New York – Crypto infrastructure firm Bit Digital (Nasdaq: BTBT) reported lower revenue in the second quarter as it accelerated its pivot away from bitcoin mining toward building a large-scale Ethereum treasury and staking operation.
The company posted $25.7 million in total revenue for Q2, down 11.7% from the same period last year, according to its latest earnings report. The decline was driven mainly by a steep drop in bitcoin mining income, partially offset by gains in other business segments.
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Bit Digital earned $14.9 million in net income, or $0.07 per diluted share, marking a turnaround from a $12 million loss in Q2 2024. CEO Sam Tabar said the quarter “marked the beginning of Bit Digital’s transformation into a dedicated Ethereum treasury and staking platform.”
In June, the firm announced plans to wind down its bitcoin mining operations and redeploy capital into Ethereum. Revenue from crypto mining fell to $6.6 million, a 58.8% year-over-year drop, which the company attributed to higher network difficulty, April’s bitcoin halving, and reduced active hash rate.
Meanwhile, its staking operations began to scale. Bit Digital earned roughly 166.8 ETH in staking rewards during the quarter, with about 21,568 ETH actively staked as of June 30. This generated an annualized yield of 3.1% for the period. By August 11, the company’s staked ETH position had grown nearly fivefold to 105,015 ETH.
“Our goal is to build one of the largest on-chain ETH balance sheets in the public markets and deliver attractive staking yields for shareholders,” Tabar said.
Founded as a bitcoin miner, Bit Digital now operates as a crypto infrastructure company offering validator services, enterprise custody solutions, and yield optimization. It began accumulating and staking ETH in 2022.
Shares of Bit Digital closed Thursday at $3.19, down 0.63% on the day, according to Yahoo Finance. Despite the dip, the stock has risen 8.1% over the past five sessions and is up 8.9% year-to-date.
With its bitcoin mining exit underway and Ethereum staking assets growing rapidly, Bit Digital is betting that steady staking yields and a robust ETH treasury will position it for long-term growth in the evolving digital asset market.
