Bit Digital, Inc. (BTBT): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, Bit Digital, Inc. (BTBT), that's making a sharp pivot, and honestly, it's a masterclass in adapting to market shifts. Forget just mining; this firm is now running a dual engine, blending a massive $\mathbf{\$590.5}$ million ETH treasury (as of Oct 2025) with a serious push into High-Performance Computing (HPC) via its WhiteFiber, Inc. subsidiary. We see this transition clearly in the Q3 2025 numbers, where Cloud services revenue hit $\mathbf{\$18.0}$ million, already outpacing the legacy digital asset mining stream. If you want to understand how this $\mathbf{153,000}$ ETH-holding company is positioning itself for the AI gold rush while generating yield, you need to see the full Business Model Canvas below.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Key Partnerships

You're looking at how Bit Digital, Inc. structures its external relationships to drive its dual focus on Ethereum treasury/staking and high-performance computing (HPC) for AI.

The relationship with WhiteFiber, Inc. (WYFI) is central to the HPC/AI services segment, which operates under the WhiteFiber brand. Bit Digital, Inc. maintains significant ownership following the August 2025 IPO of WhiteFiber.

Metric	Value/Detail	Date/Period
WhiteFiber (WYFI) Shares Held by Bit Digital	Approximately 27.0 million shares	November 30, 2025
Market Value of WYFI Stake	Approximately $579.5 million	November 30, 2025
Retained Ownership Percentage (Post-IPO)	Approximately 74.3% (as of August 13, 2025)	August 2025

The colocation agreements are a key component of the WhiteFiber strategy, specifically targeting AI hardware innovators.

• Secured a five-year colocation contract with a leading AI hardware innovator (Cerebras Systems) for 5 MW (IT load) of built-to-suit infrastructure.
• The supporting data center site (MTL-3) development costs are expected to total approximately CAD $55 million (approximately $40M USD).
• Estimated market rate revenue for this capacity is around $2 million per megawatt of IT load.

Strategic partnerships across the Ethereum ecosystem are critical for the digital asset treasury strategy, focusing on yield generation.

Staking Metric	Amount/Percentage	Date
Total Staked ETH	Approximately ~137,621 ETH	November 30, 2025
Staking Percentage of Holdings	Approximately 89.1%	November 30, 2025
November 2025 Staking Rewards	Approximately 328.5 ETH	November 2025
Annualized Staking Yield (November 2025)	Approximately 3.05%	November 2025

Bit Digital, Inc. also utilizes external platforms for its native staking operations, though specific financial contributions from a named platform like FitMint aren't detailed in the latest reports.

The partnership with Shadeform directly supports the HPC segment by expanding market reach for GPU cloud services.

• The partnership integrates WhiteFiber's GPU cloud with Shadeform's multi-cloud management and GPU marketplace.
• The collaboration provides access to NVIDIA B200 GPUs starting in April 2025.
• A prior agreement for 464 Nvidia B200 GPUs was expected to generate approximately $15 million in annualized revenue.
• Access is available to organizations and developers in more than 100 regions worldwide.

Finance: review Q3 2025 WhiteFiber revenue estimates against the $17.7 million to $19.6 million preliminary range by next Tuesday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Key Activities

You're looking at the core actions Bit Digital, Inc. is taking right now to execute its strategy as of late 2025. The focus has clearly shifted; the key activities now revolve around managing a massive digital asset treasury and scaling up high-performance computing (HPC) infrastructure for AI workloads, while systematically exiting the legacy Bitcoin mining business.

Executing the Ethereum-native treasury and staking strategy is central. This involves aggressive management of their digital asset holdings to generate yield. As of November 30, 2025, Bit Digital, Inc. held approximately 154,398.7 ETH, valued at roughly $461.9 million based on the closing ETH price of $2,991.90 that day. The operational activity here is maximizing the yield from this reserve. They added 5,141 ETH to their staked assets during November 2025, bringing the total staked amount to approximately 137,621 ETH, which represents about 89.1% of their total Ethereum reserves. This staking activity generated approximately 328.5 ETH in rewards for November 2025, translating to an annualized yield of around 3.05%.

