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Bit Digital misses Q3 revenue estimates as Ethereum gains lift profit

Bit Digital misses Q3 revenue estimates as Ethereum gains lift profit

Bit Digital, Inc. (NASDAQ: BTBT) official logo (bit-digital.com)

Revenue fell 11% to $27.07 million, while colocation services surged 232% as the company continued shifting away from Bitcoin mining.

by John Chen

2 min read

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Bit Digital reported third quarter revenue of $27.07 million, missing analyst consensus estimates of $32.88 million by 17.7%, according to its financial results released Thursday.

Revenue declined 11% from $30.5 million a year earlier, while gross profit reached $15.2 million, representing a margin of 56.1%.

The company posted net income attributable to shareholders of $28.5 million, or $0.08 per diluted share, compared with a net loss of $107.2 million, or $0.31 per share, in the previous quarter. Digital asset gains, impairments and other nonoperating items contributed a net $16.3 million to the quarterly result.

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Colocation revenue surged 232% from a year earlier to $5.6 million, supported by the initial contribution from WhiteFiber’s NC-1 data center campus. Cloud services revenue reached $18.1 million, up slightly from the previous year.

Meanwhile, Ethereum staking revenue fell to $1 million from $2.9 million a year earlier, following the company’s decision to move ETH into liquid staking to support WhiteFiber financing. Bitcoin mining revenue dropped to $2 million from $7.4 million, with production declining to 28.4 BTC from 64.9 BTC.

As of September 30, Bit Digital held approximately 163,726 ETH and ETH equivalents valued at $439.4 million. The company sold 1,625 ETH for $3.4 million during the quarter and made no new ETH purchases.

Bit Digital also maintained a 59.7% ownership stake in WhiteFiber, valued at approximately $487 million at quarter end. Its consolidated cash balance reached $143.5 million, while convertible notes totaled $445.3 million, up from $336.2 million in June.

CEO Sam Tabar said the company is considering share repurchases because its stock trades at a discount to net asset value. However, any repurchase program would require shareholder approval, and management has not committed to pursuing one.

The company said Bitcoin mining is no longer a strategic growth priority as it continues allocating capital toward Ethereum and AI infrastructure.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.

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