The company is steadily repositioning itself as one of the largest institutional Ethereum staking operations in the world — a move that has transformed both its balance sheet and its revenue mix.
Management says the strategic intent is simple: build a business around predictable, scalable yield rather than a race for hashrate. To support the shift, Bit Digital is now accumulating ETH as a long-term treasury asset instead of treating digital assets as inventory to be constantly deployed and liquidated.
ETH Is Now the Centerpiece of the Balance Sheet
The scale of the transition becomes obvious when looking at the numbers that underpin the treasury:
- •ETH holdings jumped from 30,663 in June to 153,547 coins by the end of October
- •At that time, the holdings were worth approximately $590.5 million
The company describes the goal as increasing “ETH density” — a strategy built around balance-sheet strength and staking yield rather than infrastructure expansion for its own sake.
The Revenue Mix Has Changed as Well
The shift is already influencing how Bit Digital earns money.
Cloud services — including infrastructure used for AI workloads — generated $18 million, representing 48% growth. ETH staking income surged 542% to $2.9 million, positioning yield generation as a primary revenue driver rather than a supporting line item.
The emphasis on staking and cloud systems helped push total quarterly revenue to $30.5 million, a 33% improvement year-over-year.
Mining Still Exists — But It’s No Longer the Business
Bitcoin mining revenue slipped 27% to $7.4 million, due to network difficulty increases and a reduced active hash rate. For most firms in the space, a drop that large would be alarming, but Bit Digital has framed it as a by-design result of the pivot — not a warning sign.
Management says it is intentionally reducing exposure to mining as ETH-centric revenue streams continue to scale.
Analysts React Only After the Pivot Proves Itself
Instead of driving the story, analyst sentiment followed it. After third-quarter numbers confirmed the strength of the new model, H.C. Wainwright reiterated a Buy rating on November 17 and set a $7 price target, citing momentum in WhiteFiber operations and the performance of staking-linked revenue.