The second major pillar is Providing high-performance computing (HPC) cloud and colocation services. This segment is now a primary revenue driver, reflecting the successful spin-off and continued consolidation of WhiteFiber Inc. For the third quarter of fiscal year 2025, total revenue hit $30.5 million, a 33% increase year-over-year, with Cloud Services contributing $18.0 million, or about 59.0% of that total revenue. The colocation side is also active, with revenue of approximately CAD $757.8k (about USD $522.9k) in January 2025, serving 14 customers at their Tier-3 Enovum Data Center facility as of January 31, 2025.

To support this HPC growth, Bit Digital, Inc. is actively Acquiring and deploying NVIDIA H200/B200 GPUs for AI workloads. This requires significant capital deployment for hardware ownership. A key activity was securing a contract in January 2025 to provide 464 Nvidia B200 GPUs (deployed across 58 Nvidia B200 servers) for an eighteen-month term starting June 30, 2025, generating approximately $15 million in annualized revenue. To fulfill this, they ordered the 58 servers for approximately $21 million. Earlier, in December 2024, they executed an agreement for 576 Nvidia H200 GPUs (72 H200 servers) over two years, valued at about $20.2 million, with deployment expected to begin in February 2025.

Here's a look at the segment revenue contribution for Q3 2025, showing the shift away from mining:

Revenue Segment	Q3 2025 Revenue Amount	Percentage of Total Revenue
Cloud Services (HPC)	$18.0 million	~59.0%
Digital Asset Mining	~$7.4 million	~24.3%
ETH Staking	$2.9 million	~9.5%
Colocation Services	N/A (Implied)	~5.6%

Finally, the company is Winding down legacy Bitcoin mining operations in a measured way. This is an active process of asset disposition or operational closure. The impact is clear in the revenue mix; digital asset mining revenue for Q3 2025 was only about 24.3% of total revenue, down from 72% in Q1 2024. In Q2 2025, mining revenue was $6.6 million, a 58.8% decrease year-over-year. As of March 31, 2025, the company held 417.6 BTC, which they intend to convert into ETH over time. The strategy is to redeploy capital from this wind-down directly into the ETH strategy.

The operational focus can be summarized by the scale of the key assets as of late 2025:

• Managing and optimizing a large ETH treasury of over 154,398.7 ETH as of November 30, 2025.
• Staking approximately 89.1% of that ETH treasury, yielding an annualized return of about 3.05% in November 2025.
• Operating 268 servers (2,144 GPUs) actively generating revenue from AI contracts as of January 31, 2025.
• Executing contracts involving 464 B200 GPUs and 576 H200 GPUs for HPC services.
• Reducing Bitcoin mining revenue contribution to under 25% of total revenue in Q3 2025.

Finance: finalize the Q4 2025 capital expenditure plan for GPU hardware by end of next week.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Key Resources

You're looking at the core assets Bit Digital, Inc. (BTBT) relies on to execute its strategy right now. These aren't just line items; they're the engines running the business.

The balance sheet strength is notable, especially given the market volatility we've seen. As of September 30, 2025, the company held cash and equivalents totaling $179.1 million. That's a solid liquidity position to fund operations or opportunistic moves.

Then there's the digital asset holdings, which form a significant part of their liquid capital base. The large liquid ETH treasury was valued at approximately $590.5 million as of October 2025. If you're tracking their exposure, that's the number you want to watch closely, as it swings with the crypto market.

