Bitcoin mining dropped sharply as Bit Digital continued winding down that business.
Bit Digital reported its third‑quarter earnings last night and said its revenue for Q3 2025 reached $30.5 million, based on figures it released in its new filing.
The company said the jump from the $22.8 million it reported a year earlier came from strong activity in its WhiteFiber unit and higher staking income from Ethereum. The company also said it is pushing deeper into its plan to move away from Bitcoin mining and build a full Ethereum treasury 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 said it owned 70.7% of the company at the end of September, equal to 27,043,750 shares, valued at $734.8 million at the Nasdaq close of $27.17 on September 30.
The company said this pulled net income up to $146.7 million, equal to $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 revenue from crypto mining dropped to $7.4 million, down from $10.1 million a year earlier, because the Bitcoin network got harder and the company cut its hash rate as part of its exit plan.
The company said cloud services brought in $18.0 million, up from $12.2 million last year. It added that colocation services, launched late 2024, generated $1.7 million, compared with nothing last year.
The largest jump came from ETH staking. Bit Digital said staking revenue reached $2.9 million, up from $0.4 million last year, driven by higher staking rewards and a stronger ETH price during the quarter.
The company said adjusted EBITDA reached $166.8 million, compared with $(19.7) million last year, helped by $146.0 million in gains from crypto holdings.
Bit Digital expands Ethereum push
The company said it began its Ethereum‑only strategy in June and has been buying and staking ETH at speed since then. Bit Digital said its holdings grew from 30,663 ETH on June 30 to 122,187 ETH on September 30, and then to 153,547 ETH by October 31, valued at $590.5 million at that date. The company said it bought 31,057 ETH in October using proceeds from its $150 million convertible notes sale.
The notes carry an initial conversion price of $4.16 per share, which the company said was an 8.2% premium to its estimated mNAV when the deal priced.
The company said it earned 644.3 ETH from native staking and 52.9 ETH from liquid staking during the quarter. It added that 99,936 ETH were staked as of September 30, with an annualized yield of 3.05%, and that 132,480 ETH were staked by October 31.
Bit Digital said Bitcoin mining continues to shrink. The company mined 64.9 BTC in Q3, down from 165.4 BTC last year. It said its active hash rate was 1.9 EH/s on September 30 with a 22 J/Th efficiency level.
The mining arm posted a 32% gross margin. The company said it expects little or no capital spending on this segment going forward, with proceeds from remaining activity moved into ETH.
The CEO of the company, Sam Tabar, said the 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.”
He said the company aims to build one of the largest Ethereum treasuries in the public markets while keeping its link to AI through its stake in WhiteFiber.
Tabar said the company is focused on ETH density, balance sheet strength, and long‑term value through its strategy. He added that volatility “is nothing new” and that the company plans to use market drops as openings.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It’s free.
