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Q2 revenue fell 11.7% to $25.7 million, but Bit Digital turned a $14.9M profit.
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The company is pivoting from Bitcoin mining to Ethereum staking.
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ETH staking positions grew to over 105,000 ETH in August.
Earnings Overview
Nasdaq-listed Bit Digital reported a revenue drop to $25.7 million in Q2, down from last year, but achieved a $14.9 million net profit compared to a $12 million loss in the same quarter of 2024.
Pivot to Ethereum
CEO Sam Tabar said Q2 marked the company’s transformation into an Ethereum-focused treasury and staking platform. The firm is winding down Bitcoin mining, which saw revenue drop 58.8% to $6.6 million, and reallocating capital into ETH.
Staking Growth
Bit Digital earned about 167 ETH in staking rewards during the quarter, with 21,568 ETH staked as of June 30. By August 11, that number had surged to over 105,000 ETH, generating an annualized yield of around 3.1%. The goal is to build one of the largest public ETH balance sheets in the market.
