Bit Digital Inc., a Nasdaq-listed company has announced on June 25, 2025, that it is exiting Bitcoin mining to focus exclusively on Ethereum staking and treasury operations, aiming to become a ‘pure-play Ethereum staking and treasury company.
According to the press release by Bit Digital, “ As of March 31, 2025, the Company held 24,434.2 ETH and 417.6 BTC, valued at approximately $44.6 million and $34.5 million, respectively, as of that date. Bit Digital intends to convert its BTC holdings into ETH over time.”
It is worth noting that to fund this shift, Bit Digital has launched a $150 million public offering of 75 million ordinary shares at $2.00 each, with an additional 11.25 million shares available to underwriters to buy more Ethereum.
Following the news of the transition, the trading price of Bit Digital stock reached $1.99 with a massive decline of 15.32%; yet on June 27, 2025, pre-market session prices were up by 6.03% and expected to open at $2.11.
Bitcoin mining is squeezing the profits of miners
It is quite true that after halving the price of Bitcoin has performed at a good pace, but at the same time, the tough mining industry has reduced the rewards of the miners.
The April 2024 Bitcoin halving has reduced the block reward to 3.125 BTC from 6.25 BTC, cutting miner potential revenue in half. The halving has led to a significant profit squeeze with daily mining revenue dropping to $34 million in June 2025, the lowest in over a year.
It is worth noting that Bitcoin mining difficulty has hit an all-time high of 126.4 T in June this year; this, combined with a hashprice slump to $44 per EH/s, has tightened the margin, especially for small miners with less efficient hardware.
The cost to mine one Bitcoin has risen over time, and the region focused on BTC mining has also seen a surge in the cost of electricity.
Bit Digital Inc., stock price, and financial updates
As per data from TradingView, Bit Digital stock lost 17.43% of its price in the week, a decline of 22.57% has been noted in a month, and in the YTD frame, it lost around 34%.
Currently, Bit Digital is trading below its 20, 50, 100, and 200-day exponential moving averages, and at the same time, its market capitalization is $414.98 million.
In 2025, the market capitalization of Bit Digital is down by 14.99%, which was $0.48 billion in 2024; for the 1st time, the cap of the company touched $1.05 billion in 2020.
Bit Digital Inc. has reported $25.11 million in revenue in Q1, 2025, with a net income of negative $57.71 million and a net margin of negative 229.88%. In 2024, the revenue of the company was $108.05 million, with a net income of $28.13 million and a net margin of 26.02%.
