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Bit Digital Inc. (NASDAQ: BTBT) reported financial results for fiscal year 2025, describing a transition toward Ethereum-focused treasury operations and increased exposure to artificial intelligence infrastructure through its majority stake in WhiteFiber.
Total revenue for 2025 reached $113.6 million, up 5% from $108 million in 2024. The company said growth was primarily supported by higher revenue from Ethereum (ETH) staking and expansion in cloud and colocation services, partially offset by a decline in digital asset mining revenue.
Despite revenue growth, Bit Digital reported a net loss attributable to shareholders of $80.3 million, or $0.31 per diluted share, compared with net income of $28.3 million, or $0.19 per diluted share, in 2024.
Adjusted EBITDA also declined to a loss of $24.9 million, down from a positive $73 million in 2024. The company attributed the deterioration largely to volatility in digital asset prices, including a shift from gains in 2024 to losses in 2025.
As of December 31, 2025, Bit Digital held $118.4 million in cash and cash equivalents, up from $95.2 million a year earlier. Total digital assets increased to $415.7 million, reflecting continued accumulation of Ethereum holdings.
The company expanded its ETH position during the year, increasing from 30,663 ETH at midyear to 155,227 ETH by year-end. Approximately 89% of these holdings were actively staked, generating nearly 1,989 ETH in rewards during 2025. Bit Digital said staking remains central to its strategy for generating yield and supporting network activity.
Bit Digital’s transition to what it calls a “Strategic Asset Company” model began in June 2025. Under this approach, the company focuses on capital allocation across two primary areas: Ethereum as economic infrastructure and AI-related compute infrastructure through its majority ownership of WhiteFiber.
CEO Sam Tabar said, “2025 was a defining year for Bit Digital as we repositioned the Company around a clear view of how capital markets are evolving.” He added that the company exited businesses that no longer represented an efficient use of capital and concentrated efforts in infrastructure intended to compound over time, specifically Ethereum and AI compute via WhiteFiber.
The company also confirmed it continues to wind down its bitcoin mining segment. As of the end of 2025, its active hash rate was approximately 1.5 EH/s. Bit Digital said no significant new capital will be allocated to mining, with remaining operations expected to decline over time, and that proceeds from mining activities are generally converted into Ethereum to support its treasury strategy.
Tabar further stated, “As we move into the next phase, our focus is on strengthening the company’s ability to generate durable cash flow to support continued investment and compounding across the platform,” adding that the company is evaluating opportunities aligned with that objective.
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