Bit Digital, Inc. has announced its financial results for the third quarter of fiscal year 2025, highlighting substantial growth across various revenue streams and a strategic shift towards an Ethereum-focused business model.
In the third quarter of 2025, the company reported total revenue of $30.5 million, marking a notable 33% increase compared to the same period in 2024. The growth was primarily driven by a 48% increase in revenue from cloud services, amounting to $18.0 million, and a 542% surge in revenue from Eth staking, which reached $2.9 million.
However, revenue from digital asset mining experienced a 27% decline, dropping to $7.4 million, attributed to increased network difficulty and a reduction in active hash rate. Bit Digital is currently in the process of winding down this business line.
The company's net income for the third quarter of 2025 was $146.7 million, representing a significant turnaround from a net loss of $38.8 million in the prior-year quarter. Adjusted EBITDA for the same period reached $166.8 million, compared to a negative EBITDA of $(19.7) million in the third quarter of 2024, which included $146.0 million in gains on digital assets.
Bit Digital's cash and cash equivalents totaled $179.1 million as of September 30, 2025, compared to $95.2 million at the end of 2024, while its total digital assets grew to $423.7 million from $161.4 million during the same period.
The company has been actively pursuing a strategic transition to become a pure-play Ethereum treasury and staking company. As a result, its Ethereum holdings have seen significant growth, with the company holding 30,663 Eth on June 30, 2025, which surged to 122,187 Eth by September 30, 2025, and further increased to 153,547 Eth by October 31, 2025.
Additionally, Bit Digital earned approximately 644.3 Eth and 52.9 Eth from native staking and liquid staking, respectively, in the third quarter of 2025. As of September 30, approximately 99,936 Eth were actively staked, generating an annualized effective yield of approximately 3.05% for the quarter. By October 31, 2025, the company had 132,480 Eth actively staked.
In contrast, Bit Digital continues to wind down its Bitcoin mining operations as part of its transition to an Ethereum-focused strategy. The company mined 64.9 BTC during the third quarter of 2025, down from 165.4 BTC in the prior-year period, reflecting lower production tied to the ongoing reduction in active hash rate.
Bit Digital's CEO, Sam Tabar, emphasized the company's strategic focus on building one of the largest and most efficient Ethereum treasuries in the public markets, while also maintaining exposure to the rapidly expanding AI infrastructure economy through its majority stake in Whitefiber. Tabar expressed confidence in Ethereum's future, highlighting the network's expanding utility, institutional adoption, and a maturing staking economy that provides sustainable on-chain yield.
As a result of these announcements, the company's shares have moved -11.27% on the market, and are now trading at a price of $2.52. If you want to know more, read the company's complete 8-K report here.
