Bit Digital 2025 Q3 Earnings 478.2% Net Income Surge, Ethereum Transition Drives Growth

Bit Digital (BTBT) reported Q3 2025 earnings on Nov 14, 2025, delivering a 32.2% year-over-year revenue increase to $30.01 million and a net income turnaround of 478.2%. The company exceeded FactSet revenue estimates by $0.19M ($30.5M vs. $30.3M) and posted a $0.47 GAAP EPS beat. Guidance emphasized Ethereum staking as the primary growth driver, with management projecting disciplined ETH accumulation and strategic AI infrastructure expansion via WhiteFiber.

Revenue

Cloud services led the revenue growth with $18.03 million, while digital asset mining contributed $7.42 million. Colocation services added $1.69 million, and ETH staking brought in $2.87 million. Other revenue sources totaled $454,588, resulting in total revenues of $30.46 million. The cloud segment’s 48% year-over-year increase underscored the company’s strategic pivot away from Bitcoin mining, which saw a 27% decline in revenue.

Earnings/Net Income

Bit Digital returned to profitability with EPS of $0.48, reversing a $0.26 loss in 2024 Q3. Net income surged to $146.72 million, a 478.2% improvement from a $38.80 million loss. The turnaround stemmed from higher Ethereum staking yields, improved margins, and a $168 million gain on digital asset appreciation. This performance highlights the effectiveness of the Ethereum-centric strategy.

Post-Earnings Price Action Review

Despite a 1.69% gain in a single trading day, the stock faced a significant decline over the following week, plummeting 23.25%, and a 40.64% month-to-date drop. The sharp volatility underscores market skepticism about the transition to Ethereum staking and near-term execution risks, though long-term optimism remains tied to Ethereum’s dominance in decentralized finance and AI infrastructure.

CEO Commentary

CEO Samir Tabar emphasized Ethereum’s role as a “backbone of decentralized finance and AI infrastructure,” with a 5-fold increase in ETH holdings since June 2025. Bitcoin mining was rebranded as a “small noncore contributor” with plans to reduce hash rate to 1.2 exahash by mid-2026. The leadership outlook prioritizes staking yields of 3%–4% and strategic AI infrastructure growth via WhiteFiber.

Guidance

Bit Digital targets staking revenue as the primary income driver, with Ethereum holdings expanding via disciplined capital deployment. Management aims to maintain leverage below 20% of ETH holdings and explore external strategies to exceed 10% combined returns. General and administrative expenses are expected to normalize post-WhiteFiber transition costs, while Ethereum’s long-term appreciation remains a core thesis.

Additional News

Bit Digital completed a $150 million convertible notes offering post-Q3, acquiring 31,057 ETH to bolster its Ethereum treasury. CEO Sam Tabar highlighted Ethereum’s regulatory clarity and developer ecosystem as key advantages over alternatives like Solana. The company also announced plans to reduce Bitcoin mining operations further, aligning with its Ethereum-focused strategy. No dividend or buyback announcements were made, with capital allocation prioritizing staking and AI infrastructure growth.

Earnings Flash (BTBT) Bit Digital Posts Q3 Total Revenue $30.5M, vs. FactSet Est of $30.3M

Earnings/Net Income

The EPS and net income figures reflect a strategic pivot to Ethereum staking, which generated 542% year-over-year revenue growth. This shift, coupled with cost discipline and asset appreciation, positioned Bit Digital for durable returns in crypto cycles.