Bit Digital Inc (NASDAQ:BTBT) reported second-quarter financial results after the market close on Thursday. Here’s a look at the key details from the quarter.
Q2 Earnings: Bit Digital reported second-quarter revenue of $25.7 million, missing analyst estimates of $27.47 million, according to Benzinga Pro. The company reported second-quarter earnings of 7 cents per share, beating analyst estimates for a loss of two cents per share.
Bit Digital, which recently initiated a strategic transition to become a pure-play Ethereum (CRYPTO: ETH) staking and treasury company, said revenue decreased 11.7% year-over-year primarily due to a decrease in digital asset mining revenue, which was down 58.8% year-over-year. The company said cloud services revenue grew 32.8% year-over-year.
Bit Digital ended the quarter with $181.2 million in total cash, cash equivalents and restricted cash.
Bit Digital said it generated approximately 166.8 Ethereum in staking rewards in the second quarter. The company held a total of 121,076 Ethereum, the native digital asset of the Ethereum blockchain, as of Aug. 11. Total Ethereum holdings were up from 30,663 at the end of the second quarter. As of Aug. 11, Bit Digital had 105,015 ETH actively staked.
“Our objective is to build one of the largest on-chain ETH balance sheets in the public markets and to generate attractive staking yields for shareholders. This isn’t a trend we’re chasing — we’ve held ETH since 2021 and have deep conviction in its long-term value,” said Sam Tabar, CEO of Bit Digital.
“At the same time, we are methodically winding down our Bitcoin mining operations and redeploying capital into ETH. The recently completed WhiteFiber IPO unlocked substantial value for shareholders, and our retained stake gives us additional financial strength as we pursue this new direction.”
Bit Digital completed an IPO of its high-performance computing subsidiary WhiteFiber Inc (NASDAQ:WYFI) earlier this month. The company retains a 74.3% stake in the company, valued at approximately $468.4 million.
Bit Digital executives will further discuss the quarter on an earnings call set for 10 a.m. Friday morning.
BTBT Price Action: Bit Digital shares were down 1.25% at $3.15 in Thursday’s after-hours session at publication time, according to Benzinga Pro.
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