Ethereum News Today: Bit Digital Q2 Revenue Falls 11.7% as Bitcoin Mining Shifts to Ethereum Staking

Nasdaq-listed Bit Digital (BTBT) reported a 11.7% year-over-year decline in total revenue for the second quarter of 2025, with earnings falling to $25.7 million. The drop came as the firm transitioned away from Bitcoin mining toward an Ethereum (ETH)-focused treasury and staking strategy. Despite the revenue contraction, the company turned a $12 million loss in Q2 2024 into a net profit of $14.9 million, or $0.07 per share, in the same period this year [1]. This marked a significant turnaround driven by the growing value of its Ethereum holdings and a strategic pivot away from energy-intensive Bitcoin operations.

The decline in revenue was primarily attributed to a 58.8% drop in crypto mining revenue, falling from $16.1 million to $6.6 million, due to a combination of higher network difficulty, the April 2024 Bitcoin halving, and a reduction in active mining units. The company also indicated that Bitcoin mined during the quarter was being converted into ETH to support its treasury strategy [1]. In contrast, cloud services revenue increased by 32.8% to $16.6 million, while colocation services—launched in late 2024—generated $1.7 million. ETH staking revenue totaled $0.4 million, although this was somewhat impacted by a drop in ETH prices, partially offset by increased staking payouts [1].

Bit Digital’s Ethereum holdings expanded significantly during the quarter. As of June 30, 2025, the company held 30,663 ETH. By July 18, that number had increased to 120,306 ETH, and by August 11, it had grown further to 121,076 ETH, valued at approximately $511.5 million. The firm also continued to mine Bitcoin, producing 68.2 BTC in Q2 2025, down from 83.3 BTC in the previous quarter [1].

CEO Sam Tabar described the quarter as the beginning of Bit Digital’s transformation into a dedicated Ethereum treasury and staking platform. The company fully shifted its operations from Bitcoin mining to Ethereum staking and treasury management in July 2025 [1]. This strategic shift was in line with a broader industry trend of moving capital toward altcoins, as Bitcoin’s market dominance fell to 57.4% over the last six months of 2025 [6].

Bit Digital’s stock performance reflected the market's mixed sentiment. On Thursday, shares fell 0.63% to $3.19, according to Yahoo Finance data, although the stock was up 8.9% year-to-date [1]. The company’s Q2 revenue of $25.7 million fell below the $27.12 million consensus estimate, according to a report from Investing.com [4]. This discrepancy highlights the challenges of predicting revenue in a sector undergoing rapid strategic shifts.

The company also completed the IPO of its high-performance computing subsidiary, WhiteFiber, retaining a 74.3% stake valued at approximately $468 million. WhiteFiber’s operations will remain consolidated within Bit Digital’s financial statements [1]. This move reflects the company’s broader strategy to diversify its revenue streams beyond pure crypto mining.

Bit Digital’s pivot mirrors broader industry moves. BIT Mining Limited, another major player, reported a first-half 2025 revenue drop to $11.0 million from $19.4 million in the same period in 2024, citing increased network difficulty, lower crypto prices, and equipment maintenance costs [5]. BIT Mining also announced a shift toward the Solana (SOL) ecosystem, acquiring $7.1 million in SOL and initiating staking activities [5].

The shift away from Bitcoin-centric models reflects a growing appetite for diversified exposure to alternative blockchains. Google Trends data indicated a rising interest in Ethereum and altcoins, suggesting that market participants are looking beyond Bitcoin to capture value in the expanding crypto ecosystem [6]. This trend aligns with the broader decline in Bitcoin’s market dominance and the increasing appeal of Ethereum-based staking and treasury strategies.

Bit Digital’s Q2 results and strategic direction highlight the adaptability required in the crypto sector. While the firm is capitalizing on Ethereum’s growing value, others like BIT Mining are seeking long-term stability through alternative blockchains. Both approaches underscore the importance of flexibility in a market defined by volatility, regulatory uncertainty, and shifting demand [5]. As the industry continues to evolve, companies that can pivot quickly and effectively will likely remain competitive in this dynamic environment.

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[1]title1: Bit Digital's Q2 Revenue Dips Amid Shifting to Ethereum

(url1: https://www.cryptotimes.io/2025/08/15/bit-digitals-q2-revenue-dips-amid-shifting-to-ethereum/)

[2]title2: Nasdaq-listed Bit Digital reports Q2 revenue drop amid ...

(url2: https://www.reddit.com/r/ethtrader/comments/1mqqkht/nasdaqlisted_bit_digital_reports_q2_revenue_drop/)

[3]title3: Ether Nears All-Time High as Analysts Urge Caution Amid ...

(url3: https://www.ainvest.com/news/ethereum-news-today-ether-nears-time-high-analysts-urge-caution-volatility-etf-surge-2508/)

[4]title4: Bit Digital earnings beat by $0.09, revenue fell short of ...

(url4: https://ph.investing.com/news/earnings/bit-digital-earnings-beat-by-009-revenue-fell-short-of-estimates-1958186)

[5]title5: BIT Mining Limited Reports First Half 2025 Results

(url5: https://www.tipranks.com/news/company-announcements/bit-mining-limited-reports-first-half-2025-results)

[6]title6: Bitcoin dominance dips to 57.4% as Ethereum E...

(url6: https://coinstats.app/news/c425f33fd6938f52e243d044c7d6022c2f0b4e7565e182dff7dd4fc71b7867d1_Bitcoin-dominance-dips-to-574-as-Ethereum-ETFs-ignite-altcoin-surge)