystem stocks experienced a collective decline on Monday, with significant drops in various companies related to Bitcoin and Ethereum [1] Group 1: Bitcoin-Related Stocks - Bit Digital (BTBT.US) fell over 3% - Hut 8 Mining (HUT.US) decreased by more than 2.7% - MicroStrategy (MSTR.US) dropped over 1.7% - Bitcoin itself declined over 2.4%, trading at $115,080 [1] Group 2: Ethereum-Related Stocks - Bitmine Immersion Technologies (BMNR.US) saw a decline of over 7.5% - SharpLink Gaming (SBET.US) and Bit Digital (BTBT.US) both fell over 3% - Ethereum dropped more than 5%, trading at $4,293 [1] Group 3: Cryptocurrency Exchanges and Stablecoins - Coinbase (COIN.US) decreased by over 2.4% - Robinhood (HOOD.US) fell more than 3.6% - Circle (CRCL.US), a leading stablecoin issuer, dropped over 1.6% [1]

Core Insights - Bit Digital has completed a significant transformation, pivoting to a dedicated Ethereum treasury and staking platform following the IPO of its former subsidiary, WhiteFiber [2][13][20] - The company aims to build one of the largest institutional Ethereum balance sheets in public markets while reducing its legacy Bitcoin mining exposure [14][23][35] Business Transformation - The IPO of WhiteFiber has allowed Bit Digital to focus on its Ethereum strategy, retaining approximately 74.3% ownership, which may reduce to 71.5% if the green shoe option is exercised [3][21] - The transition to Ethereum treasury and staking is expected to streamline operations and reduce costs significantly [10][41] Financial Performance - Total revenue for Q2 2025 was $25.7 million, with a notable decline in Bitcoin mining revenue to $6.6 million, down 59% year-over-year [5][27] - Cloud services revenue increased by 33% year-over-year to $16.6 million, while Ethereum staking revenue was $400,000, reflecting a slight decline [6][28] - Gross profit reached $12.5 million, resulting in a gross margin of approximately 49%, an improvement from the previous year [7][29] Ethereum Holdings and Staking - As of August 11, 2025, Bit Digital held approximately 121,000 ETH, a significant increase from 3,663 ETH at the end of Q2 2025 [3][23] - The company had about 105,000 ETH actively staked by August 11, with an annualized effective yield of approximately 3.1% [4][23] Strategic Outlook - Management plans to scale ETH holdings and optimize staking yield while maintaining a strong liquidity position, with total liquidity of approximately $273 million as of June 30, 2025 [8][31] - The company is exploring capital market alternatives to raise further capital for ETH purchases in a nondilutive manner [35][36] Regulatory Environment - Recent regulatory developments, including the Genius Act and the Clarity Act, are seen as positive steps toward broader institutional adoption of Ethereum [11][33][52] - The company believes that improved regulatory clarity will enhance Ethereum's role in digital payments and financial infrastructure [32][55]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $25.7 million, compared to $29 million in the same quarter last year and $25.1 million in Q1 2025 [19] - Digital asset mining revenue decreased by 59% year-over-year to $6.6 million due to the April 2024 halving, higher network difficulty, and a lower active hash rate [19] - Cloud services revenue increased by 33% year-over-year to $16.6 million, driven by new customer contracts [19] - Gross profit was approximately $12.5 million, resulting in a gross margin of about 49%, up 80 basis points from the prior year [20] - Net income for the quarter was $14.9 million, or $0.07 per diluted share, compared to a net loss of $12 million in the same quarter last year [22] - Adjusted EBITDA was $27.8 million, compared to negative $3.8 million a year ago [22] - The company held $181.2 million in cash and cash equivalents