Did Bit Digital beat or miss consensus estimates last quarter?

What factors drove the changes in Bit Digital's revenue and profit?

What does Bit Digital do and what are its main business segments?

What were the key takeaways from Bit Digital’s earnings call?

What guidance did Bit Digital's management provide for the next earnings period?

What is the revenue and EPS growth rate for Bit Digital year over year?

What is Bit Digital's gross profit margin?

What is the market's earnings forecast for Bit Digital next quarter?

- **ETH Growth**: Holdings surged to 153,500 (132,000 staked), staking revenue up 542% YoY to $2.9M.
- **$150M Convertible Notes**: Institutional-backed financing to buy 31,000 ETH post-quarter.
- **Mining Transition**: 65 Bitcoin produced, gross margin 32%, hash rate winding to 1.2 exahash by mid-2026.
- **WhiteFiber Lockup**: 71.5% stake retained, no 2026 sales despite Feb 2026 lockup expiration.
- **Ethereum Dominance**: 0 downtime, regulatory clarity, and 50%+ stablecoin market share drive conviction.

**【CEO Summary Section】**
- **Ethereum Centric Transition**: Q3 ended with 122,000 ETH holdings, rising to 153,500 by October, with 132,000 actively staked (82% of total). Staking revenue jumped to $2.9M (Q2: $0.4M), driven by higher ETH prices and balance.
- **Convertible Notes Financing**: Post-quarter, $150M convertible notes were issued at a premium to NAV, attracting institutional investors. Proceeds used to purchase 31,000 ETH.
- **Mining Wind-Down**: Produced 65 Bitcoin (Q2: 83), with gross margin at 32%. Active hash rate 1.9 exahash, targeting 1.2 exahash by mid-2026.
- **WhiteFiber Commitment**: 71.5% ownership retained; no sales planned in 2026 despite lockup expiration in Feb 2026.

**【CFO Financial Commentary】**
- **Revenue**: Total $30.5M (Q2: $25.7M). Staking $2.9M (YoY +542%), Mining $7.4M (YoY -27%).
- **Margins**: Gross profit $18.3M (60% margin). G&A expenses $33.1M (Q2: $19.7M) due to IPO-related costs.
- **Liquidity**: $620M (cash: $179M, digital assets: $24M, WhiteFiber: $166M). No debt outstanding.
- **Performance**: Net income $146.7M, Adjusted EBITDA $166.8M (Q2: -$19.7M).

**【Q&A Key Highlights】**
- **Ethereum vs Competitors**: Ethereum's 0 downtime, regulatory clarity, and developer ecosystem make it superior to Solana, etc.
- **Staking Yield**: Targeting 4%+ via external managers, vs native 3%. Currently 85% of ETH staked.
- **Custody**: Uses Fireblocks and Cactus Custody (Matrixport) for security.
- **WhiteFiber Challenges**: Deal negotiation complexity, not operational issues. Retrofitting legacy facilities (e.g., NC mattress factory) into Tier 3 data centers.
- **Capital Raising**: Prefer unsecured converts for disciplined ETH accumulation. ATM program available but used cautiously.
- **G&A Outlook**: Normalized Bit Digital G&A to become lean post-one-time costs.

BTBT

BTBT fundamentals

You can ask Aime