Overview
- Bit Digital’s fiscal Q2 revenue fell 11.7%, missing analyst estimates, according to LSEG data.
- Adjusted EBITDA beat expectations, supported by gains on digital assets.
- The company is shifting focus to an Ethereum treasury and staking strategy.
Outlook
- Bit Digital plans to build a sizable on-chain ETH balance sheet.
- The company expects to deliver attractive staking yields to shareholders.
Result drivers
- ETH Strategy – Transition to Ethereum treasury and staking boosted ETH holdings and staking rewards.
- Mining Decline – Digital asset mining revenue dropped 58.8% due to higher network difficulty and the halving event.
- Cloud Services Growth – Cloud services revenue rose 32.8%, helping offset declines in other areas.
Key details
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| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 Revenue | Miss | $25.70M | $27.50M (5 Analysts) |
| Q2 Adjusted EBITDA | Beat | $27.80M | $7.12M (4 Analysts) |
Analyst coverage
- Average analyst rating: “Buy” with 5 “Strong Buy” or “Buy” ratings; no “Hold” or “Sell.”
- The blockchain & cryptocurrency peer group’s average consensus is also “Buy.”
- Wall Street’s median 12-month price target for Bit Digital is $5.75—about 44.9% above the August 13 closing price of $3.17.
