Bit Digital reported its third-quarter earnings last night, announcing that its third-quarter 2025 revenue reached $30.5 million, based on numbers released in a new filing.
The company said the jump from the $22.8 million it reported a year ago was due to strong activity in its WhiteFiber division and increased staking revenue from Ethereum. The company also stated that it is moving forward with its plans to exit Bitcoin mining and build a complete Ethereum financial structure.
The company said the quarter also reflected the first full period of WhiteFiber, which completed its IPO on August 8 and is now fully consolidated.
Bit Digital announced that it held 70.7% of the company’s shares (equivalent to 27,043,750 shares) as of the end of September, and was worth $734.8 million as of the NASDAQ closing price of $27.17 on September 30th.
The company said this resulted in net income of $146.7 million, or $0.47 per diluted share, compared with a net loss of $38.8 million, or $0.26 per diluted share, last year.
Tracking Bit Digital’s revenue changes
Bit Digital said its crypto mining revenue fell to $7.4 million from $10.1 million a year earlier as the Bitcoin network experienced difficulties and the company lowered its hash rate as part of its exit plan.
The company said cloud services revenue was $18 million, up from $12.2 million last year. It added that colocation services launched in late 2024 generated $1.7 million, compared to zero last year.
The biggest increase came from ETH staking. Bit Digital said staking revenue reached $2.9 million, up from $400,000 last year, due to increased staking rewards and higher ETH prices during the quarter.
The company announced that its adjusted EBITDA reached $166.8 million, compared to $19.7 million in the same period last year, driven by $146 million in gains from crypto holdings.
Bit Digital expands Ethereum push
The company said it launched an Ethereum-only strategy in June and has been rapidly purchasing and staking ETH since then. According to Bit Digital, its holdings increased from 30,663 Ethereum on June 30 to 122,187 Ethereum on September 30, and 153,547 Ethereum by October 31, with a value of $590.5 million on that day. The company announced that it purchased 31,057 ETH in October using proceeds from a $150 million convertible bond sale.
The initial conversion price for the notes is $4.16 per share, which the company says is an 8.2% premium to its estimated mNAV at the time the transaction was priced.
The company said it earned 644.3 ETH in native staking and 52.9 ETH in liquid staking during the quarter. As of September 30th, 99,936 ETH had been staked, with an annualized yield of 3.05%, adding that up to October 31st, 132,480 ETH had been staked.
BitDigital said that Bitcoin mining continues to shrink. The company mined 64.9 BTC in the third quarter, down from 165.4 BTC last year. As of September 30th, the active hash rate was 1.9 EH/s and the efficiency level was 22 J/Th.
The mining division recorded a gross profit of 32%. The company said it expects little to no capital investment in the sector going forward, and that proceeds from remaining activities will be transferred to ETH.
CEO Sam Taber said the quarter “further solidified BitDigital’s position at the intersection of what we believe are two of the most powerful secular trends of our time: Ethereum and artificial intelligence.”
He said the company aims to build one of the largest Ethereum treasuries on the public market while maintaining its ties to AI through WhiteFiber shares.
Tabar said the company is focused on ETH density, balance sheet strength and long-term value throughout its strategy. Volatility is “not new,” he said, adding that the company plans to use the market downturn as an opportunity.