as of June 30, with total liquidity of approximately $273 million [23] Business Line Data and Key Metrics Changes - Ethereum staking revenue was $400,000, down about 2% year-over-year due to higher staking rewards offset by a lower realized Ethereum price [20] - The company held approximately 121,000 ETH as of August 11, 2025, up from 3,663 ETH at the end of Q2 [11] - Active staking increased from 21,568 ETH at quarter end to approximately 105,000 ETH as of August 11, with an annualized effective yield of approximately 3.1% [12] Market Data and Key Metrics Changes - The company is focusing on building one of the largest institutional Ethereum treasury platforms in the public markets [5] - The transition to Ethereum is seen as a structural pivot, with the company aiming to generate scalable staking yield for shareholders [12] Company Strategy and Development Direction - The company aims to maximize long-term value for shareholders by focusing on Ethereum as a productive treasury asset [28] - Plans include scaling the ETH position, optimizing staking yield, and maintaining a strong liquid balance sheet [28] - The company is exploring capital market alternatives to raise further capital for purchasing additional ETH in a non-dilutive manner [30] - The separation of White Fiber is intended to provide strategic clarity and more disciplined capital allocation [7][8] Management's Comments on Operating Environment and Future Outlook - Management believes that Ethereum is becoming the financial infrastructure layer of the Internet, with major institutions building on it [26] - Regulatory clarity has improved, with recent legislation supporting the Ethereum ecosystem [27] - The company views the current market environment as favorable for Ethereum, with increasing institutional adoption [66] Other Important Information - The company is not investing in additional Bitcoin mining units and is exploring strategic alternatives for its Bitcoin mining business [15] - G&A expenses for Q2 included approximately $5.5 million in stock-based awards and consulting fees, which are expected to be nonrecurring [21] - The company remains debt-free and has signed a credit facility that transferred to White Fiber following its IPO [24] Q&A Session Summary Question: Growth in Ethereum staking among institutional investors - Management sees the growing acceptance of Ethereum staking as beneficial, noting that broader adoption validates the asset and benefits all participants [36][39] Question: Clarification on G&A expenses - Management confirmed that the increase in G&A is largely due to one-time expenses related to the IPO and acquisition, and expects future G&A to be significantly lower [48][50] Question: Support for the Ethereum ecosystem beyond ETH purchases - Management plans to increase marketing efforts for the ETH treasury strategy now that the IPO is complete, aiming to capture more mindshare in the market [60][62] Question: Regulatory framework for crypto - Management expressed optimism about the current regulatory environment, noting that recent legislation provides clarity and supports the growth of the Ethereum ecosystem [66][70] Question: Bitcoin mining strategy and fleet efficiency - Management indicated that the Bitcoin mining business is being wound down, with a focus on maintaining profitability while transitioning to a more efficient fleet [80][82]

Investor Presentation www.bit-digital.com @BitDigital_BTBT August 2025 1 Investor Notice bit-digital.com Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequently filed Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K. If any materia ...

吴说获悉，Bit Digital（纳斯达克：BTBT）公布 2025 年第二季度财报，实现净利润 1,490 万美元，数 字资产总额达 9,120 万美元。公司已于季末出售全部比特币并转向以太坊战略，当前持有 ETH 超 12.1 万枚，价值约 5.12 亿美元，其中逾 10.5 万枚已参与质押。 来源：市场资讯 （来源：吴说） ...

