Bit Digital Q3 Revenue +33%, $590M ETH Treasury and Staking Surge
Bit Digital reported third-quarter revenue of $30.5 million, up 33% year-on-year, driven by Ethereum staking and AI cloud services. The company’s WhiteFiber unit delivered $18 million, a 48% increase, while Ethereum staking revenue surged 542% to $2.9 million. Bit Digital expanded its ETH treasury from 30,663 to 153,547 ETH (≈$590.5M), staking 132,000 ETH for an annual yield of 3–4%. The firm acquired 31,057 ETH via a $150 million convertible note offering in October. Bitcoin mining revenue fell 27% to $7.4 million amid reduced hash rate exposure and higher network difficulty. Adjusted EBITDA reached $166.8 million, with crypto holdings gains of $146.0 million. H.C. Wainwright maintained a Buy rating with a $7.00 target. The shift towards Ethereum staking and AI-driven cloud contracts highlights Bit Digital’s focus on predictable revenue streams.
Bullish
Bit Digital’s significant growth in Ethereum staking revenue and the expansion of its ETH treasury indicate strong demand and confidence in staking returns. The surge in staking revenue and AI cloud services suggests stable, recurring income, reducing reliance on volatile mining. This focus on predictable revenue streams, combined with active ETH accumulation, supports positive sentiment for ETH price in the short term. Meanwhile, the drop in Bitcoin mining revenue has limited impact on ETH. Overall, the news is bullish for Ethereum as it underlines the network’s shift towards staking rewards and institutional adoption.