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NEW YORK, Aug. 14, 2025 /PRNewswire/ --听Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies headquartered in New York City, today announced its financial results for the Second Quarter of 2025. The Company will host a conference call on August 15, 2025, at 10:00 AM ET to discuss results ( for registration information).

WhiteFiber IPO and Retained Stake

In August 2025, Bit Digital completed the initial public offering of its high-performance computing subsidiary, WhiteFiber, Inc. The results reported in this release include WhiteFiber's contributions for the full second quarter on a consolidated basis.

As of August 13, 2025, Bit Digital held 27,043,749 shares of WhiteFiber, representing approximately 74.3% of the company. Based on WhiteFiber's closing price of $17.32 per share on that date, the Company's retained stake was valued at approximately $468.4 million. Following the IPO, Bit Digital will continue to consolidate WhiteFiber's results in its financial statements, with public ownership reflected as non-controlling interest, unless and until the Company's ownership or control falls below the threshold required for consolidation under U.S. GAAP.

Financial Highlights for the Second Quarter of 2025

• Total revenue for the second quarter of 2025 was $25.7 million; an 11.7% decrease compared to $29.0 million in the second quarter of 2024. The decline was primarily driven by a decrease in听digital asset mining revenue as the Company focused on Ethereum-native treasury and staking strategies, which was partially offset by growth across other segments.
• Revenue from digital asset mining was $6.6 million, a 58.8% decrease compared to $16.1 million in the prior year's quarter. The decline was driven by increased network difficulty, the halving event in April 2024, and a reduction in active hash rate.
• Revenue from cloud services was $16.6 million, a 32.8% increase compared to $12.5 million in the prior year's quarter.
• Revenue from colocation services was $1.7 million, compared to none in the prior-year quarter as the business was launched in late 2024.
• Revenue from ETH staking was $0.4 million, a 2.3% decrease compared to $0.4 million in the second quarter of 2024. An increase in staking rewards was offset by a lower realized ETH price during the quarter.
• Net income for the second quarter of 2025 was $14.9 million, or $0.07 per diluted share, compared to a net loss of $12.0 million, or $(0.09) per diluted share, in the prior-year quarter.
• Adjusted EBITDA for the second quarter of 2025 was $27.8 million, compared to $(3.8) million in the second quarter of 2024. Second quarter 2025 adjusted EBITDA includes a $27.2 million gain on digital assets.
• Cash and cash equivalents totaled $181.2 million as of June 30, 2025, compared to $95.2 million as of December 31, 2024.
• Total digital assets were $91.2 million as of June 30, 2025, compared to $161.4 million as of December 31, 2024. Subsequent to quarter-end, the Company liquidated substantially all BTC and used the proceeds to acquire ETH.

Ethereum Treasury Strategy

During the second quarter, Bit Digital initiated a strategic transition to become a pure-play Ethereum treasury and staking company. The Company intends to allocate the majority of its capital to ETH accumulation and staking yield generation, positioning itself as a leading public ETH vehicle.

The Company's ETH position^[1] has grown materially as a result of this initiative:

• June 30, 2025: 30,663听ETH held.
• July 7, 2025: 100,603 ETH held.
• August 11, 2025: 121,076 ETH held, valued at approximately $511.5 million as of that date, following additional purchases funded by the Company's June and July 2025 equity offerings to support the ETH treasury strategy.

In the second quarter, Bit Digital earned approximately 166.8 ETH in staking rewards. As of June 30, approximately 21,568 ETH were actively staked, generating an annualized effective yield of approximately 3.1% for the quarter. As of August 11, 2025, Bit Digital had 105,015 ETH actively staked.

Bitcoin Mining Update

In June 2025, the Company announced plans to sunset its bitcoin mining operations as part of its transition to an Ethereum-focused strategy. The process is expected to result in the sale of mining assets or the orderly closure of operations as hosting contracts expire or equipment becomes unprofitable.

During the second quarter, the Company earned 68.2 BTC, compared to 83.3 BTC in the prior quarter, reflecting both network difficulty, curtailments, and the ongoing fleet redeployed following the exit from a hosting partners facility. As of June 30, 2025, the Company's active hash rate was approximately 1.2 EH/s, with a fleet efficiency of approximately 25 J/Th. The Company expects active hash rate to increase with the deployment of 3,575 previously purchased S21 mining units, of which 2,130 have been deployed since June 30, 2025. Bitcoin mined on an ongoing basis is used for settlement of related expenses and conversions into ETH.

Management Commentary

"This quarter marked the beginning of Bit Digital's transformation into a dedicated Ethereum treasury and staking platform," said Sam Tabar, CEO of Bit Digital. "In June, we formally launched our ETH strategy and have already scaled our holdings significantly, reaching 121,076 ETH as of August 11, 2025. Our objective is to build one of the largest on-chain ETH balance sheets in the public markets and to generate attractive staking yields for shareholders. This isn't a trend we're chasing 鈥� we've held ETH since 2021 and have deep conviction in its long-term value."

"We intend to opportunistically and cost-effectively scale our ETH position using a disciplined capital allocation framework. This includes deploying proceeds from operations and leveraging various capital markets tools where appropriate to maximize returns while maintaining prudent risk management. We are valuation-sensitive and focused on growing long-term value per share, not simply scaling for the sake of it."

"At the same time, we are methodically winding down our bitcoin mining operations and redeploying capital into ETH. The recently completed WhiteFiber IPO unlocked substantial value for shareholders, and our retained stake gives us additional financial strength as we pursue this new direction. "It also provides strategic flexibility that could be monetized over time to further support our ETH strategy in a non-dilutive way. With a growing ETH treasury and a strong balance sheet, we believe we are well-positioned to deliver sustainable, ETH-based returns over the long term."

About Bit Digital

Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The Company began accumulating and staking ETH in 2022 and now operates one of the largest institutional Ethereum staking infrastructures globally. Bit Digital's platform includes advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Through strategic partnerships across the Ethereum ecosystem, Bit Digital aims to deliver exposure to secure, scalable, and compliant access to onchain yield. For additional information, please contact [email protected] or follow us on or.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and any subsequently filed quarterly reports on Form 10-Q and any Current Reports on Form 8-K.听 If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Safe Harbor Statement" below.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at . All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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