Bit Digital, Inc. Announces Second Quarter of Fiscal Year 2025 Financial Results

Core Viewpoint - Bit Digital is transitioning to a dedicated Ethereum treasury and staking platform, focusing on accumulating ETH and generating staking yields, while winding down its bitcoin mining operations [10] Financial Performance - Total revenue for Q2 2025 was $25.7 million, an 11.7% decrease from $29.0 million in Q2 2024, primarily due to reduced digital asset mining revenue [5] - Revenue from digital asset mining was $6.6 million, a 58.8% decrease from $16.1 million in the prior year's quarter [5] - Revenue from cloud services increased by 32.8% to $16.6 million compared to $12.5 million in the prior year [5] - Net income for Q2 2025 was $14.9 million, or $0.07 per diluted share, compared to a net loss of $12.0 million, or $(0.09) per diluted share, in the prior year [5] - Adjusted EBITDA for Q2 2025 was $27.8 million, compared to $(3.8) million in Q2 2024 [5] Ethereum Strategy - The company held 121,076 ETH as of August 11, 2025, valued at approximately $511.5 million, following additional purchases funded by equity offerings [6] - Bit Digital earned approximately 166.8 ETH in staking rewards during Q2 2025, with an annualized effective yield of approximately 3.1% [7] - The company aims to build one of the largest on-chain ETH balance sheets in public markets and generate attractive staking yields for shareholders [10] WhiteFiber IPO - Bit Digital completed the IPO of its subsidiary WhiteFiber, retaining approximately 74.3% of the company, valued at approximately $468.4 million based on WhiteFiber's closing price of $17.32 per share [3][2] Bitcoin Mining Operations - The company announced plans to sunset its bitcoin mining operations, with an expected orderly closure or sale of mining assets [8] - In Q2 2025, Bit Digital mined 68.2 BTC, down from 83.3 BTC in the prior quarter, reflecting network difficulty and operational changes [9]