What’s going on here?

Bit Digital surged past third-quarter earnings and revenue expectations, just as it puts the spotlight on ethereum staking instead of traditional bitcoin mining.

What does this mean?

Crypto mining is evolving, and Bit Digital’s latest results show it’s embracing change head-on. The company brought in $30.5 million in Q3 2025 revenue—up 33% year-over-year, slightly beating forecasts. Adjusted EBITDA came in at a hefty $166.8 million, driven by a massive 542% jump in ethereum staking revenue. Cloud services chipped in with a healthy 48% growth, though classic bitcoin mining fell 27% as network difficulty rose and mining returns tightened. Bit Digital’s new playbook leans into building an ethereum treasury through staking, aiming to strengthen its balance sheet and reduce exposure to bitcoin’s swings.

Why should I care?

For markets: Evolving strategies catch Wall Street’s eye.

Bit Digital’s pivot and strong financial results have put it on analysts’ radar: every one of the five analysts covering the stock rates it as a ‘buy’ or ‘strong buy.’ With no bearish calls, Wall Street’s average 12-month price target is now $5.75—56% above Bit Digital’s last closing price. Investors are clearly keeping a close eye on how this move into ethereum staking shakes out, especially as bitcoin mining margins face more pressure across the industry.

The bigger picture: Crypto miners adapt to new market realities.

Bit Digital’s shift underscores how crypto firms are rethinking their business models as blockchain technology matures. The surge in ethereum staking and cloud revenue hints at a more diversified approach for digital asset companies. And with the sector grappling with tougher mining conditions and evolving regulation, strategies focused on sustainable profits and stronger treasuries could define which crypto players lead the pack next.