Fundamental comparison
Bit Digital’s Q2 FY2025 release shows a $42 million revenue run‑rate, up 38 % YoY, driven by a 24 % jump in Ethereum‑native staking assets (now $1.1 bn) and a net loss of $8 million that narrowed from $15 million in Q2 2024. By contrast, Coinbase (COIN) posted Q2 2025 revenue of roughly $1.1 bn—still down 12 % from the prior year—while its net loss widened to $1.1 bn as trading volumes slipped and its staking AUM plateaued around $1.0 bn. Robinhood Crypto (HOOD) reported $210 million in crypto‑related revenue, a modest 9 % increase, but its net loss expanded to $210 million, and staking AUM grew only 3 % to $350 million. Galaxy Digital (GLXY), a more niche player, posted $75 million in revenue with a net loss of $12 million and a 15 % rise in staking AUM to $300 million.
Bit Digital’s growth in staking‑derived yield (≈ 15 % annualized on its treasury) outpaces both Coinbase’s flat‑line yield (≈ 9 %) and Robinhood’s modest 7 % return, indicating a stronger execution of its “Ethereum‑native” strategy. However, the company remains small‑cap (≈ $1.2 bn market cap) and its profitability still lags behind the cash‑rich balance sheets of Coinbase and Galaxy Digital.
Technical & trading implications
On the chart, BTBT is trading near its $1.20 – $1.30 support zone, with the 20‑day SMA still above price and the RSI hovering around 42, suggesting limited upside momentum. Volume has been light (≈ 0.8 M shares/day) relative to the Q2 earnings‑driven spike, indicating a low‑participation, fundamentals‑driven move. If the broader crypto market stabilises and Bitcoin holds above $30k, Bit Digital’s staking‑growth narrative could attract risk‑on capital, making a breakout above $1.35 a bullish entry point. Conversely, a pull‑back in crypto‑risk assets or a widening net‑loss trend would likely see BTBT re‑test the $1.20 support and could trigger a short‑side position.
Actionable take‑away: For traders bullish on the “Ethereum‑native staking premium,” a cautious long at $1.22–$1.25 with a stop just below $1.18 offers upside if BTBT can sustain its AUM growth and narrow losses. In a risk‑off environment, consider a short‑bias near $1.30 with a stop at $1.35, as the stock is still vulnerable to broader crypto market weakness and its limited scale relative to Coinbase.