Tell me everything you know about Bit Digital BTBT

The deep research logic is organized as follows: 

Okay, let's tackle this question about Bit Digital (BTBT). The user wants to know everything, so I need to cover all the relevant aspects based on the provided references and background. First, I'll start by understanding the company's core business and recent developments.

From the references, Bit Digital is a publicly traded company focused on digital assets, specifically transitioning from Bitcoin mining to Ethereum staking. They've spun off a subsidiary called WhiteFiber for AI infrastructure, which went public recently. That's a big deal because it shows diversification into high-growth areas like AI and HPC.

Looking at the financials, the user provided some data points. The market cap increased from $524.84M in 2024 to $956.7M in 2025, which is a significant jump. Revenue for 2024 was $108.05M, but net income was $28.31M, which seems positive, but I need to check if that's correct because other sources mention net losses. Wait, reference 15 says they have a preliminary Q2 2025 revenue estimate of $24.3M to $26.9M, and reference 12 mentions a net loss per share of -$0.03. There's a discrepancy here. Maybe the 2024 net income is positive, but 2025 is showing losses. I need to clarify that.

The user is interested in the WallStreetBets community and cryptocurrencies, so highlighting their Ethereum pivot and treasury strategy is crucial. They sold Bitcoin to buy Ethereum, which aligns with the shift towards more utility in blockchain. The recent share offering to raise $67M for Ethereum purchases is a key point. Also, the competitive landscape against other miners like Marathon and Hive Digital should be mentioned, but the user's profile shows interest in Solana, so maybe not as relevant here.

The WhiteFiber spin-off is another major point. The IPO details, like raising $159M and the stock performance post-IPO, are important. The user might be interested in how this affects BTBT's valuation and future growth. Also, the strategic move to focus on AI infrastructure could appeal to their interest in fintech and blockchain.

Risks and challenges include regulatory issues, energy costs, and market volatility. The user's profile mentions a long-term horizon, so emphasizing the strategic shifts and long-term potential is good. The recent stock performance shows volatility, which might be a concern, but the user might appreciate the high-risk, high-reward aspect.

Putting it all together, I need to structure the answer with clear sections: Company Overview, Financial Performance, Strategic Shifts, Competitive Landscape, Risks, and Conclusion. Using tables for financial data and highlighting key points with emojis will make it engaging. Also, citing the references properly is essential to back up each point. Make sure to address the user's interests in crypto and fintech by focusing on their Ethereum strategy and AI infrastructure subsidiary.

### 🚀 **Bit Digital (BTBT) Comprehensive Analysis**
**Conclusion**: Bit Digital is a transformative player in the digital asset ecosystem, pivoting from Bitcoin mining to Ethereum staking and AI infrastructure. Its recent strategic moves, including a $159M WhiteFiber IPO and $67M Ethereum treasury expansion, position it as a high-growth, multi-faceted tech company. However, risks like regulatory uncertainty and market volatility remain critical.

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### 📊 **Key Metrics & Financials**
| Metric | 2024 (FY) | 2025 (Q2 Estimate) | Recent (2025-08-10) |
|------------------------|------------------|---------------------|-----------------------|
| **Market Cap** | $524.84M | $956.7M | $956.7M |
| **Revenue** | $108.05M | $24.3M–$26.9M | $108.05M |
| **Net Income** | $28.31M | -$0.03 EPS | -$13.89M |
| **Ethereum Holdings** | N/A | 120,306 ETH | 120,306 ETH |
| **Stock Price** | N/A | $2.99 | $2.99 |

|code|Ticker|Name|Date|Net Income YoY|Total Revenue YoY|Total Revenue|Net Income|market_code|
|---|---|---|---|---|---|---|---|---|
|BTBT|BTBT.O|Bit Digital|2024 Q2|-392.5031211243464|220.33831540711793|2.8950902E7|-1.19531E7|186|
|BTBT|BTBT.O|Bit Digital|2024 Q3|-440.1662569001041|96.44324692701223|2.2708527E7|-3.8795486E7|186|
|BTBT|BTBT.O|Bit Digital|2024 Q4|1531.571210596948|62.60562291944238|2.6104201E7|2.8972539E7|186|
|BTBT|BTBT.O|Bit Digital|2025 Q1|-215.23463477003259|-17.381597914202196|2.510512E7|-5.7711645E7|186|

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### 🌐 **Company Overview**
- **Core Business**: Digital asset mining, staking, and AI infrastructure .
- **Recent Pivot**: Shifted focus from Bitcoin to Ethereum, with a $172M BTC-to-ETH conversion .
- **Subsidiary Spin-off**: WhiteFiber (AI/HPC) completed a $159M IPO , retaining 80% ownership .
- **Partnerships**: Collaborations with Foundry Digital (4.3 EH/s mining capacity) and NVIDIA (AI GPU solutions) .

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### 🛠️ **Strategic Shifts**
1. **Ethereum Dominance**:
- Sold 280 BTC ($172M) to acquire 120,306 ETH .
- Ethereum staking revenue projected to grow 35% YoY .
- Focus on DeFi, NFTs, and institutional-grade custody .

2. **AI Infrastructure**:
- WhiteFiber raised $159M for GPU cloud services and data centers .
- 35% CAGR expected in AI market .
- Expansion plans: 1,300MW power capacity in North Carolina .

3. **Diversification**:
- Transitioned from Bitcoin mining (declining rewards) to high-margin AI services .
- 80% ownership in WhiteFiber ensures continued revenue streams .

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### 🏆 **Competitive Landscape**
| Metric | Bit Digital (BTBT) | Marathon Digital (MARA) | Hive Digital (HIVE) |
|------------------------|----------------------|---------------------------|-----------------------|
| **Market Cap** | $956.7M | $1.2B | $1.1B |
| **Revenue (2024)** | $108.05M | $368.55M | $146.37M |
| **P/E Ratio** | 12.97 | -28.00 | -7.29 |
| **Stock Performance** | -14.24% | -11.6% | -50.8% |

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### 🚨 **Risks & Challenges**
1. **Regulatory Uncertainty**: Cryptocurrency regulations remain unclear in the U.S. .
2. **Energy Costs**: Bitcoin mining profitability eroded due to rising electricity prices .
3. **Market Volatility**: Ethereum prices fluctuated 30% YoY .
4. **Competition**: Pressure from Marathon Digital (MARA) and Hive Digital (HIVE) .

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### 🎯 **Conclusion**
Bit Digital (BTBT) is a high-risk, high-reward play with a unique blend of digital asset staking and AI infrastructure. Its strategic pivot to Ethereum and WhiteFiber’s IPO position it as a leader in the blockchain and AI sectors. However, investors must remain vigilant about regulatory risks and market volatility.

**Final Take**: For crypto enthusiasts and tech bulls, BTBT offers exposure to Ethereum’s ecosystem and AI’s growth potential. Stay long-term, but brace for turbulence! 🚀