Here's a quick look at the key financial and digital asset resources:

Resource Category	Specific Asset/Metric	Reported Value/Date
Liquid Digital Assets	Ethereum (ETH) Treasury Value	$590.5 million (Oct 2025)
Cash Position	Cash and Equivalents	$179.1 million (Sep 30, 2025)
Compute Power	GPU Fleet Size	Over 2,000 units

Beyond the balance sheet, the physical and human capital are critical differentiators for their High-Performance Computing (HPC) segment. If the power contracts aren't locked in, those hardware assets don't generate revenue, so that operational diligence matters a lot.

The physical infrastructure spread across different jurisdictions gives them geographic redundancy. The tangible assets include HPC data center infrastructure located in the US, Canada, and Iceland. This setup supports both their digital asset mining and their growing AI compute services.

The intangible assets are just as important, honestly. Intellectual capital in digital asset staking and data center operations provides the know-how to run these complex systems efficiently. This expertise is what turns hardware into a sustainable business line.

We can break down the non-financial, operational resources like this:

• HPC data center infrastructure spanning the US, Canada, and Iceland.
• GPU fleet exceeding 2,000 units dedicated to AI training and inference workloads.
• Specialized intellectual capital focused on digital asset staking protocols.
• Operational expertise in managing large-scale, geographically dispersed data center environments.

What this estimate hides is the current utilization rate of that 2,000+ unit GPU fleet; that's the next metric you'll want to track for revenue conversion.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Value Propositions

You're looking at Bit Digital, Inc. (BTBT) and seeing a company that has made a definitive pivot, so the value propositions now reflect a dual focus on institutional digital asset yield and high-performance computing (HPC) infrastructure. This isn't the old mining story; this is about capturing yield and serving the AI boom.

The core of the digital asset side is providing institutional-grade exposure to Ethereum yield. As of November 2025, Bit Digital, Inc. was actively staking a significant portion of its holdings, reporting an annualized rate of 3.05% for the month of November 2025 on its staked Ethereum. This yield is generated while the company manages a substantial treasury; as of November 30, 2025, they held approximately 154,398.7 ETH, valued at about $461.9 million based on the closing ETH price of $2,991.90. You should note that the average acquisition price for all their ETH holdings was $3,045.11 as of that same date.

The second major pillar is the high-performance AI/ML cloud services delivered through WhiteFiber, Inc., which completed its initial public offering in August 2025. WhiteFiber has already demonstrated significant revenue generation, making approximately USD$56 million in revenue 'this year' (2025). This segment is clearly gaining traction, as Bit Digital, Inc.'s Q3 2025 total revenue of $30.5 million was supported by growth in cloud services revenue.

This infrastructure capability translates directly into reliable, built-to-suit colocation for next-generation AI workloads. For instance, Bit Digital, Inc. secured a five-year colocation agreement for 5 MW (IT load) of built-to-suit data center infrastructure. That single contract alone is estimated to generate annual revenues between $4.8 million to $7.2 million. Furthermore, WhiteFiber is scaling its physical footprint, acquiring a ~1 million square foot industrial property in North Carolina intended to support a campus with capacity up to 200 MW over time.

The value proposition is cemented by the structure of the digital asset treasury management, which is compliant and secure, focusing almost entirely on Ethereum. As of September 30, 2025, the company's total digital assets stood at $423.7 million, almost entirely composed of ETH. This focus on a single, major asset class, combined with the infrastructure play, creates a diversified investment vehicle.

Here's a quick look at the scale of the two primary asset classes as of late 2025:

Asset Class Component	Metric/Value (As of Late 2025)	Data Point Reference Period
Ethereum Yield	Annualized Rate of 3.05%	November 2025
AI Infrastructure Stake	$579.5 million (WYFI Shares Value)	November 30, 2025
Digital Asset Treasury	154,398.7 ETH Held	November 30, 2025
AI Infrastructure Capacity	Up to 200 MW Supported (Long-term)	June 2025
Secured Colocation Load	5 MW (IT load)	February 2025

The combination of these elements offers distinct benefits to the investor base:

• Institutional-grade exposure to Ethereum yield with an annualized rate of 3.05%.
• High-performance AI/ML cloud services via WhiteFiber, Inc., which generated approximately $56 million in revenue this year.
• Reliable, built-to-suit colocation for next-generation AI workloads, including a 5 MW contract.
• Compliant and secure digital asset treasury management, holding $423.7 million in digital assets as of September 30, 2025.
• A diversified investment vehicle combining ETH and AI infrastructure, with the WhiteFiber stake valued at approximately $579.5 million as of November 30, 2025.

