[Management View]
Bit Digital completed the IPO of its former subsidiary WhiteFiber, transitioning to a dedicated Ethereum treasury and staking platform. The company retained approximately 74.3% ownership of WhiteFiber, with a potential reduction to 71.5% if the green shoe option is exercised. As of August 11, 2025, Bit Digital held about 121,000 ETH, with approximately 105,000 ETH actively staked.

[Outlook]
Management emphasized plans to scale ETH holdings while reducing legacy Bitcoin mining exposure. The company aims to generate scalable staking yield for shareholders and maintain a strong liquid balance sheet. Regulatory clarity and substantial cash and digital asset holdings position Bit Digital to pursue additional ETH accumulation.

[Financial Performance]
Total revenue for Q2 2025 was $25.7 million, compared to $29 million in Q2 2024. Digital asset mining revenue was $6.6 million, down 59% YoY. Cloud services revenue increased by 33% YoY to $16.6 million. Gross profit was $12.5 million, with a gross margin of 49%, up 80 basis points YoY. Net income was $14.9 million, or 7¢ per diluted share, with adjusted EBITDA of $27.8 million, including a $27.2 million gain on digital assets.

[Q&A Highlights]
Question 1: Do you think you could speak to the growing acceptance of Ethereum staking among institutional investors? How do you see this business model developing over time?
Answer: We believe accumulating ETH is a smart move and are glad to see other companies adopting this strategy. Broader adoption validates the asset and benefits all participants. We've been actively staking ETH for years, generating yield and compounding value with a productive treasury. Our large stake in WhiteFiber provides a unique source of nondilutive capital to grow our ETH holdings over time.

Question 2: On the G&A, will consulting and share comp expenses normalize, reducing G&A going forward?
Answer: Yes, the increased G&A was a one-time occurrence related to the Innovium acquisition and IPO expenses. Going forward, Bit Digital's G&A will drop substantially, with a leaner cost structure post-separation from WhiteFiber.

Question 3: Why don't you want to talk about WhiteFiber, given its significant ownership and value?
Answer: WhiteFiber is now a separate operating company, and we must treat it as such. We view our stake as a strategic and financial asset for Bit Digital, intending to unwind it opportunistically. Future calls will focus on WhiteFiber separately to maintain clarity and distinct narratives for both companies.

Question 4: Beyond ETH purchases, how can you support the Ethereum ecosystem? Any partnerships or marketing plans?
Answer: Post-IPO, we plan to be more active in promoting our ETH treasury strategy. We were the first to adopt this strategy and aim to capture mindshare. We have plans to buy more ETH and increase our presence in the market.

Question 5: Where do you think the regulatory framework for crypto should go from here?
Answer: The regulatory environment is becoming more favorable for crypto. The Genius Act and Clarity Act provide much-needed clarity and rules, encouraging broader institutional adoption. Ethereum's technological advantages and institutional interest position it well for future growth.

Question 6: Can you discuss your Bitcoin mining strategy and fleet efficiency?
Answer: We are winding down our Bitcoin mining business, focusing on Ethereum. We will continue operating the fleet as long as it remains profitable, deploying efficient S21+ units to maintain margins. Over time, we expect fleet efficiency to improve and total hash rate to decline as older units are retired.

Question 7: How are you handling your Ethereum staking, and what are your future plans?
Answer: We partner with Fireblocks for custody, Figment for native staking, and Lido for liquid staking. The cost is less than 10% in EBIT margin terms. While we have considered running validator nodes in-house, we currently prefer partnering with institutional vendors for clarity and support.

[Sentiment Analysis]
Analysts and management maintained a positive and forward-looking tone, emphasizing strategic transformation and growth potential in Ethereum staking. Management's responses were detailed and confident, reflecting a clear vision for the company's future.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 | QoQ Change |
|----------------------------|---------------|---------------|-------------|
| Total Revenue | $25.7 million | $29 million | -11.4% |
| Digital Asset Mining Rev. | $6.6 million | $16.1 million | -59% |
| Cloud Services Revenue | $16.6 million | $12.5 million | +33% |
| Gross Profit | $12.5 million | $11.9 million | +5% |
| Net Income | $14.9 million | -$12 million | N/A |
| Adjusted EBITDA | $27.8 million | -$3.8 million | N/A |

[Risks and Concerns]
- Dependence on Ethereum's market performance and regulatory environment.
- Potential challenges in winding down the Bitcoin mining business.
- Execution risks associated with scaling ETH holdings and staking operations.

[Final Takeaway]
Bit Digital's strategic pivot to an Ethereum treasury and staking platform marks a significant transformation, positioning the company for long-term growth in the digital asset space. The successful IPO of WhiteFiber and the focus on ETH accumulation and yield generation reflect a clear and ambitious vision. While challenges remain, the company's strong liquidity position and regulatory tailwinds provide a solid foundation for future success.