Nasdaq-listed company Bit Digital has reported a decline in second-quarter revenue but achieved a net income by shifting its business focus. The company's total revenue for the quarter was $25.7 million, an 11.7% decrease year-over-year. This decline was primarily due to a drop in digital asset mining revenue as the company transitioned to an Ethereum treasury and staking strategy.
Despite the revenue decrease, Bit Digital recorded a net income of $14.9 million, a significant turnaround from the $12 million net loss it posted in the same period last year. According to CEO Sam Tabar, the second quarter marked the beginning of this strategic transformation, which involves winding down Bitcoin mining operations and redeploying capital into Ethereum.
The company’s mining revenue fell by 58.8% to $6.6 million, which it attributed to increased network difficulty and the Bitcoin halving event. In contrast, Bit Digital's Ethereum staking efforts yielded 166.8 ETH in rewards during the quarter. The company's staked ETH has grown from 21,568 ETH at the end of June to 105,015 ETH as of August 11, with an annualized yield of 3.1%. The company's new goal is to build a large on-chain ETH balance sheet to generate staking yields for its shareholders.
August 2025, Cryptoniteuae