The company's Q3 2025 total revenue reached $30.5 million, showing the immediate impact of the pivot. Finance: draft 13-week cash view by Friday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Customer Relationships

You're looking at how Bit Digital, Inc. manages its relationships across its dual focus: the Ethereum treasury and the High-Performance Computing (HPC) infrastructure build-out. It's a mix of direct institutional engagement and platform automation.

Dedicated account management for large colocation and cloud contracts

For the HPC segment, customer relationships are anchored by securing long-term capacity commitments, which requires dedicated oversight for those larger, complex contracts. The Montreal data center acquisition, for instance, was 100% leased with 4 MW under contract, and that facility is expected to generate approximately CAD $10MM of revenue in 2025. The cloud services revenue itself saw a 48% rise in the third quarter of 2025, showing growth in that service line.

The expansion pipeline is key to these relationships, as it shows capacity to grow with tenants. Here's a look at the capacity targets and related infrastructure:

HPC Metric	Value/Target	Date/Context
Target HPC Footprint Expansion (2025)	32MW	During 2025
North Carolina Facility Initial Delivery	24 MW	On or about September 1, 2025
North Carolina Facility Utility Capacity Potential	Up to 200 MW	Over time
Montreal Site 2 (MTL2) Initial Load	5MW	Expected operational by May 2025

Institutional investor relations focused on the ETH treasury and HPC growth

Investor communication is structured around the core thesis: building one of the largest institutional ETH balance sheets in the public markets while maintaining a strategic stake in AI infrastructure. The Head of Investor Relations hosted updates directly with investors at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025. The balance sheet focus is clear in the asset mix.

• Total Ethereum held as of November 30, 2025: approximately 154,398.7 ETH.
• Market value of ETH holdings as of November 30, 2025: approximately $461.9 million.
• Market value of WhiteFiber (WYFI) shares held as of November 30, 2025: approximately $579.5 million.
• Total shares outstanding as of November 30, 2025: 323,674,831.
• A follow-on equity offering in 2025 raised US$67.32 million at $3.06 per share.

Automated, secure platform for on-chain ETH staking yield

The relationship with the underlying Ethereum network is managed through a platform designed for institutional scale, focusing on yield generation from the core treasury asset. The platform supports active protocol governance and yield optimization.

For the third quarter of 2025, Ethereum staking revenue reached $2.9 million, representing a 542% increase year-over-year. The platform's effectiveness in generating yield is demonstrated by the metrics as of November 30, 2025:

• Total staked ETH: approximately ~137,621 ETH.
• Percentage of total holdings staked: approximately ~89.1%.
• ETH rewards generated in November 2025: approximately 328.5 ETH.
• Annualized yield from staking operations: approximately 3.05%.

Direct sales and non-binding LOIs for new HPC data center tenants

For the new HPC capacity, particularly the North Carolina campus, the relationship development involves direct sales efforts to secure anchor tenants before full build-out. The company is in active negotiations with multiple potential HPC data center tenants for this new site. Specifically, Bit Digital, Inc. has already signed one non-binding LOI with a client for the North Carolina facility.

Finance: draft 13-week cash view by Friday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Channels

You're looking at how Bit Digital, Inc. gets its value proposition-a blend of high-performance computing (HPC) and digital asset yield-out to the world. It's not just one pipe; it's a few distinct channels serving very different customer bases, from AI developers to public market investors. Honestly, the split between the tech services arm and the digital asset treasury is the key to understanding their distribution strategy right now.

