Bit Digital reported a third-quarter profit on November 12 as digital asset valuation gains supported earnings, while its Ethereum market price and chart staking revenue remained below the year-earlier level.
The company’s financial results show $28.5 million in net income attributable to shareholders, compared with a $107.2 million loss in the preceding quarter. Revenue was $27.1 million, down 11% from a year earlier.
Ethereum staking income recovers sequentially from lower base
Staking revenue reached $1 million, increasing 14% from the second quarter but falling from $2.9 million a year earlier. Bit Digital attributed the annual decline to moving ETH into liquid staking for financing collateral. Its results consolidate WhiteFiber, the AI infrastructure business in which it holds a controlling stake.
Colocation revenue rose 232% year over year to $5.6 million. The company also reported an additional 45,000 LsETH pledged after quarter-end in connection with WhiteFiber’s October financing drawdown.
These figures describe different parts of the business. Staking income measures activity involving Ethereum, while colocation revenue reflects infrastructure services. Combining them into a single growth claim would obscure which operations are producing the improvement.
Earlier treasury disclosure provides the quarter-end comparison point
Bit Digital’s September treasury report, published October 9, recorded approximately 163,725.9 ETH and ETH equivalents at September 30, valued at about $439.4 million at that date. Around 74,234 ETH remained natively staked.
The earlier report put the average acquisition price at approximately $3,007.63 per ETH and September staking rewards at about 158 ETH. It explicitly described those treasury figures as preliminary and unaudited. They provide historical context for today’s results, rather than a live measure of the treasury’s value.
The valuation date is particularly important for readers comparing corporate holdings. Multiplying a quarter-end balance by a current token price would produce a separate calculation, not the reported balance-sheet valuation. No current valuation is substituted here.
Financing collateral changes how treasury exposure should be assessed
The combination of native staking, liquid staking and collateralized financing means the headline ETH balance is only the starting point for evaluating the company. Readers also need to examine how assets are held, which positions support borrowing and what liquidity is available outside the consolidated infrastructure subsidiary.
BlockBriefing’s crypto treasury company guide explains why corporate equity exposure differs from owning the underlying token. Its comparison of liquid and native staking covers the distinction between a staking position and a transferable token representing one.
For the next reporting period, the useful comparison will be whether operating income improves alongside reported earnings and whether financing arrangements change the assets available for other purposes. A profitable quarter can coexist with exposure to token-price movements, borrowing conditions and infrastructure investment requirements.
Bitcoin market price and chart mining revenue was $2 million, compared with $7.4 million a year earlier, as the company continued winding down that segment. This comparison separates reduced mining activity from the performance of its Ethereum and AI infrastructure businesses.
Today’s results establish a return to quarterly profit. They do not establish that changes in Ethereum’s price have ceased to matter to future earnings.
