Bit Digital, Inc. (NASDAQ:BTBT) posted third-quarter 2025 results that exceeded revenue expectations, though shares slipped following the release. The company continued its pivot toward Ethereum-focused operations, supported by strong gains in digital assets and growing cloud and staking revenue.

Bit Digital reported Q3 revenue of $30.5 million, a 33% increase from $22.8 million last year and slightly above the $30.3 million analyst estimate. The company recorded net income of $146.7 million, or GAAP earnings per share of 0.47 cents, a sharp reversal from a $38.8 million loss in the prior-year period.

The adjusted earnings per share were a loss of 5 cents, which missed the consensus of a 1-cent loss.

The swing to profitability was largely driven by $146.0 million in digital asset gains, which helped lift adjusted EBITDA to $166.8 million from a loss of $19.7 million in the prior year.

Business Segment Performance

Digital asset mining revenue declined 27% to $7.4 million, reflecting increased Bitcoin network difficulty and a decrease in the hash rate as the company reduces its mining footprint.

Bit Digital mined 64.9 BTC, down from 165.4 BTC last year, though the segment still generated a 32% gross margin with an active hash rate of 1.9 EH/s.

Cloud ...