Bit Digital, Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 14 November 2025: press release. The quarter’s numbers.

Key takeaways

Revenue rose 33% year on year: Total revenue was $30.5 million, up from $22.8 million a year earlier. The company attributed the growth to WhiteFiber business lines and higher ETH staking revenue. Source
Net income turned positive: Net income was $146.7 million, or $0.47 per diluted share, compared with a net loss of $38.8 million, or $(0.26) per diluted share, in the prior-year quarter. Source
Adjusted EBITDA includes digital asset gains: Adjusted EBITDA was $166.8 million, compared with $(19.7) million a year earlier. The company stated that the third quarter figure includes $146.0 million in gains on digital assets. Source
Mining revenue fell 27%: Digital asset mining revenue was $7.4 million, down from $10.1 million. The company attributed the decline to increased network difficulty and a reduction in active hash rate. Source
ETH holdings reached 153,547: ETH held rose from 30,663 at June 30, 2025 to 122,187 at September 30, and to 153,547 at October 31, 2025, valued at about $590.5 million on that date. Source
Convertible notes funded ETH purchase: Bit Digital bought about 31,057 ETH in October using net proceeds of a $150 million convertible notes offering, including full exercise of the underwriters’ over-allotment option. Source
Mining output down sharply: The company mined 64.9 BTC in the quarter, against 165.4 BTC a year earlier. The company linked the lower production to the ongoing reduction in active hash rate. Source

“This quarter further solidified Bit Digital’s position at the intersection of what we believe are the two most powerful secular trends of our time: Ethereum and artificial intelligence,”
Sam Tabar, CEO of Bit Digital

What changed from last quarter

New: Bit Digital initiated a strategic transition to become a pure-play Ethereum treasury and staking company, starting June 2025. Source
New: The company is winding down its bitcoin mining business line. Source
New: The company completed a $150 million convertible notes offering, with the proceeds used to buy ETH in October 2025. Source

Quarter results and growth drivers

Revenue rose 33% year on year: Total revenue was $30.5 million, up from $22.8 million a year earlier. The company attributed the growth to WhiteFiber business lines and higher ETH staking revenue. Source
Net income turned positive: Net income was $146.7 million, or $0.47 per diluted share, compared with a net loss of $38.8 million, or $(0.26) per diluted share, in the prior-year quarter. Source
Adjusted EBITDA includes digital asset gains: Adjusted EBITDA was $166.8 million, compared with $(19.7) million a year earlier. The company stated that the third quarter figure includes $146.0 million in gains on digital assets. Source
WhiteFiber fully consolidated after IPO: WhiteFiber completed its initial public offering on August 8, 2025, and its results are fully consolidated. Bit Digital held about 70.7% of its shares at September 30, 2025. Source

Revenue by business line

Cloud services revenue rose 48%: Cloud services revenue was $18.0 million, up from $12.2 million a year earlier. It was the largest of the four revenue lines the company listed for the quarter. Source
Colocation revenue from new launch: Colocation revenue was $1.7 million, against none in the prior-year quarter. The company said the business was launched in the fourth quarter of 2024. Source
ETH staking revenue rose 542%: ETH staking revenue was $2.9 million, up from $0.4 million. The company attributed the increase to higher staking rewards and a higher realized ETH price during the quarter. Source
Mining revenue fell 27%: Digital asset mining revenue was $7.4 million, down from $10.1 million. The company attributed the decline to increased network difficulty and a reduction in active hash rate. Source

“We remain highly constructive on Ethereum’s future. The network continues to demonstrate expanding utility, deepening institutional adoption, and a maturing staking economy that provides sustainable on-chain yield.”
Bit Digital, Inc., press release

Ethereum holdings and staking

ETH holdings reached 153,547: ETH held rose from 30,663 at June 30, 2025 to 122,187 at September 30, and to 153,547 at October 31, 2025, valued at about $590.5 million on that date. Source
Staked balance and effective yield: About 99,936 ETH were actively staked at September 30, at an annualized effective yield of about 3.05% for the quarter. Actively staked ETH was 132,480 at October 31, 2025. Source
Staking rewards earned in quarter: In the quarter the company earned about 644.3 ETH from native staking and 52.9 ETH from liquid staking. Source

Financing and balance sheet

Convertible notes funded ETH purchase: Bit Digital bought about 31,057 ETH in October using net proceeds of a $150 million convertible notes offering, including full exercise of the underwriters’ over-allotment option. Source
Conversion price set at $4.16: The notes have an initial conversion price of $4.16 per share, an 8.2% premium to the company’s estimated mNAV at the time of deal pricing. Source
Cash balance rose to $179.1 million: Cash and cash equivalents were $179.1 million at September 30, 2025, compared with $95.2 million at December 31, 2024. Source
Digital assets rose to $423.7 million: Total digital assets were $423.7 million at September 30, 2025, compared with $161.4 million at December 31, 2024. Source