WhiteFiber, Inc. HPC cloud platform for AI/ML developers.

The primary channel for the high-performance computing side is the subsidiary, WhiteFiber, Inc., which trades as NASDAQ: WYFI. This platform directly serves AI/ML developers and enterprise clients needing GPU-accelerated cloud services and colocation. This channel is built on securing capacity deals and recurring cloud usage contracts. For instance, WhiteFiber has traction with deals like the 5MW Cerebras colocation agreement and the $20.9 million DNA Fund GPU contract. The channel's success is reflected in its standalone financial performance; WhiteFiber reported preliminary revenue estimates for the three months ended June 30, 2025, between $17.7 million and $19.6 million, with associated cost of revenue (excluding depreciation) estimated from $6.7 million to $7.4 million. As of July 2025, WhiteFiber had generated approximately $56 million in revenue this year.

Here's a quick look at the scale of the WhiteFiber channel as of late 2025, based on the latest available figures:

Metric	Value	Date/Context
Shares Held by Bit Digital, Inc.	27.0 million shares	November 30, 2025
Market Value of WYFI Holdings	Approximately $579.5 million	November 30, 2025
Client Count (Cloud/Colocation)	Over 20 clients	As of early 2025
Estimated Quarterly Revenue (Q2 2025 Est.)	$17.7 million to $19.6 million	Three months ended June 30, 2025
Bit Digital's Ownership Stake	Approximately 70.7%	September 30, 2025

Direct sales team for securing long-term colocation agreements.

The direct sales effort, which feeds the WhiteFiber channel, focuses on locking in those high-density, AI-optimized colocation and cloud hosting contracts. This team targets customers needing specialized infrastructure, like those utilizing NVIDIA H100, H200, B200, or GB200 GPUs. The success of this direct engagement is visible in the customer base growth; WhiteFiber grew from just one client at the start of 2024 to serving over 20 clients by early 2025. These agreements are crucial because inference workloads, which these services support, are expected to drive sustained, recurring cloud revenue. If onboarding takes 14+ days, churn risk rises, so the sales cycle needs to be efficient.

Nasdaq listing (BTBT) for public equity investors.

For public equity investors, the channel is the Nasdaq exchange under the ticker BTBT. This allows Bit Digital, Inc. to access capital markets to fund its digital asset accumulation and HPC build-out. As of November 30, 2025, the company had 323,674,831 shares outstanding. The market provides a valuation benchmark; for example, the closing price on December 5, 2025, was $2.22, placing the market capitalization around $730 million following the November metrics release. Investors use this channel to gain exposure to both the Ethereum treasury strategy and the WhiteFiber tech growth story. The 52-week trading range shows the volatility inherent in this channel, moving between a low of $1.690 and a high of $5.200.

Investor relations for communication of ETH treasury and staking metrics.

Investor relations is the direct communication channel to the financial community regarding the core digital asset strategy. Bit Digital, Inc. maintains transparency by issuing monthly updates on its Ethereum holdings. For November 2025, the key reported figures were:

• Total ETH Holdings: approximately 154,398.7 ETH as of November 30, 2025.
• Market Value of ETH Holdings: approximately $461.9 million at an ETH price of $2,991.90.
• ETH Acquired in November 2025: 506.25 ETH.
• Average Acquisition Price: $3,045.11 per ETH.
• Total Staked ETH: approximately 137,621 ETH, representing 89.1% of total holdings.
• Annualized Staking Yield: approximately 3.05%.

This staking activity directly translates to revenue; for Q3 2025, the company reported $2.9 million in Ethereum staking revenue, a 542% year-over-year surge, contributing to total Q3 2025 revenue of $30.5 million. This data flow is critical for analysts valuing the treasury component of the business.

Finance: draft 13-week cash view by Friday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Customer Segments

You're looking at the client base for Bit Digital, Inc. (BTBT) as they pivot hard into enterprise-grade infrastructure and Ethereum treasury management. The focus has clearly shifted away from pure-play Bitcoin mining to these more stable, high-growth areas.

