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- **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.

Bit Digital, Inc. (BTBT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BTBT

BTBT fundamentals

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