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Bit Digital (BTBT) investor relations material
Bit Digital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved net income of $146.7 million in Q3 2025, reversing a net loss of $38.8 million in Q3 2024, driven by digital asset gains and strong growth in cloud and staking revenues.
Transitioned to a focused Ethereum treasury and staking strategy, rapidly scaling ETH holdings and winding down bitcoin mining operations.
Completed the IPO of WhiteFiber, consolidating high-performance computing and cloud businesses, and acquired Enovum Data Centers to expand colocation services.
Raised $150 million through unsecured convertible notes, used to purchase over 31,000 ETH at a premium to mNAV.
Staking operations and cloud services are now significant revenue drivers, with recurring cash flow expected to grow as ETH position increases.
Financial highlights
Q3 2025 total revenue was $30.5 million, up from $25.7 million in Q2 and $22.8 million year-over-year, with cloud services revenue up 48% to $18.0 million.
ETH staking revenue reached $2.9 million, up 542% year-over-year, while digital asset mining revenue declined 27% to $7.4 million.
Gross profit was $18.3 million with a 60% gross margin, and adjusted EBITDA was $166.8 million, up from -$19.7 million a year ago.
Cash and equivalents totaled $179.1 million, with digital assets at $423.7 million as of September 30, 2025.
Diluted EPS was $0.47, compared to a loss of $0.26 in the prior-year quarter.
Outlook and guidance
Plans to continue scaling ETH staking and responsibly allocate capital, with minimal to no further investment in bitcoin mining.
Intends to keep total leverage below 20% of ETH holdings; currently above threshold, so no further leverage until ETH price rises.
Management expects continued growth in cloud and colocation services, leveraging new data center capacity and strategic partnerships.
Sufficient liquidity is expected to fund operations for at least 12 months, with ongoing evaluation of additional capital needs.
Staking yield expected to remain around 3% for native staking, with a goal to boost yield 10-20% above benchmark through external managers.
WhiteFiber's strategic value beyond current stake
Convertible notes' impact on future dilution?
Sustainability of Q3 net income drivers?
WhiteFiber revenue ramp challenges
How to achieve 4%+ staking yield
Leverage strategy given current ETH price
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Next Bit Digital earnings date
Q4 202513 Mar, 2026
Next Bit Digital earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Bit Digital, Inc. (BTBT), formerly known as Golden Bull Limited, is a company primarily engaged in the bitcoin mining business, along with activities in treasury management and digital asset mining, including Ethereum staking. Founded in 2015 and undergoing a name change in September 2020, Bit Digital has established itself in the crypto industry. running a large-scale, global mining operation. The company's mining fleet comprises over 40,000 specialized computers, which in turn leads. Bit Digital, Inc. is headquartered in New York, New York, and its shares are listed on the Nasdaq.
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