Bit Digital Reports $14.9 Million Net Income in Q2 2025 Amid Strategic Pivot to Ethereum Treasury

New York – Bit Digital, Inc. (NASDAQ: BTBT), a digital asset platform, announced a net income of $14.9 million, or $0.07 per diluted share, for the second quarter of fiscal year 2025. This marks a significant turnaround from a net loss of $12.0 million in the same period last year, despite a slight decrease in total revenue to $25.7 million. The company's financial results coincide with a major strategic shift from Bitcoin mining to an Ethereum (ETH) treasury and staking model.

The positive financial performance stands in contrast to some market sentiment. Social media user Kumar recently stated in a tweet, "> $BTBT is a dumpster fire. Rough. Had a call with a data center crypto guy this morning." However, the company's latest earnings report and management commentary indicate a different trajectory.

Bit Digital is actively winding down its Bitcoin mining operations, with digital asset mining revenue declining by 59% year-over-year in Q2 2025. Concurrently, the company is rapidly accumulating Ethereum, increasing its holdings from approximately 30,663 ETH at the end of June to 121,076 ETH by August 11, 2025. This accumulation is funded, in part, by recent equity offerings and the sale of Bitcoin.

The strategic pivot also includes the successful initial public offering (IPO) of WhiteFiber, its high-performance computing subsidiary. Bit Digital retains a substantial 74.3% ownership stake in WhiteFiber, valued at approximately $468.4 million as of August 13, 2025. CEO Sam Tabar stated the WhiteFiber IPO was designed to unlock value and provide a source of non-dilutive capital for the company's new ETH-focused strategy.

Adjusted EBITDA for the quarter reached $27.8 million, a significant improvement from a negative $3.8 million in Q2 2024, largely due to a $27.2 million gain on digital assets. Bit Digital also reported strong liquidity, with $181.2 million in cash and cash equivalents as of June 30, 2025. The company aims to leverage its growing ETH treasury and staking activities to generate scalable yields and long-term value for shareholders.