Bit Digital сообщает о прибыли благодаря переходу на Ethereum и стейкинг Translation: Bit Digital reports profit due to transition to Ethereum and staking

The Nasdaq-listed company Bit Digital announced a net profit of $14.9 million for the second quarter, compared to a loss of $12 million a year earlier. This was stated in the firm’s press release.

The company’s total revenue fell by 11.7%, reaching $25.7 million. This decline is attributed to a reduction in revenue from bitcoin mining, which plummeted by 58.8% — from $16.1 million to $6.6 million.

«This decrease is linked to the rising difficulty of the network, the halving occurring in April 2024, and a reduction in active hashrate,» stated representatives of Bit Digital.

New business avenues have helped mitigate these losses. In June, the company began winding down its operations in bitcoin mining and redirected capital towards Ethereum.

At the time of publication, Bit Digital held over 120,300 ETH valued at $556.7 million. Overall, corporate treasuries are holding 3.7 million ETH worth $17 billion.

In the last quarter, the company also received approximately 166.8 ETH as rewards for staking, yielding an annual return of 3.1%.

«Our aim is to build one of the largest publicly-held balances of ether in the blockchain and to generate attractive staking returns for our shareholders,» said Bit Digital’s CEO, Sam Tabar.

Following the latest trading session, the company’s stock dipped by 0.63%, to $3.19, according to Yahoo Finance. However, in the last five days, its price increased by 8.1%, and since the beginning of the year, it has risen by 8.9%.

It’s worth noting that corporate crypto treasuries have sparked controversy within the community. Supporters argue that such structures enhance ecosystem visibility and create long-term value, while critics warn of potential conflicts of interest.