Institutional investors seeking compliant ETH staking yield are a core target, given the company's structural pivot to an Ethereum-native platform. Institutional ownership stood at 47.70% as of early December 2025. The staking operation is substantial; as of November 30, 2025, approximately 137,621 ETH, or 89.1% of their total holdings, were staked. This activity generated Q3 2025 staking revenue of $2.9 million, representing a 542% year-over-year increase. The annualized yield on these staked assets was reported around 3.05% in November 2025.

For AI and Machine Learning (ML) developers needing GPU cloud access, the WhiteFiber platform is the delivery mechanism. Cloud services revenue hit $18.0 million in Q3 2025, making it the largest single revenue contributor at approximately 59.0% of total revenue for that quarter. The gross margins on these cloud services are high, reaching 59% in Q1 2025. They are securing multi-year deals, such as the one with DNA Fund for 1,192 NVIDIA H200 GPUs, representing roughly $20.9 million in annualized revenue.

Large AI hardware innovators requiring 5 MW+ colocation capacity are being served through built-to-suit infrastructure. Bit Digital secured a five-year contract to provide 5 MW (IT load) of infrastructure for a leading AI hardware innovator, expected to commence in mid-2025. This specific deal is estimated to be worth around $2 million per MW annually. The company is aggressively scaling its physical footprint; they are targeting an additional 20 MW to be energized by year-end 2025, with a massive 200 MW North Carolina data center pipeline where the first 99 MW phase is expected operational by the close of 2025.

Finally, financial institutions interested in digital asset infrastructure exposure are served by the company's overall balance sheet strength and its majority stake in the publicly traded WhiteFiber. As of November 30, 2025, the company held approximately 154,398.7 ETH, valued at about $461.9 million. Importantly, Bit Digital remains debt-free. Following the August 2025 IPO of WhiteFiber, Bit Digital retained approximately 74.3% of the subsidiary, valued at about $468.4 million as of August 13, 2025.

Here's a quick look at the performance metrics driving these customer segments:

Segment Focus	Key Financial/Operational Metric	Value	As Of/Period
HPC/Cloud Services Revenue	Revenue	$18.0 million	Q3 2025
HPC/Cloud Services Margin	Gross Margin	59%	Q1 2025
Colocation Capacity Secured	Largest Single Contract Size	5 MW	Secured Feb 2025
ETH Staking Base	Total ETH Staked	~137,621	November 30, 2025
ETH Staking Yield	Annualized Yield	3.05%	November 2025
ETH Staking Revenue	Revenue	$2.9 million	Q3 2025

The company's total revenue for Q3 2025 was $30.5 million. Finance: Review the Q4 2025 capital expenditure plan for the North Carolina site by next Tuesday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Bit Digital, Inc.'s operations as of late 2025, especially as the company pivots hard into Ethereum treasury and staking while managing its HPC segment.

The general and administrative expenses (G&A) for the third quarter of 2025 were reported at $33.1 million. This figure reflects higher share-based compensation and consulting costs tied to the WhiteFiber Initial Public Offering (IPO) and transition period. Standalone Bit Digital G&A is expected to normalize as these non-recurring costs fall off.

The cost of revenue, which excludes depreciation, came in at $2.1 million for Q3 2025. This is a significant drop from $13.8 million in the prior quarter and $15.5 million a year ago, showing efficiency gains or a shift in revenue mix away from high-cost legacy operations.

The cost structure is heavily influenced by capital deployment for digital asset strategy and infrastructure buildout. The company secured long-term, low-cost capital after the quarter ended, which will impact future interest costs.

