Bit Digital, Inc. (NASDAQ: BTBT) reported fiscal‑year 2025 results that ended December 31 2025, showing total revenue of $113.6 million, a 5% increase from $108.1 million in 2024. The growth was driven by a 50% rise in cloud services revenue to $68.8 million, a 555% jump in colocation services to $8.9 million, and a 287% increase in Ethereum staking revenue to $7.0 million. These gains offset a 53% decline in digital‑asset mining revenue, which fell to $27.3 million from $58.6 million the prior year.
Bit Digital posted a net loss attributable to shareholders of $80.3 million, or $(0.31) per diluted share, a sharp reversal from the $28.3 million net income ($0.19) reported for 2024. The loss was largely driven by a $29.2 million swing in digital‑asset gains and losses, reflecting the volatility of crypto‑asset prices and a $55.7 million gain in 2024 that was not repeated. The company’s operating cash flow was negative $239.96 million, with capital expenditures of $285.9 million supporting the expansion of its AI infrastructure and the accumulation of Ethereum holdings.
The company’s active hash rate for the year was approximately 1.5 EH/s, with an average fleet efficiency of 22 J/TH. Bit Digital continues to wind down its Bitcoin mining operations, converting proceeds into Ethereum to support its treasury strategy. Management emphasized that the transition to a “strategic asset company” focused on Ethereum staking and AI infrastructure through its majority ownership of WhiteFiber is a long‑term growth strategy. CEO Sam Tabar noted that “2025 was a defining year for Bit Digital as we continued our strategic transition to become a diversified digital asset and infrastructure company.”
Market reaction to the results was mixed. While revenue beat expectations, the significant net loss and negative Adjusted EBITDA of $(24.9) million—down from $73.0 million in 2024—caused some investor concern. Nonetheless, the strong performance in cloud, colocation, and staking segments, along with the company’s strategic pivot toward Ethereum and AI, provided a positive narrative that tempered the negative earnings outcome.
The results underscore Bit Digital’s ongoing shift away from legacy Bitcoin mining toward higher‑margin, programmable‑finance activities. Revenue growth in cloud and colocation services, coupled with a substantial increase in Ethereum staking, signals a successful diversification strategy. However, the sharp decline in mining revenue and the sizable net loss highlight the risks associated with digital‑asset volatility and the capital intensity of the company’s transition. Investors will likely monitor how the company manages its balance sheet and capital allocation as it continues to scale its new business lines.
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