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SEC filingBit Digital reported a fiscal year 2025 net loss of $80.3 million, a swing from prior year income, as the company transitions to an Ethereum-focused treasury strategy.
Bit Digital's fiscal year 2025 results mark a pivotal strategic transition from a bitcoin mining-centric model to a Strategic Asset Company (SAC) focused on Ethereum treasury management and AI infrastructure exposure via its majority stake in WhiteFiber. Total revenue grew 5% to $113.6 million, with significant diversification away from mining. Cloud services revenue surged 50% to $68.8 million, and colocation revenue increased 555% to $8.9 million, reflecting the company's pivot. Conversely, digital asset mining revenue declined 53% to $27.3 million due to increased network difficulty and a deliberate wind-down of active hash rate to 1.5 EH/s.
The company reported a net loss of $(80.3) million, or $(0.31) per diluted share, a substantial swing from the $28.3 million net income in fiscal 2024. This deterioration was primarily driven by volatility in digital asset prices, resulting in an approximate loss of $29.2 million in 2025 compared to a gain of $55.7 million in the prior year. Adjusted EBITDA reflected this shift, falling to $(24.9) million from $73.0 million. Management emphasized that this transition is designed for long-term compounding, evidenced by the accumulation of 155,227 ETH (valued at ~$460.6 million) with 89% actively staked to generate yield. The balance sheet remains robust with $118.4 million in cash and $415.7 million in total digital assets. CEO Sam Tabar framed 2025 as a defining year, prioritizing ETH accumulation per share and maintaining exposure to AI compute demand through WhiteFiber, while deprioritizing capital-intensive mining operations.