Cost Component Category	Specific Item/Metric	Associated Value/Detail
Operating Expenses (Q3 2025)	General and administrative expenses	$33.1 million
Operating Expenses (Q3 2025)	Cost of revenue (excluding depreciation)	$2.1 million
Financing Costs	Principal amount of Convertible Notes issued (October 2025)	$150 million
Financing Costs	Annual Interest Rate on Notes	4.00%
Capital Expenditure (Data Center)	Estimated development cost for MTL-3 site (Québec)	Approximately $40 million USD (CAD $55 million)
Capital Expenditure (Data Center)	Acquisition cost for MTL2 site (Montreal)	Approximately $23.3 million USD (CAD $33.5 million)

Power and hosting costs for data center operations are a key variable, supporting both the winding-down digital asset mining and the growing HPC/Cloud services business across the US, Canada, and Iceland. The HPC segment is focused on high-density, AI-optimized facilities, such as the one in Saint-Jérôme, Québec, expected to be operational by July 2025, designed with direct-to-chip liquid cooling.

Acquisition costs for new digital assets and hardware are significant, though the primary deployment of recent capital was into Ethereum. Following the notes offering, Bit Digital purchased approximately 31,057 ETH in October 2025. For GPU hardware, prior commitments included contracts for GPU servers with Boosteroid totaling over $18 million in total contract value.

Regarding the $150 million convertible notes offering, which closed on October 2, 2025, the annual interest expense is set at 4.00% on the principal amount. Since the offering closed after the end of Q3 2025 (September 30, 2025), the interest expense for those specific notes would begin accruing in Q4 2025. The net proceeds of approximately $143.3 million were primarily designated for purchasing Ethereum.

The company's cost structure is evolving as it transitions away from Bitcoin mining, which saw revenue decline due to network difficulty and a reduction in active hash rate. This shift is intended to make the standalone Bit Digital cost structure very lean.

• Digital asset mining revenue declined, signaling a reduction in associated power/hosting costs for that specific fleet.
• HPC business lines, including cloud services and colocation, are growing, bringing in new, potentially more stable, infrastructure-related operating costs.
• The company is expanding its HPC data center footprint, aiming for 32MW capacity during 2025.
• A new facility in Madison, North Carolina, required a $45 million investment for development, aiming for full operational status by the end of 2025.

Finance: draft 13-week cash view by Friday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Revenue Streams

You're mapping out the revenue engine for Bit Digital, Inc. (BTBT) as of late 2025, and honestly, the story here is a massive pivot away from the old ways. The third quarter of 2025 total revenue hit $30.5 million, showing a clear shift in where the money is coming from. The company is actively winding down its legacy digital asset mining, which is why that stream is showing a decline, while its new focus areas-cloud services and Ethereum staking-are surging. This transition is key to understanding their current valuation and near-term risk profile.

Here's a look at the specific revenue components for the third quarter of fiscal year 2025, which really paints the picture of this strategic shift:

• Cloud services revenue of $18.0 million in Q3 2025.
• Ethereum (ETH) staking rewards totaling $2.9 million in Q3 2025.
• Colocation services revenue of $1.7 million in Q3 2025.
• Digital asset mining revenue of $7.4 million in Q3 2025 (actively declining).

To give you a clearer view of how these streams contributed to the $30.5 million total revenue in Q3 2025, look at this breakdown. The growth in the WhiteFiber business lines, which includes cloud and colocation, is now the primary driver, supported by the yield from their ETH treasury strategy.

Revenue Stream	Q3 2025 Revenue Amount	Year-over-Year Change (Q3 2024 vs Q3 2025)
Cloud Services	$18.0 million	Increased 48%
Digital Asset Mining	$7.4 million	Decreased 27%
ETH Staking	$2.9 million	Increased 542%
Colocation Services	$1.7 million	Launched in Q4 2024 (compared to none in prior-year quarter)

Looking ahead, the analyst community has set expectations for the full fiscal year 2025. While the quarter-to-quarter volatility from digital asset gains can mask core performance, the top-line projection gives you a sense of the expected scale for the year. Analyst consensus projects full-year 2025 sales of $120.81 million. Finance: draft 13-week cash view by Friday.