Bitcoin mining wind-down

Mining output down sharply: The company mined 64.9 BTC in the quarter, against 165.4 BTC a year earlier. The company linked the lower production to the ongoing reduction in active hash rate. Source
Hash rate and efficiency at quarter end: At September 30, 2025, active hash rate was approximately 1.9 EH/s, with average efficiency of approximately 22 J/Th. Source
Mining gross margin of about 32%: The bitcoin mining segment generated a gross margin of approximately 32% for the quarter. Source
Minimal capex expected in mining: The company expects minimal to no growth or maintenance capital expenditures in mining. Operations mainly support the settlement of remaining hosting contracts. Source
Mining proceeds converted into ETH: Proceeds from ongoing mining activity are typically converted into ETH to support the company’s Ethereum treasury strategy. Source

Strategy and platform

Strategic pivot to Ethereum treasury: The company began a transition in June 2025 to become a pure-play Ethereum treasury and staking company, with ETH accumulation and staking yield as the stated methods. Source
Platform spans validators and custody: The company's boilerplate describes its platform as including advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Source
AI exposure kept via WhiteFiber: The company said it is maintaining exposure to the AI infrastructure economy through its majority stake in WhiteFiber, alongside its Ethereum treasury strategy. Source

Management view of the quarter

Two pillars: Ethereum and AI: Management described Ethereum and the AI infrastructure exposure through WhiteFiber as two pillars forming a diversified foundation for long-term growth. Source
Operated through multiple crypto cycles: Management said the company has operated through multiple crypto cycles and has built the company to withstand volatility and drawdowns. Source
ETH density over scale: Management said the focus is on increasing ETH density with capital discipline and balance sheet strength, compounding value per share rather than chasing scale. Source

Coming up, as management said on 14 November 2025

Mining wind-down continues: The company is in the process of winding down the bitcoin mining business line, with proceeds from ongoing activity converted into ETH. Source

Figures management reported

Figure	Reported
BTC mined (third quarter 2025) Source	64.9 BTC
Active hash rate (September 30, 2025) Source	approximately 1.9 EH/s
Average mining efficiency (September 30, 2025) Source	approximately 22 J/Th
ETH held (October 31, 2025) Source	153,547 ETH
ETH actively staked (September 30, 2025) Source	99,936 ETH
ETH actively staked (October 31, 2025) Source	132,480 ETH

Risks management discussed

Operational: Management cited higher network difficulty and lower active hash rate as causes of the mining revenue decline. Source
External: Management referred to crypto market volatility and drawdowns, which it said the company has operated through before. Source

Earlier plans management reported on

Not stated: The company refers to the June 2025 strategic transition as already initiated and being executed. The document gives no status against a target. Source
Not stated: The company says it continues to wind down bitcoin mining as part of the Ethereum transition. The document gives no status against a target. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

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

NEW YORK, November 14, 2025 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a publicly traded digital asset company focused on Ethereum-native treasury and staking strategies headquartered in New York City, today announced its financial results for the third quarter of 2025. The Company will host a conference call on November 14, 2025 at 9:00 AM ET to discuss results (click here for registration information).

Financial Highlights for the Third Quarter of 2025

Total revenue for the third quarter of 2025 was $30.5 million, a 33% increase compared to $22.8 million in the third quarter of 2024. The increase was primarily driven by growth in WhiteFiber business lines and from increased revenue from ETH staking.
Revenue from digital asset mining was $7.4 million, a 27% decrease compared to $10.1 million in the prior year’s quarter. The decline was driven by increased network difficulty and a reduction in active hash rate. The Company is in the process of winding down this business line.
Revenue from cloud services was $18.0 million, a 48% increase compared to $12.2 million in the prior year’s quarter.
Revenue from colocation services was $1.7 million, compared to none in the prior-year quarter as the business was launched in the fourth quarter 2024.
Revenue from ETH staking was $2.9 million, a 542% increase compared to $0.4 million in the third quarter of 2024. The increase was driven by an increase in staking rewards and a higher realized ETH price during the quarter.
Results for the third quarter of 2025 include the consolidated financial performance of WhiteFiber Inc. (Nasdaq: WYFI), of which Bit Digital held approximately 70.7% of the outstanding shares as of September 30, 2025. WhiteFiber completed its initial public offering on August 8, 2025, and its results are fully consolidated within Bit Digital’s financial statements. As of September 30, 2025, Bit Digital’s ownership totaled 27,043,750 shares, valued at approximately $734.8 million based on the Nasdaq closing price of $27.17 per share on that date.
Net income for the third quarter of 2025 was $146.7 million, or $0.47 per diluted share, compared to a net loss of $38.8 million, or $(0.26) per diluted share, in the prior-year quarter.
Adjusted EBITDA for the third quarter of 2025 was $166.8 million, compared to $(19.7) million in the third quarter of 2024. Third quarter 2025 adjusted EBITDA includes $146.0 million in gains on digital assets.
Cash and cash equivalents totaled $179.1 million as of September 30, 2025, compared to $95.2 million as of December 31, 2024.
Total digital assets were $423.7 million as of September 30, 2025, compared to $161.4 million as of December 31, 2024.

