Bit Digital posts $28.5M Q3 profit as Ether holdings reach $439.4M

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Bit Digital posts $28.5M Q3 profit as Ether holdings reach $439.4M

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Ethereum

Bit Digital reported a third-quarter net income of $28.5 million and held about 163,726 ETH at the end of September. The company is moving away from Bitcoin mining, and its CEO said share repurchases remain under consideration.

Bit Digital swung to a third-quarter profit of $28.5 million while holding approximately 163,726 ETH worth $439.4 million. The Nasdaq-listed company, which trades as BTBT, reversed a $107.2 million net loss from the second quarter.

Revenue came in at $27.1 million, down 11% from $30.5 million a year earlier. Gains in the value of its digital assets helped lift net income.

Ether treasury valued at $439.4 million

As of September 30, the company held 163,725.9 ETH and ETH-equivalent assets, valued using Ethereum's closing price of $2,684. Of those, 74,606.4 ETH were held directly, with a reported fair value of $200.2 million.

During the quarter, Bit Digital moved 73,683 ETH into liquid staking and received 66,192 LsETH tokens. It sold 1,625 ETH for $3.4 million and made no ETH purchases.

Meanwhile, Ethereum was trading near $2,050 on November 12, according to crypto.news market data. At that price, the 163,725.9 ETH-equivalent position would be worth approximately $336 million, around $103 million below its September 30 valuation.

The calculation reflects a price change, not a newly reported loss, crypto.news noted.

WhiteFiber colocation revenue rises 232% as mining falls to $2 million

WhiteFiber's colocation revenue reached $5.6 million, up 232% year over year. Bitcoin mining contributed $2 million, down from $7.4 million a year earlier.

Native ETH staking revenue reached $1 million, up 14% from the preceding quarter but down from $2.9 million a year earlier. The company attributed the annual decline to moving ETH into liquid staking to support WhiteFiber financing.

Buybacks under consideration

CEO Sam Tabar said management was weighing whether repurchasing BTBT shares could benefit investors, though shareholder approval would be required first. He cited the persistent discount to its net asset value. According to Tabar, it "makes repurchases an option that deserves serious consideration".

He cautioned that selling Ethereum to fund buybacks would reduce staking income and the company's exposure to potential ETH price gains.

Source: crypto.news

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