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Bit Digital, Inc. Financial Results for Q2 2025

Bit Digital, Inc. (Nasdaq: BTBT), a leading digital asset platform, has unveiled its financial results for the second quarter of the fiscal year 2025. The company, which is headquartered in New York City, is strategically focused on Ethereum-native treasury and staking. The financial outcomes reflect various strategic movements, particularly around their recent initial public offering (IPO) of WhiteFiber, their high-performance computing subsidiary.

IPO Impact on Financial Results

On August 14, 2025, Bit Digital completed the IPO of WhiteFiber, which allowed the company to retain a 74.3% stake, valued at approximately $468.4 million, based on WhiteFiber’s closing stock price. The consolidated financial results for the second quarter incorporated WhiteFiber’s performance, marking a pivotal moment for Bit Digital as it continues to expand its presence in the digital asset space.

Revenue Breakdown

For the quarter ending June 30, 2025, Bit Digital reported total revenues of $25.7 million, representing an 11.7% decline compared to $29.0 million during the same period last year. This downturn was largely attributed to a drop in revenue from digital asset mining, which fell to $6.6 million — a staggering 58.8% decrease. The decline is linked to increased network difficulty and the mining halving event that occurred in April 2024.

Despite the challenges in digital mining, other revenue segments showed improvement. Cloud services revenue surged by 32.8%, totaling $16.6 million, while colocation services, introduced late last year, contributed $1.7 million.

Shift to Ethereum-Focused Strategy

As part of its growth strategy, Bit Digital initiated a transition toward being a specialized Ethereum treasury and staking entity. As of June 30, 2025, the company held 30,663 ETH, which has grown significantly to over 121,000 ETH by early August. This strategy aims to accumulate Ethereum and generate staking yield, establishing Bit Digital as a pivotal public ETH vehicle.

The adjustments made during this quarter are indicative of a larger trend within Bit Digital to focus on the sustainable yield opportunities within the Ethereum ecosystem. The company aims to leverage its ETH position prudently to maximize returns on investments while adhering to a risk-managed framework.

Financial Highlights

• - Net Income: The company achieved a net income of $14.9 million in Q2 2025, showcasing a significant turn from the $12 million loss recorded during the equivalent quarter last year.
• - Cash Reserves: By the end of June 2025, Bit Digital had $181.2 million in cash and equivalents, which is a remarkable increase compared to $95.2 million from December 2024.
• - Digital Asset Value: The market valuation of the company’s total digital assets decreased from $161.4 million at the end of the previous year to $91.2 million as of June 30, 2025. This reduction stemmed from a strategic decision to liquidate most of their Bitcoin (BTC) holdings in favor of advancing their Ethereum-based strategy.

Bitcoin Mining Operations

In line with its Ethereum transition, Bit Digital has commenced winding down its Bitcoin mining operations. The company accrued 68.2 BTC during the second quarter, down from 83.3 BTC in the previous quarter. The move aligns with their broader goal to redeploy capital into Ethereum-focused endeavors.

Management Insights

Sam Tabar, the CEO of Bit Digital, commented on the transformation of the company, stating: "This quarter marked the beginning of Bit Digital's evolution into a dedicated Ethereum treasury and staking platform. Our deep conviction in Ethereum’s long-term value is reflected in our strategic initiatives and our commitment to scaling our ETH holdings effectively."

As Bit Digital positions itself for the future, the emphasis remains on creating a solid, shareholder-friendly structure that prioritizes value growth rather than merely scaling operations without a clear focus. The successful IPO of WhiteFiber and the strong ETH treasury are expected to support their aims in achieving sustainable returns.

In summary, Bit Digital, Inc. is maneuvering through a significant transition as it aligns its business strategy towards Ethereum, reinforcing its commitment to innovation and strong returns for its investors in the evolving landscape of digital assets.