Overview

* Bit Digital ( BTBT ) Q3 revenue grows 33% yr/yr, slightly beating analyst expectations

* Adjusted EBITDA for Q3 beats estimates, driven by gains on digital assets

* Company transitioning to Ethereum treasury and staking, winding down bitcoin mining

Outlook

* Company is transitioning to a pure-play Ethereum treasury and staking strategy

* Bit Digital ( BTBT ) expects minimal growth in Bitcoin mining segment

* Company aims to increase ETH density and maintain balance sheet strength

Result Drivers

* ETH STAKING GROWTH - Revenue from ETH staking increased 542% due to higher staking rewards and realized ETH price

* CLOUD SERVICES EXPANSION - Revenue from cloud services grew 48% yr/yr

* BITCOIN MINING DECLINE - Revenue from digital asset mining decreased 27% due to increased network difficulty and reduced hash rate

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Slight $30.50 $30.30

Revenue Beat* mln mln (5

Analysts

)

Q3 EPS $0.47

Q3 Beat $166.80 $11.22

Adjusted mln mln (4

EBITDA Analysts

)

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

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 56.2% above its November 13 closing price of $2.52

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(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.)