Significant Growth in Ethereum Holdings
Bit Digital increased its Ethereum holdings from about 122,000 ETH at quarter-end to more than 153,000 ETH by October, with roughly 132,000 actively staked. This represents a fivefold increase since June.
Convertible Notes Offering
Completed a $150 million convertible notes offering, using the proceeds to purchase approximately 31,000 ETH. The offering was designed to be accretive to net asset value per share.
Substantial Increase in Staking Revenue
Ethereum staking revenue grew to about $2.9 million in the third quarter, up from $400,000 in the prior quarter, marking a 542% increase from the previous year.
Strong Financial Position
Ended the quarter with approximately $179 million in cash and cash equivalents and approximately $424 million in digital assets, mainly Ethereum, with no debt outstanding.
Record Gross Margin
Achieved a gross profit of $18.3 million, representing a 60% gross margin compared to 32% in the same quarter last year.
White Fiber IPO and Ownership
Completed the White Fiber IPO and maintained a 71.5% ownership stake in an AI infrastructure company, positioning Bit Digital uniquely in digital assets and AI.