Skip to content
- Bit Digital posted $25.7 million in Q2 2025 revenue, with strong growth in cloud services offsetting lower mining income.
- The company shifted its core strategy to Ethereum treasury and staking, amassing over 121,000 ETH by August 11, 2025.
- WhiteFiber’s IPO boosted financial strength, with Bit Digital retaining a stake valued at around $468.4 million.
Bit Digital reported its second-quarter 2025 financial results, showing a strategic transformation toward an Ethereum-focused business model in progress. The company completed the public offering of its high-performance computing unit, WhiteFiber, in August.
It retained a 74.3% stake valued at approximately $468.4 million, based on the closing share price of $17.32 on August 13. This holding will continue to be reflected in its consolidated results until ownership drops below accounting consolidation thresholds.
The IPO not only unlocked shareholder value but also added strategic flexibility. The retained stake may serve as a source of capital for future initiatives, supporting the company’s evolving focus on Ethereum-based operations.
Digital Asset Holdings Decline Despite Cash Growth
Total Q2 2025 revenue came in at $25.7 million, which declined from $29 million in Q2 2024. The fall largely came after digital asset mining revenue fell by 58.8% to $6.6 million because of higher network difficulty. The bitcoin halving in April 2024, and decreased hash rate.
Cloud services revenue climbed 32.8% to $16.6 million, while colocation services contributed $1.7 million after launching in late 2024. ETH staking brought in $0.4 million, slightly lower than last year due to weaker ETH prices despite higher staking rewards.
Net income came in at $14.9 million, reversing the $12 million loss in the preceding-year corresponding period. The adjusted EBITDA came in at $27.8 million, assisted by a $27.2 million digital assets gain. The cash reserves were $181.2 million, up from $95.2 million at the end of 2024. Though total digital assets came down as bitcoin assets were sold to procure ETH.
Ethereum Treasury Strategy and Bitcoin Exit
It’s making a complete flip to Ethereum. ETH holdings increased from 30,663 on June 30 to 121,076 on August 11, representing an aggregate value of about $511.5 million. 105,015 ETH were actively staked up to that date, which had an annualized yield of around 3.1% in Q2.
Bit Digital began winding down bitcoin mining in June. The process includes selling mining assets or closing operations as contracts expire. During Q2, the company mined 68.2 BTC, down from 83.3 in the previous quarter, and expects further reductions as the transition continues.
Some remaining BTC production will be converted into ETH to support the treasury. With a growing ETH portfolio, a profitable quarter, and a strong balance sheet, Bit Digital aims to position itself as a leading public Ethereum treasury and staking platform, focused on yield generation and long-term value creation.
Related Reading: Metaplanet Buys $61.4M in Bitcoin, Boosting Holdings to Over 18,000 BTC
