Bit Digital (BTBT) Q4 2025 earnings summary

Executive summary

• Transitioned to a pure-play Ethereum (ETH) staking and treasury company, winding down bitcoin mining and reallocating proceeds to ETH holdings.

• Majority-owned subsidiary WhiteFiber completed its IPO, expanding into high-performance computing (HPC), AI cloud services, and data center operations.

• Significant investments in data center assets and cloud infrastructure, with a focus on AI and generative workloads.

• Maintained robust liquidity and capital resources through equity offerings, convertible notes, and credit facilities.

Financial highlights

• Total revenues for 2025 were $113.6 million, up 5% from $108.1 million in 2024.

• Cloud services revenue grew 50% to $68.8 million in 2025, driven by increased GPU deployments.

• Colocation services revenue rose to $8.9 million in 2025 from $1.4 million in 2024, reflecting a full year of Enovum operations.

• Digital asset mining revenue declined 53% to $27.3 million in 2025 due to fewer bitcoins mined.

• ETH staking revenue increased 276% to $6.8 million in 2025, with 138,263 ETH staked at year-end.

• Net loss for 2025 was $84.9 million, compared to net income of $28.3 million in 2024, primarily due to higher operating expenses and digital asset losses.

• Adjusted EBITDA for 2025 was $(24.9) million, down from $73.0 million in 2024.

Outlook and guidance

• Focus remains on expanding ETH treasury and staking operations, with continued wind-down of bitcoin mining.

• WhiteFiber targets 76 MW of data center capacity by end of 2026 and is pursuing a 1,500 MW project pipeline.

• Management expects continued growth in AI cloud services and data center leasing, with revenue visibility from long-term contracts.

• Ongoing investments in infrastructure and technology to support scalable growth in AI and blockchain sectors.