PANews reported on August 15 that Bit Digital, Inc. (NASDAQ: BTBT) announced its financial results for the second quarter of 2025. Total revenue for the second quarter was $25.7 million, down 11.7% from $29 million in the second quarter of 2024. Digital asset mining revenue was $6.6 million, down 58.8% from $16.1 million in the same period last year. Cloud service revenue was $16.6 million, up 32.8% from $12.5 million in the same period last year. ETH staking revenue was $0.4 million, down 2.3% from $0.4 million in the second quarter of 2024. Net income was $14.9 million, or $0.07 per diluted share, compared to a net loss of $12 million, or $0.09 per diluted share, in the same period last year.
Adjusted EBITDA is projected to be $27.8 million in the second quarter of 2025 and $3.8 million in the second quarter of 2024. Cash and cash equivalents total $181.2 million, and digital assets total $91.2 million.

In the second quarter, Bit Digital initiated a strategic transformation to become a company focused on Ethereum fund management and staking. As of August 11, Bit Digital held 121,076 ETH, with 105,015 actively staked.