Nasdaq-listed Bit Digital (BTBT) witnessed a decline in total revenue for the second quarter (Q2) of 2025 as it shifted focus from Bitcoin mining to an Ethereum (ETH)-focused treasury and staking strategy.
The company reported a total revenue of $25.7 million, down 11.7% year-over-year. Despite revenue falling, the company achieved a net income of $14.9 million, or $0.07 per share, turning around from a $12 million loss in the same period last year.
“The decline was primarily driven by a decrease in digital asset mining revenue as the Company focused on Ethereum-native treasury and staking strategies, which was partially offset by growth across other segments,” the company said.
CEO Sam Tabar said the quarter “marked the beginning of Bit Digital’s transformation into a dedicated Ethereum treasury and staking platform.” In July, the company shifted fully from bitcoin mining to focus on Ethereum staking and treasury management.
Revenue Breakdown
Bit Digital’s crypto mining segment earned $6.6 million in revenue, a 58.8% drop from $16.1 million in the same quarter last year. The decline was due to higher network difficulty, the April 2024 halving event, and a decrease in the number of active mining units.
Cloud services increased 32.8% to $16.6 million, while colocation services, which began in late 2024, contributed $1.7 million. ETH staking revenue was $0.4 million, somewhat lower due to a drop in ETH pricing but compensated by increased staking payouts.
The company also completed the Initial Public Offering (IPO) of its high-performance computing subsidiary, WhiteFiber, maintaining a 74.3% share worth approximately $468 million, which will remain consolidated in Bit Digital’s financial statements.
Ethereum Holdings and Bitcoin Mining
As of June 30, 2025, Bit Digital held 30,663 ETH. By July 18, its holdings had grown to 120,306, as it had added 19,683 more ETH. By August 11, the company’s ETH balance reached 121,076, worth about $511.5 million.
During Q2, Bit Digital mined 68.2 BTC, down from 83.3 BTC last quarter, with mined BTC being converted into ETH to support its treasury strategy.
As per the data of Yahoo Finance, Bit Digital’s stock fell 0.63% to $3.19 on Thursday but is up 8.9% year-to-date, reflecting investor optimism about its Ethereum-focused pivot.
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