Bit Digital’s Q2 Revenue Takes a Hit During Ethereum Migration—What’s Next?

Bit Digital’s pivot to Ethereum comes at a cost—Q2 revenue stumbles as the mining firm navigates its strategic shift.

The Ethereum Gamble

While rivals doubled down on Bitcoin, Bit Digital went all-in on ETH—now they’re counting the chips. Was it visionary or just late to the party?

Wall Street Won’t Wait

Analysts expected a smoother transition, but the numbers don’t lie. Another crypto firm learning the hard way that adaptation isn’t optional—it’s survival.

The Silver Lining?

Ethereum’s upcoming upgrades could turn this dip into a blip… or expose it as another case of ‘too little, too late’ in crypto’s relentless hype cycle.

Revenue Breakdown

Bit Digital’s crypto mining segment earned $6.6 million in revenue, a 58.8% drop from $16.1 million in the same quarter last year. The decline was due to higher network difficulty, the April 2024 halving event, and a decrease in the number of active mining units.

Cloud services increased 32.8% to $16.6 million, while colocation services, which began in late 2024, contributed $1.7 million.  ETH staking revenue was $0.4 million, somewhat lower due to a drop in ETH pricing but compensated by increased staking payouts.

The company also completed the IPO of its high-performance computing subsidiary, WhiteFiber, maintaining a 74.3% share worth approximately $468 million, which will remain consolidated in Bit Digital’s financial statements. 

Ethereum Holdings and Bitcoin Mining

As of June 30, 2025, Bit Digital held 30,663 ETH. By July 18, its holdings had grown to 120,306, as it had added 19,683 more ETH. By August 11, the company’s ETH balance reached 121,076, worth about $511.5 million. 

During Q2, Bit Digital mined 68.2 BTC, down from 83.3 BTC last quarter, with mined BTC being converted into ETH to support its treasury strategy. 

As per the data of Yahoo Finance, Bit Digital’s stock fell 0.63% to $3.19 on Thursday but is up 8.9% year-to-date, reflecting investor Optimism about its Ethereum-focused pivot.

Also Read: Bithumb’s H1 2025 Revenue Soars 35% to 329.1 Billion Won