Overview

* Bit Digital ( BTBT ) fiscal Q2 revenue fell 11.7%, missing analyst expectations, per LSEG data

* Adjusted EBITDA for fiscal Q2 beats consensus, driven by gains on digital assets

* Company transitions to focus on Ethereum treasury and staking strategies

Outlook

* Bit Digital ( BTBT ) aims to build large on-chain ETH balance sheet

* Company expects to generate attractive staking yields for shareholders

Result Drivers

* ETH STRATEGY - Transition to Ethereum treasury and staking strategies drove significant growth in ETH holdings and staking rewards

* MINING DECLINE - Digital asset mining revenue fell 58.8% due to increased network difficulty and halving event

* CLOUD SERVICES GROWTH - Revenue from cloud services increased 32.8%, contributing to offsetting declines in other areas

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Miss $25.70 $27.50

Revenue mln mln (5

Analysts

)

Q2 Beat $27.80 $7.12

Adjusted mln mln (4

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

* Wall Street's median 12-month price target for Bit Digital Inc ( BTBT ) is $5.75, about 44.9% above its August 13 closing price of $3.17

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)