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Bit Digital, Inc. Reports Strong Financial Growth in Q3 2025 Amid Strategic Shift to Ethereum

Bit Digital, Inc. Announces Financial Results for Q3 2025

Bit Digital, Inc. (Nasdaq: BTBT), a prominent entity in the digital asset space, unveiled its financial highlights for the third quarter of fiscal year 2025. The results were made public on November 14, 2025, during a conference call aimed at dissecting the numbers and future strategies that are positioning the company for substantial growth.

Revenue Growth

The third quarter of 2025 was marked by impressive total revenue of $30.5 million, reflecting a notable 33% increase from the $22.8 million reported in the same period last year. This growth was primarily fueled by enhancements in the WhiteFiber business lines and a significant uptick in earnings from ETH staking.

In the specifics, digital asset mining revenue accounted for $7.4 million, representing a 27% decrease from the previous year. This decline stemmed from an increase in network difficulty and a reduction in the active hash rate, prompting Bit Digital to gradually wind down its mining operations. Conversely, revenue from cloud services soared to $18.0 million, marking a 48% rise compared to $12.2 million from the previous year. This remarkable growth illustrates the company's adaptability in the evolving digital landscape.

Additionally, the nascent colocation services sector generated $1.7 million, a figure newly introduced since this segment launched in the fourth quarter of 2024. The burgeoning ETH staking revenue saw an astronomical growth of 542%, reaching $2.9 million compared to just $0.4 million last year, showcasing the company’s strong commitment to this strategy.

Expanded Ownership and Financial Performance

As of September 30, 2025, Bit Digital reported a consolidated financial performance inclusive of WhiteFiber Inc. (Nasdaq: WYFI), in which the company holds about 70.7% of the outstanding shares. This investment contributed to Bit Digital's robust portfolio, valued at approximately $734.8 million at a closing share price of $27.17 on that date.

Reflecting on profitability, Bit Digital recorded a net income of $146.7 million, equating to $0.47 per diluted share – a sharp recovery from a net loss of $38.8 million, or $(0.26) per diluted share, seen in the previous year. The adjusted EBITDA for Q3 2025 stood at an impressive $166.8 million compared to the previous year's negative $(19.7) million, including significant gains amounting to $146.0 million from digital assets.

Cash reserves amounted to $179.1 million, a significant rise from $95.2 million recorded at the end of 2024, with total digital assets growing to $423.7 million from $161.4 million at the previous year’s close.

Strategic Transition to Ethereum

In a pivotal move for Q3, Bit Digital embarked on a calculated transition toward a pure-play Ethereum treasury and staking model initiated in June 2025. This strategy is already evident with a marked growth in their ETH holdings—30,663 ETH were held at the start of this initiative, expanding to 122,187 ETH by the end of September, and reaching 153,547 ETH by October 31, 2025. The value of ETH held surged to approximately $590.5 million.

This shift is well-aligned with their future vision, as Bit Digital aims to become a leading platform for institutional Ethereum exposure, facilitated by disciplined capital deployment and the ramping staking yield generation. In October, an additional 31,057 ETH was acquired through the proceeds from a $150 million convertible notes offering.

During the quarter, the company mined only 64.9 BTC, down from 165.4 BTC from the previous year due to declining operational capacity linked to active hash rate reductions. Looking ahead, Bit Digital expects minimal expenditures as it focuses on a seamless phasing out of its Bitcoin mining operations, while investing resources to bolster its Ethereum strategies further.