分组1 - Bit Digital, Inc. reported a quarterly loss of $0.03 per share, consistent with the Zacks Consensus Estimate, compared to a loss of $0.01 per share a year ago [1] - The company posted revenues of $25.7 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.38%, but down from $28.95 million year-over-year [2] - The stock has gained approximately 8.2% since the beginning of the year, while the S&P 500 has increased by 10% [3] 分组2 - The earnings outlook for Bit Digital is mixed, with the current consensus EPS estimate for the coming quarter at -$0.01 on revenues of $34.12 million, and -$0.31 on revenues of $121.9 million for the current fiscal year [7] - The Zacks Industry Rank indicates that the Technology Services sector is in the top 37% of over 250 Zacks industries, suggesting a favorable environment for stocks in this category [8]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

PART I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) The company's financial statements for H1 2025 reflect significant asset growth and a net loss, driven by strategic investments and shifts in digital asset performance [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) The balance sheets show substantial asset growth, primarily in property, plant, and equipment, alongside increased shareholder equity - Total assets increased by **34.4% to $723.4 million** as of June 30, 2025, from **$538.2 million** as of December 31, 2024. This growth was primarily driven by a significant increase in Property, Plant, and Equipment, which more than doubled to **$253.9 million**, and a rise in Cash and cash equivalents to **$181.2 million**[9](index=9&type=chunk) - Digital asset holdings decreased by **43.5% to $91.2 million** from **$161.4 million**, reflecting a strategic shift or sales during the period[9](index=9&type=chunk) - Total liabilities increased to **$90.2 million** from **$74.8 million**, mainly due to a substantial rise in the non-current portion of operating lease liabilities from **$9.3 million to $38.3 million**[9](index=9&type=chunk) - Total Shareholders' Equity grew by **36.6% to $633.2 million**, primarily fueled by an increase in Additional paid-in capital from stock offerings[10](index=10&type=chunk) Consolidated Balance Sheet Highlights (in USD) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $313,752,970 | $297,256,935 | | Cash and cash equivalents | $181,165,847 | $95,201,335 | | Digital assets | $91,214,450 | $161,377,344 | | **Total Non-Current Assets** | $409,666,067 | $240,990,729 | | Property, plant, and equipment, net | $253,920,936 | $107,302,458 | | **Total Assets** | **$723,419,037** | **$538,247,664** | | **Total Current Liabilities** | $40,096,441 | $55,026,604 | | **Total Liabilities** | **$90,230,393** | **$74,768,515** | | **Total Shareholders' Equity** | **$633,188,644** | **$463,479,149** | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME%20(LOSS)) The statements show a Q2 2025 net income turnaround, contrasting with a H1 2025 net loss primarily due to digital asset performance swings - The company reported a net income of **$14.9 million** for Q2 2025, a significant turnaround from a net loss of **$12.0 million** in Q2 2024. This was largely driven by a **$27.2 million** gain on digital assets in Q2 2025, compared to an **$11.5 million** loss in the prior-year quarter[11](index=11&type=chunk) - For the six months ended June 30, 2025, the company posted a net loss of **$42.8 million**, compared to a net income of **$38.1 million** for the same period in 2024. The reversal was primarily due to a **$22.1 million** loss on digital assets in H1 2025 versus a **$34.2 million** gain in H1 2024[11](index=11&type=chunk) Revenue Breakdown (in USD) | Revenue Source | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Digital asset mining | $6,631,838 | $16,079,893 | $14,408,801 | $37,971,653 | | Cloud services | $16,595,315 | $12,497,197 | $31,437,601 | $20,566,781 | | Colocation services | $1,729,004 | - | $3,367,413 | - | | ETH staking | $365,332 | $373,812 | $925,973 | $699,558 | | **Total Revenues** | **$25,659,419** | **$29,043,406** | **$50,758,285** | **$59,430,244** | Key Performance Indicators (in USD) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $25,659,419 | $29,043,406 | $50,758,285 | $59,430,244 | | **Income (loss) from operations** | $11,739,005 | $(11,480,293) | $(40,635,561) | $35,678,741 | | **Net income (loss)** | $14,874,202 | $(11,953,100) | $(42,837,443) | $38,128,757 | | **Basic EPS** | $0.07 | $(0.09) | $(0.22) | $0.31 | | **Diluted EPS** | $0.07 | $(0.09) | $(0.22) | $0.31 | [Unaudited Condensed Consolidated Statements of Equity](index=7&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20EQUITY) Total stockholders' equity significantly increased due to common stock offerings, despite a worsening accumulated deficit from net losses - Total stockholders' equity increased from **$463.5 million** at the end of 2024 to **$633.2 