Bit Digital has released its financial report for the second quarter of 2025, marking the first period following the shift in its business model towards managing an Ethereum treasury. The company reported a net income of $14.9 million, a significant contrast to the losses incurred during the same period last year.
This is reported by Finway
Business Reorientation and Financial Results
Bit Digital’s total revenue for the second quarter of 2025 was $25.7 million, which is a decrease of 11.7% compared to the previous year. This decline is attributed to the abandonment of traditional cryptocurrency mining. However, the company was able to offset some of the losses through the active development of cloud services, with revenue from this segment increasing by 32.8% to $16.6 million.
Additionally, Bit Digital began generating income from Ethereum staking, which amounted to $0.4 million for the quarter. The company noted that the relatively low figure was due to the decline in Ethereum’s market price during the reporting period.
Assets and Strategic Transition to Ethereum
As of June 30, 2025, Bit Digital had $181.2 million in cash and cash equivalents on its accounts. During the quarter, the company completely sold off its bitcoins and used the proceeds to purchase Ethereum. Bit Digital officially announced the change in its business model at the end of June 2025.
As of August 11, 2025, the company’s Ethereum balance stood at 121,076 ETH, valued at approximately $511.5 million. The investments were financed through the liquidation of remaining bitcoins and the issuance of securities. Of this amount, 105,015 ETH were allocated to staking, and an additional 166.8 ETH were earned as rewards, providing an annual yield of 3.1%.
“This quarter marked the beginning of Bit Digital’s transformation into a specialized platform for holding and staking Ethereum. In June, we officially launched our ETH strategy and have already significantly increased our assets, reaching 121,076 ETH as of August 11, 2025. Our goal is to create one of the largest on-chain ETH balances in public markets and provide shareholders with attractive staking returns. We are not chasing this trend — we have held ETH since 2021 and are deeply confident in its long-term value,” said Sem Tabar, CEO of Bit Digital.
In light of the news, Bit Digital’s stock has not significantly changed in price and is trading with a slight decline.
Bit Digital is among the largest holders of Ethereum among public companies. It is important to note that according to the financial report, the company has no outstanding debt, which favorably distinguishes it from other miners.