Bit Digital reported its third-quarter earnings final night time, asserting that its third-quarter 2025 income reached $30.5 million, primarily based on numbers launched in a brand new submitting.
The corporate stated the bounce from the $22.8 million it reported a 12 months in the past was because of sturdy exercise in its WhiteFiber division and elevated staking income from Ethereum. The corporate additionally said that it’s shifting ahead with its plans to exit Bitcoin mining and construct an entire Ethereum monetary construction.
The corporate stated the quarter additionally mirrored the primary full interval of WhiteFiber, which accomplished its IPO on August 8 and is now absolutely consolidated.
Bit Digital introduced that it held 70.7% of the corporate’s shares (equal to 27,043,750 shares) as of the tip of September, and was price $734.8 million as of the NASDAQ closing worth of $27.17 on September thirtieth.
The corporate stated this resulted in internet revenue of $146.7 million, or $0.47 per diluted share, in contrast with a internet lack of $38.8 million, or $0.26 per diluted share, final 12 months.
Monitoring Bit Digital’s income modifications
Bit Digital stated its crypto mining income fell to $7.4 million from $10.1 million a 12 months earlier because the Bitcoin community skilled difficulties and the corporate lowered its hash fee as a part of its exit plan.
The corporate stated cloud providers income was $18 million, up from $12.2 million final 12 months. It added that colocation providers launched in late 2024 generated $1.7 million, in comparison with zero final 12 months.
The most important enhance got here from ETH staking. Bit Digital stated staking income reached $2.9 million, up from $400,000 final 12 months, because of elevated staking rewards and better ETH costs in the course of the quarter.
The corporate introduced that its adjusted EBITDA reached $166.8 million, in comparison with $19.7 million in the identical interval final 12 months, pushed by $146 million in beneficial properties from crypto holdings.
Bit Digital expands Ethereum push
The corporate stated it launched an Ethereum-only technique in June and has been quickly buying and staking ETH since then. In line with Bit Digital, its holdings elevated from 30,663 Ethereum on June 30 to 122,187 Ethereum on September 30, and 153,547 Ethereum by October 31, with a worth of $590.5 million on that day. The corporate introduced that it bought 31,057 ETH in October utilizing proceeds from a $150 million convertible bond sale.
The preliminary conversion worth for the notes is $4.16 per share, which the corporate says is an 8.2% premium to its estimated mNAV on the time the transaction was priced.
The corporate stated it earned 644.3 ETH in native staking and 52.9 ETH in liquid staking in the course of the quarter. As of September thirtieth, 99,936 ETH had been staked, with an annualized yield of three.05%, including that as much as October thirty first, 132,480 ETH had been staked.
BitDigital stated that Bitcoin mining continues to shrink. The corporate mined 64.9 BTC within the third quarter, down from 165.4 BTC final 12 months. As of September thirtieth, the lively hash fee was 1.9 EH/s, and the effectivity degree was 22 J/Th.
The mining division recorded a gross revenue of 32%. The corporate stated it expects little to no capital funding within the sector going ahead, and that proceeds from remaining actions will likely be transferred to ETH.
CEO Sam Taber stated the quarter “additional solidified BitDigital’s place on the intersection of what we consider are two of essentially the most highly effective secular developments of our time: Ethereum and synthetic intelligence.”
He stated the corporate goals to construct one of many largest Ethereum treasuries on the general public market whereas sustaining its ties to AI by WhiteFiber shares.
Tabar stated the corporate is concentrated on ETH density, stability sheet energy and long-term worth all through its technique. Volatility is “not new,” he stated, including that the corporate plans to make use of the market decline as a possibility.