million** as of June 30, 2025[12](index=12&type=chunk)[13](index=13&type=chunk) - The increase in equity was primarily driven by the issuance of common stock through at-the-market and public offerings, which added a total of **$190 million** to additional paid-in capital during the first six months of 2025[13](index=13&type=chunk) - The accumulated deficit worsened from **$(98.2) million** to **$(141.0) million** during the first half of 2025, reflecting the net loss for the period[10](index=10&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Cash flows show positive operating activities, significant investment in property and equipment, and strong financing from equity offerings - Cash from operating activities was a positive **$35.1 million** for the first six months of 2025, a significant improvement from a **$30.4 million** use of cash in the same period of 2024. This was mainly due to changes in digital assets and deferred revenue[14](index=14&type=chunk) - Investing activities used **$148.2 million** in cash, a substantial increase from **$6.7 million** in the prior year period, primarily for purchases of property, plant, and equipment[14](index=14&type=chunk) - Financing activities provided **$199.3 million** in cash, up from **$80.3 million** in the prior year period, driven by proceeds from a public offering (**$141.6 million**) and at-the-market offerings (**$58.5 million**)[14](index=14&type=chunk) Cash Flow Summary (in USD) | Cash Flow Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Cash Provided by (Used in) Operating Activities** | $35,095,075 | $(30,370,425) | | **Net Cash Used in Investing Activities** | $(148,240,379) | $(6,660,262) | | **Net Cash Provided by Financing Activities** | $199,313,693 | $80,273,917 | | **Net increase in cash** | $86,168,389 | $43,243,230 | | **Cash, cash equivalents and restricted cash, end of period** | $184,898,639 | $61,424,164 | [Notes to Financial Statements](index=11&type=section&id=NOTES%20TO%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail the company's strategic focus on digital assets and HPC, alongside key accounting policy changes and business expansions - The company is a digital asset platform focused on Ethereum (ETH)-native treasury, staking strategies, digital asset mining, and high-performance computing (HPC) services, including cloud and data center services[16](index=16&type=chunk) - The company has been expanding its HPC business through the incorporation of new subsidiaries like WhiteFiber in the US, Canada, and Japan, and the acquisition of Enovum Data Centers Corp in Canada[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - Effective January 1, 2024, the company adopted ASU 2023-08, measuring digital assets at fair value with changes recorded in net income. This resulted in a **$21.2 million** positive cumulative-effect adjustment to retained earnings[37](index=37&type=chunk)[139](index=139&type=chunk) - Effective January 1, 2025, the company changed its estimate of the useful life for cloud service equipment from three to five years, reducing depreciation expense by **$2.5 million** in Q1 2025[29](index=29&type=chunk)[46](index=46&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=55&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses a strategic shift to Ethereum staking, rapid HPC expansion, and a Q2 2025 net income turnaround driven by digital asset gains and strong liquidity - The company has initiated a strategic transition to become a pure-play Ethereum (ETH) staking and treasury company, planning to convert its Bitcoin (BTC) holdings to ETH and explore a sale or wind-down of its bitcoin mining operations[265](index=265&type=chunk)[294](index=294&type=chunk) - The High-Performance Computing (HPC) business is expanding with the acquisition of Enovum Data Centers and development of new data centers in Montreal (MTL-2, MTL-3) and North Carolina (NC-1)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk) - The company secured a credit facility of up to approximately **$43.8 million** from the Royal Bank of Canada (RBC) to finance its data center business[273](index=273&type=chunk) Q2 2025 vs Q2 2024 Performance (in USD) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Total Revenues** | $25,659,419 | $29,043,406 | | Digital Asset Mining Revenue | $6,631,838 | $16,079,893 | | Cloud Services Revenue | $16,595,315 | $12,497,197 | | **Net Income (Loss)** | $14,874,202 | $(11,953,100) | [Quantitative and Qualitative Disclosures about Market Risk](index=85&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) The company, as a smaller reporting company, is not required to provide the information for this item - As a smaller reporting company, Bit Digital is not required to provide quantitative and qualitative disclosures about market risk[465](index=465&type=chunk) [Controls and Procedures](index=85&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls were effective as of June 30, 2025, with ongoing integration of Enovum Data Centers' controls for future reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report (June 30, 2025)[467](index=467&type=chunk) - The company is in the process of integrating the internal controls of Enovum Data Centers Corp, acquired in October 2024, with plans to include them in the scope of internal control over financial reporting for the fiscal year ending December 31, 2025[469](index=469&type=chunk) PART II [Legal Proceedings](index=86&type=section&id=Item%201.