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Bit Digital Inc
Bit Digital, Inc. operates as a bitcoin mining company. The company is headquartered in New York City, New York and currently employs 12 full-time employees. The company went IPO on 2018-03-20. The firm is engaged in the bitcoin mining business through its wholly owned subsidiaries in the United States, Hong Kong and Canada. The firm's bitcoin mining operations hosted by third party suppliers uses specialized computers known as miners, to generate bitcoins a cryptocurrency. The firm's mining facilities and mining platform operate with an intent of accumulating bitcoin, which seeks to sell for fiat currency from time to time depending on market conditions. The firm has approximately 32,500 miners in United States, Canada and China. The firm conduct its business through Bit Digital Hong Kong Limited, a Hong Kong company and operating entity in China, Bit Digital U.S.A. Inc., operating entity in the United States, and Bit Digital Canada, Inc., a Government of Alberta, Canada corporation and operating entity in Canada.
Bit Digital, Inc. operates as a bitcoin mining company. The company is headquartered in New York City, New York and currently employs 12 full-time employees. The company went IPO on 2018-03-20. The firm is engaged in the bitcoin mining business through its wholly owned subsidiaries in the United States, Hong Kong and Canada. The firm's bitcoin mining operations hosted by third party suppliers uses specialized computers known as miners, to generate bitcoins a cryptocurrency. The firm's mining facilities and mining platform operate with an intent of accumulating bitcoin, which seeks to sell for fiat currency from time to time depending on market conditions. The firm has approximately 32,500 miners in United States, Canada and China. The firm conduct its business through Bit Digital Hong Kong Limited, a Hong Kong company and operating entity in China, Bit Digital U.S.A. Inc., operating entity in the United States, and Bit Digital Canada, Inc., a Government of Alberta, Canada corporation and operating entity in Canada.
Revenue Growth: Bit Digital reported third quarter revenue of $30.5 million, up from $25.7 million last quarter and $22.8 million a year ago.
Ethereum Focus: The company has completed its shift to being an Ethereum-focused treasury and staking platform, with ETH holdings rising fivefold since June and staking becoming its primary revenue driver.
Staking Income Surge: Staking revenue reached $2.9 million, a significant increase from $400,000 in the prior quarter, driven by a rising ETH balance and higher prices.
Convertible Notes Issuance: Bit Digital completed a $150 million unsecured convertible notes offering after quarter-end to fund further ETH purchases.
Strong Profitability: Net income was $146.7 million, reversing a loss from the prior year, driven by improved margins and a $168 million gain on digital assets.
Mining Wind-down: Bitcoin mining contribution is deliberately decreasing as the company transitions, with 65 BTC produced this quarter.
WhiteFiber Progress: The company retains a 71.5% interest in WhiteFiber, which is ramping up in the AI infrastructure sector; management reaffirmed they will not sell their stake in 2026.
G&A Costs: General and administrative expenses were elevated due to one-time items, but are expected to normalize and become leaner going forward.