Bit Digital, Inc. Announces Fiscal Year 2025 Financial Results

Core Viewpoint - Bit Digital, Inc. has reported its financial results for Fiscal Year 2025, highlighting a strategic transition towards an Ethereum-focused treasury strategy and majority ownership in WhiteFiber, which provides exposure to AI infrastructure [1][2]. Financial Performance - Total revenue for Fiscal Year 2025 was $113.6 million, a 5% increase from $108.0 million in Fiscal Year 2024, driven by growth in cloud and colocation services, as well as increased revenue from ETH staking [4]. - Revenue from digital asset mining was $27.3 million, a 53% decrease from $58.6 million in the prior year, attributed to increased network difficulty and a reduction in active hash rate [4]. - Revenue from cloud services reached $68.8 million, a 50% increase from $45.7 million in the prior year, while revenue from colocation services surged to $8.9 million, a 555% increase from $1.4 million [4]. - Revenue from ETH staking was $7.0 million, a 287% increase compared to $1.8 million in 2024, driven by higher staking rewards and growth in staked balances [4]. Net Income and Cash Position - The net loss attributable to Bit Digital shareholders for Fiscal Year 2025 was $(80.3) million, or $(0.31) per diluted share, compared to net income of $28.3 million, or $0.19 per diluted share, in Fiscal Year 2024 [4]. - Adjusted EBITDA for Fiscal Year 2025 was $(24.9) million, down from $73.0 million in Fiscal Year 2024, primarily due to significant swings in digital asset gains and losses [4]. - Cash and cash equivalents totaled $118.4 million as of December 31, 2025, compared to $95.2 million as of December 31, 2024 [4]. Strategic Transition - In June 2025, Bit Digital initiated a strategic transition towards an Ethereum-focused treasury and staking strategy, concentrating capital allocation and operations around Ethereum and AI infrastructure through WhiteFiber [4][5]. - The Company operates as a Strategic Asset Company (SAC), focusing on capital allocation across Ethereum and AI infrastructure, actively participating in the Ethereum network through staking [6]. Ethereum Holdings and Staking - As of December 31, 2025, Bit Digital held approximately 138,263 ETH, with about 89% of total holdings actively staked [7]. - The Company earned approximately 1,988.8 ETH from native staking rewards in 2025, compared to 565.1 ETH in 2024, reflecting growth in staking participation [7]. - The average acquisition price across ETH holdings was approximately $3,045 as of year-end [8]. Bitcoin Mining Operations - Bit Digital continues to wind down its bitcoin mining operations, reducing its active hash rate to approximately 1.5 EH/s as of December 31, 2025 [9]. - The Company does not expect to allocate significant growth or maintenance capital to bitcoin mining going forward, focusing instead on the orderly runoff of remaining hosting agreements [10]. Management Commentary - The CEO emphasized that 2025 was a defining year for Bit Digital, focusing on capital efficiency and long-term compounding through Ethereum and AI infrastructure [11]. - The Company aims to strengthen its ability to generate durable cash flow to support continued investment and compounding across its platform [13].