%20Legal%20Proceedings.) The company is pursuing a lawsuit against Blockfusion, Inc., seeking over $5 million in damages for breach of contract and fraud - The company filed a lawsuit against Blockfusion, Inc. on June 3, 2024, for breach of contract and other claims, initially seeking over **$4.3 million** related to a terminated mining services relationship[246](index=246&type=chunk)[472](index=472&type=chunk) - On August 1, 2025, the company moved to file a Second Amended Complaint, adding fraud claims and Blockfusion's CEO as a defendant. The total damages sought now exceed **$5 million**, including punitive damages[247](index=247&type=chunk)[472](index=472&type=chunk) [Risk Factors](index=86&type=section&id=Item%201A.%20Risk%20Factors.) As a Smaller Reporting Company, the company highlights a risk of potential fines from former PRC operations, despite the general statute of limitations passing - The company notes a risk related to its former business in the PRC. Although operations ceased in September 2021, the statute of limitations for non-compliance could be extended from two to five years if prior mining operations are deemed a threat to financial security[474](index=474&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=86&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) There were no unregistered sales of equity securities during the period. Information was previously reported on Form 8-K - None. Previously reported on Form 8-K[475](index=475&type=chunk) [Defaults Upon Senior Securities](index=86&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities - None[476](index=476&type=chunk) [Mine Safety Disclosures](index=86&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[477](index=477&type=chunk) [Other Information](index=86&type=section&id=Item%205.%20Other%20Information.) During the three months ended June 30, 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[478](index=478&type=chunk) [Exhibits](index=87&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including agreements related to the WhiteFiber contribution and transition services, lease and purchase agreements, officer certifications, and XBRL data files - The exhibits include key agreements such as the Section 351 Contribution Agreement and Transition Services Agreement with WhiteFiber, Inc., various lease and purchase agreements, and required officer certifications[480](index=480&type=chunk)

NEW YORK, Aug. 14, 2025 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies headquartered in New York City, today announced its financial results for the Second Quarter of 2025. The Company will host a conference call on August 15, 2025, at 10:00 AM ET to discuss results (click here for registration information). WhiteFiber IPO and Retained Stake In August 2025, Bit Digital completed the initial p ...

Industry Overview - The U.S. service sector exhibited strong momentum in Q1 2025, driven by economic stability and growth in non-manufacturing activities, with key growth factors including the AI revolution, demand for cost efficiency, and regulatory compliance [1][2] - Multiple service industries such as transportation, warehousing, retail, finance, and healthcare showed resilience and healthy activity, highlighting the sector's role in economic stability and growth [2] Economic Performance - The U.S. GDP grew by 3% in Q2 2025, a significant recovery from a 0.5% decline in Q1, with non-manufacturing activities remaining robust as indicated by a Services PMI of 50.8% in July, signaling expansion [4] - Essential services like waste management saw steady demand, while risk mitigation and consulting services gained importance due to evolving regulations, leading to increased demand for specialized service providers [5] Earnings Outlook - PagSeguro Digital (PAGS) is expected to report Q2 2025 revenues of $898.6 million, reflecting a year-over-year growth of 2.8%, with earnings estimated at 31 cents per share, indicating a 3.2% decline year-over-year [9] - Bit Digital (BTBT) is projected to report Q2 2025 revenues of $25.4 million, showing a year-over-year decline of 12.4%, with an estimated loss of 3 cents per share, representing a 200% widening year-over-year [11] Stock Performance Indicators - PAGS has an Earnings ESP of +8.20% and a Zacks Rank of 2, scheduled to announce results on August 14 [10] - BTBT has an Earnings ESP of +20.00% and a Zacks Rank of 3, also set to report on August 14 [12]