Bit Digital, Inc., a Cayman Islands-based holding company, reported a net loss of $84.9 million for the fiscal year ended December 31, 2025, a significant shift from the net income of $28.3 million reported in the previous fiscal year. The company's revenue increased slightly to $113.6 million from $108.1 million in 2024, driven by growth in its cloud and colocation services, as well as ETH staking, which offset a decline in digital asset mining revenue. The company's strategic transition towards becoming a pure-play ETH staking and treasury company, initiated in June 2025, involved converting Bitcoin holdings into ETH and exploring strategic alternatives for its Bitcoin mining operations.
The company's revenue streams showed mixed performance. Digital asset mining revenue decreased by $31.2 million to $27.3 million, while cloud services revenue increased by $23.0 million to $68.8 million. Colocation services revenue saw a substantial increase of $7.6 million to $8.9 million, and ETH staking revenue rose by $5.2 million to $7.0 million. Operating costs and expenses increased significantly, primarily due to a $39.5 million increase in general and administrative expenses and an $84.9 million swing from gains to losses on digital assets.
Key operational developments included an active hash rate of approximately 1.5 EH/s as of December 31, 2025, with mining operations in North America and Iceland. The company held over 150,000 ETH, the majority of which was staked, generating protocol-native rewards. The company also continued to work with hosting partners to deploy miners and transitioned its native Ethereum staking operations to Figment. The company's strategic transition to ETH staking and treasury operations led to a reorientation of the business, prioritizing ETH treasury operations and disciplined BTC treasury management.
Looking ahead, Bit Digital intends to maintain flexibility to mine or hold BTC when market economics are attractive. The company is focused on growing its net ETH position over time, subject to risk and liquidity constraints, and is evaluating staking and related mechanisms based on security, liquidity, counterparty, and regulatory profiles. The company is also monitoring protocol upgrades on Ethereum's roadmap and their implications for staking yields, fee markets, and network security. The company's liquidity planning considers ETH price volatility, potential impairment charges, and the liquidity profile of staked positions, while seeking opportunities to increase ETH holdings when market conditions are attractive.
About Bit Digital, Inc
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