Ethereum Treasury Strategy

In June 2025, Bit Digital initiated a strategic transition to become a pure-play Ethereum treasury and staking company. The Company is actively executing on this strategy through disciplined ETH accumulation and staking yield generation, rapidly scaling its holdings to become one of the leading public platforms for institutional Ethereum exposure.

The Company’s ETH position has grown materially as a result of this initiative:

June 30, 2025: 30,663 ETH held.
September 30, 2025: 122,187 ETH held.
October 31, 2025: 153,547 ETH held, valued at approximately $590.5 million as of that date.

In October 2025, Bit Digital purchased approximately 31,057 ETH using the net proceeds from its $150 million convertible notes offering, which included the underwriters’ full exercise of their over-allotment option. The convertible notes have an initial conversion price of $4.16 per share, representing an 8.2% premium to the Company’s estimated mNAV at the time of deal pricing.

In the third quarter of 2025, Bit Digital earned approximately 644.3 ETH and 52.9 ETH from native staking and liquid staking, respectively. As of September 30, approximately 99,936 ETH were actively staked, generating an annualized effective yield of approximately 3.05% for the quarter. As of October 31, 2025, Bit Digital had 132,480 ETH actively staked. Bitcoin Mining Update

Bit Digital continues to wind down its bitcoin mining operations as part of its transition to an Ethereum-focused strategy. During the third quarter, the Company mined 64.9 BTC, compared to 165.4 BTC in the prior-year period, reflecting lower production tied to the ongoing reduction in active hash rate. As of September 30, 2025, the Company’s active hash rate totaled approximately 1.9 EH/s, with an average efficiency of approximately 22 J/Th. The bitcoin mining segment generated a gross margin of approximately 32% for the quarter.

The Company expects minimal to no growth or maintenance capital expenditures in this segment moving forward, as operations primarily support the orderly settlement of remaining hosting contracts. Proceeds from ongoing activity are typically converted into ETH to support the Company’s Ethereum treasury strategy. Management Commentary

“This quarter further solidified Bit Digital’s position at the intersection of what we believe are the two most powerful secular trends of our time: Ethereum and artificial intelligence,” said Sam Tabar, CEO of Bit Digital. “Our strategy is centered on building one of the largest and most efficient Ethereum treasuries in the public markets while maintaining exposure to the rapidly expanding AI infrastructure economy through our majority stake in WhiteFiber. Together, we believe that these two pillars create a durable and diversified foundation for long-term growth.”

“We remain highly constructive on Ethereum’s future. The network continues to demonstrate expanding utility, deepening institutional adoption, and a maturing staking economy that provides sustainable on-chain yield. Our focus is on increasing ETH density in a thoughtful and cost-effective way, deploying capital with discipline, maintaining balance sheet strength, and compounding value per share rather than chasing scale for its own sake.”

“Bit Digital has operated through multiple crypto cycles. Volatility and drawdowns are nothing new to us. We have built the Company to withstand them and view dislocations as opportunities. With our experience, strong treasury, and continued exposure to both ETH and AI, we believe we are well positioned to create durable value for shareholders.” About Bit Digital

Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The Company began accumulating and staking ETH in 2022 and now operates one of the largest institutional Ethereum staking infrastructures globally. Bit Digital’s platform includes advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Through strategic partnerships across the Ethereum ecosystem, Bit Digital aims to deliver exposure to secure, scalable, and compliant access to onchain yield. Bit Digital also holds a majority equity stake in WhiteFiber (Nasdaq:WYFI), a leading AI infrastructure provider and HPC solutions. For additional information, please contact ir@bit-digital.com or follow us on LinkedIn or X.

Includes approximately 6,062 ETH and ETH-equivalents held in an externally managed fund as of June 30, 2025; approximately 15,075 (September 30, 2025) and 15,139.6 (October 31, 2025) ETH and ETH-equivalents held in an externally managed fund; and approximately 5,142 (September 30, 2025) and 5,131.6 (October 31, 2025) ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate on each respective date.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and any subsequently filed quarterly reports on Form 10-Q and any Current Reports on Form 8-K. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor Statement” below. Safe Harbor Statement

Forward-looking statements notice

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.