ETH holdings: 122,000 ETH at quarter-end (30 Sep); increased to >153,000 ETH by Oct, with ~132,000 actively staked — a fivefold increase since June (CEO, CFO)
Staking revenue: $2.9M in Q3, up from $400K in prior quarter; driven by larger staked balance and higher realized yield price (CEO, CFO)
Staking specifics: 644 ETH earned from native staking and 53 ETH from delegated staking; ~82% of ETH holdings staked at quarter-end (100,000 of 122,000 ETH) (CFO)
Bitcoin mining: 65 BTC produced in Q3, down from 83 in prior quarter; mining gross margin ~32%, highest since halving (CEO)
Mining fleet: Active hash rate ~1.9 EH/s at Sep, average efficiency ~22 J/TH; expected to improve to ~19 J/TH and active hash rate trend to ~1.2 EH/s by mid-2026 (CEO)
Total revenue: $30.5M in Q3, vs $25.7M in prior quarter and $22.8M in Q3 2024 (CFO)
Digital asset mining revenue: $7.4M in Q3, vs $6.6M in prior quarter and $10M in Q3 2024 (CFO)
Gross profit: $18.3M, 60% gross margin, vs 32% in Q3 2024 (CFO)
Net income: $146.7M ($0.47/share) in Q3, vs net loss of $38.8M in Q3 2024; driven by $168M gain on digital assets (CFO)
Adjusted EBITDA: $166.8M in Q3, vs $27.8M in Q2 and -$19.7M in Q3 2024 (CFO)
Balance sheet: ~$179M cash & equivalents; ~$424M digital assets (almost entirely ETH); total liquidity ~$620M (incl. USDC); no debt outstanding at 30 Sep (CFO)
Post-quarter convertible: $150M offering of 4% convertible notes due 2030; proceeds used to purchase ~31,000 ETH; plan to keep leverage below 20% of ETH holdings (CEO, CFO)
Official Guidance
ETH staking: Full effect of post-quarter ETH growth (to 153,500 ETH held, 132,000 staked as of 31 Oct) expected to be reflected in Q4 2025 staking revenue (CFO)
Mining fleet: Active hash rate expected to trend towards 1.2 EH/s by mid-2026; fleet efficiency to improve to ~19 J/TH over next few quarters (CEO)
Leverage: Will not increase leverage until ETH price rises to comfortable levels relative to notes (currently above 20% leverage threshold) (CFO)
Management Quotes
"Our goal is to compound value per share through disciplined capital allocation, careful risk management, and consistent yield generation." (CEO)
"The real power of this model shows itself when ETH moves meaningfully higher, something we believe is a matter of when, not if." (CEO)
"Discipline is more than a strategy; it is who we are." (CEO)
"We will not sell any of our White Fiber shares during 2026." (CEO)
"We are building for participation, not extraction." (CEO)