GICS Sector : Financial Services
Bit Digital, Inc., together with its subsidiaries, engages in the bitcoin mining business.It is also involved in the treasury management activities.The company was formerly known as Golden Bull Limited and changed its name to Bit Digital, Inc.
Bit Digital reported a net income of $146.7 million, or 47 cents per share, compared to a net loss of $38.8 million in the year-ago period. The company's revenue was comprised of $7.4 million in mining revenue, with a gross margin of 32%, and $2.9 million in staking revenue, representing a 542% increase from the previous year. Adjusted EBITDA was $166.8 million. The earnings per share (EPS) beat was notable, with actual EPS coming in at a loss of $0.05 relative to estimates of a loss of $0.004.
Publication Date: Nov -30
The significant growth in staking revenue was driven by a larger staked balance and higher realized yield price, with the company staking roughly 132,000 ETH. The mining revenue was $7.4 million, with the company producing 65 Bitcoin during the quarter. The active hash rate was about 1.9 exahash. As Sam Tabar noted, the company's focus on growing its Ethereum treasury and staking activity is expected to compound value per share through disciplined capital allocation and risk management.
Bit Digital ended the quarter with approximately $179 million in cash and $424 million in digital assets, consisting almost entirely of Ethereum. The company's financial position was further strengthened by a $150 million convertible notes offering, which was used to purchase 31,000 ETH. The company's net debt to EBITDA ratio is -1.1, indicating a healthy financial position.
Analysts estimate next year's revenue growth at 82.5%. The current valuation metrics, including a P/S Ratio of 4.72 and an EV/EBITDA of 5.06, suggest that the market is pricing in significant growth expectations. The ROE of 22.65% and ROIC of 11.57% indicate that the company is generating strong returns on its equity and invested capital.
Bit Digital is well-positioned to capture value in the digital asset space, with a controlling ownership stake in White Fiber, an AI infrastructure company. The company's unsecured convertible debt allows it to purchase Ethereum without risking its underlying assets, providing a unique financial engineering ability. The company is evaluating strategies to increase its staking yield beyond the current 3% native staking, aiming for at least 4% and potentially up to 10-20% more.
Bit Digital Q3: Strong Liquidity But Waiting On AI Momentum
Nov -19
Bit Digital Bets Big On ETH Staking As Mining Plans Fade
Nov -17
Bit Digital draws continued analyst support as it expands Ethereum treasury
Nov -17
Bit Digital, Inc. (BTBT) Q3 2025 Earnings Call Transcript
Nov -14
Bit Digital sees Q3 revenue surge, boosted by AI infrastructure growth and Ethereum staking
Nov -14
Bit Digital, Inc. Announces Financial Results for the Third quarter of Fiscal Year 2025
Nov -14
Bit Digital sees Q3 revenue surge, boosted by AI infrastructure growth and Ethereum staking
Nov -14
Megaport completes A$200M placement to fund Latitude.sh acquisition and India push
Nov -12
The 25.6% growth in Digital Asset Mining from Bit Digital, Inc. is driven by increasing adoption of cryptocurrencies, rising Bitcoin prices, and improved mining efficiency. Additionally, the company's strategic expansion into low-cost mining locations and investments in new mining equipment have contributed to the growth.
Ethereum Native Staking from Bit Digital, Inc. growth of 26.77% driven by increasing adoption of decentralized finance (DeFi) applications, rising institutional investment in Ethereum, and growing demand for staking services. Additionally, Bit Digital's strategic expansion into new markets and improved operational efficiency also contribute to the growth.
Ethereum Liquid Staking's 24.7% growth is driven by increasing institutional adoption, rising DeFi lending demand, and Bit Digital's strategic expansion into the staking market. Additionally, the growing popularity of Ethereum 2.0 and its proof-of-stake consensus mechanism are contributing to the segment's rapid growth.
Bit Digital, Inc. offers bitcoin mining services, providing a secure and reliable way to mine bitcoins. The company operates a large fleet of miners, ensuring a high hash rate and efficient mining process.
Bit Digital, Inc. provides a platform for cryptocurrency trading, allowing users to buy and sell various cryptocurrencies, including bitcoin, ethereum, and others.
Bit Digital, Inc. offers blockchain development services, helping businesses and organizations build custom blockchain solutions for various use cases.
Bit Digital, Inc. provides digital asset management services, allowing users to securely store, manage, and transfer their digital assets.
The threat of substitutes for Bit Digital, Inc. is medium due to the presence of alternative cryptocurrencies and digital assets.
The bargaining power of customers for Bit Digital, Inc. is low due to the lack of concentration of buyers in the cryptocurrency market.
The bargaining power of suppliers for Bit Digital, Inc. is medium due to the presence of multiple suppliers of cryptocurrency mining equipment and services.
The threat of new entrants for Bit Digital, Inc. is high due to the low barriers to entry in the cryptocurrency market and the increasing popularity of cryptocurrency mining.
The intensity of rivalry for Bit Digital, Inc. is high due to the high level of competition in the cryptocurrency market and the increasing number of cryptocurrency mining companies.
| Value | |
|---|---|
| Debt Weight | 3.91% |
| Debt Cost | 3.95% |
| Equity Weight | 96.09% |
| Equity Cost | 28.25% |
| WACC | 27.30% |
| Leverage | 4.07% |
Value: 6.2
Growth: 5.1
Quality: 3.7
Yield: 8.0
Momentum: 0.5
Volatility: 4.7
1-Year Total Return ->
Value: 6.0
Growth: 4.3
Quality: 3.5
Yield: 5.0
Momentum: 9.0
Volatility: 0.3
1-Year Total Return ->
Value: 9.8
Growth: 4.0
Quality: 5.9
Yield: 0.0
Momentum: 3.5
Volatility: 0.3
1-Year Total Return ->
Value: 6.3
Growth: 2.1
Quality: 3.9
Yield: 0.0
Momentum: 10.0
Volatility: 1.0
1-Year Total Return ->
Value: 7.4
Growth: 6.4
Quality: 3.5
Yield: 0.0
Momentum: 5.0
Volatility: 0.7
1-Year Total Return ->
Value: 8.4
Growth: 2.8
Quality: 1.8
Yield: 0.0
Momentum: 2.0
Volatility: 1.3
1-Year Total Return ->