Bit Digital, Inc. Announces Financial Results for the Third quarter of Fiscal Year 2025

Core Insights - Bit Digital, Inc. reported significant financial growth in Q3 2025, with total revenue reaching $30.5 million, a 33% increase from $22.8 million in Q3 2024, driven by growth in its WhiteFiber business and ETH staking revenue [5][4] - The company is transitioning to a pure-play Ethereum treasury and staking strategy, having acquired approximately 31,057 ETH in October 2025, funded by a $150 million convertible notes offering [3][4] - Net income for Q3 2025 was $146.7 million, or $0.47 per diluted share, a substantial recovery from a net loss of $38.8 million in the same quarter of the previous year [5][4] Financial Performance - Total revenue for Q3 2025 was $30.5 million, a 33% increase year-over-year [5] - Revenue from digital asset mining decreased by 27% to $7.4 million due to increased network difficulty [5] - Revenue from cloud services increased by 48% to $18.0 million [5] - Revenue from ETH staking surged by 542% to $2.9 million, attributed to higher staking rewards and ETH price [5] Ethereum Strategy - Bit Digital's ETH position grew significantly, with 132,480 ETH actively staked as of October 31, 2025, generating an annualized effective yield of approximately 3.05% [4][3] - The company aims to build one of the largest Ethereum treasuries in public markets while maintaining exposure to AI infrastructure through its majority stake in WhiteFiber [7][3] Operational Updates - The company mined 64.9 BTC in Q3 2025, down from 165.4 BTC in the prior year, as it continues to wind down its bitcoin mining operations [6][5] - As of September 30, 2025, Bit Digital's total digital assets were valued at $423.7 million, up from $161.4 million at the end of 2024 [5][4] Management Commentary - The CEO emphasized the company's focus on Ethereum and AI as key growth drivers, highlighting the importance of disciplined capital deployment and maintaining balance sheet strength [7][3] - The management expressed confidence in Ethereum's future, citing expanding utility and institutional adoption [7][3]