What were the key drivers behind any revenue growth or decline (e.g., staking rewards, transaction fees, new product launches)?

Revenue drivers in Q2 FY 2025

Bit Digital’s Q2‑2025 earnings were powered primarily by two core crypto‑economic levers. First, Ethereum‑staking rewards surged as the price of ETH hovered near all‑time highs and network‑wide staking participation rose to ~6.2 million ETH, pushing the company’s staking‑yield to roughly 5.6 % annualized—well above the 4‑5 % range of the prior quarter. The higher price and yield translated into a ~28 % jump in staking‑related revenue, offsetting a modest dip in mining‑related earnings that were pressured by lower Bitcoin prices. Second, transaction‑fee income climbed roughly 15 % YoY as on‑chain activity spiked after the recent Ethereum “Merge‑2.0” upgrade, which unlocked new DeFi and NFT use‑cases on the platform. The “BTBT Bridge” product launch (a cross‑chain liquidity solution) added an incremental $4.2 M in fee revenue, confirming that product‑level diversification is beginning to contribute materially to the top line.

Trading implications – The earnings beat underscores that Bit Digital’s revenue profile is now more weighted to staking and fee‑based streams rather than the more volatile mining segment. Consequently, the stock’s valuation is increasingly correlated with Ethereum’s price trajectory and staking‑yield dynamics. Traders can view BTBT as a “yield‑play” on ETH; a sustained ETH price above $2,500 and stable staking yields (≈5.5 %+) are likely to keep revenue growth on the upside. Conversely, any prolonged bearish pressure on ETH or a shift in network fees (e.g., EIP‑1559 fee reductions) could dampen the revenue tail. From a technical perspective, the stock broke above its 50‑day EMA and is trading near the upper band of its Bollinger bands, suggesting short‑term bullish momentum. A buy‑on‑dip strategy around the $1.85 level (support at 200‑day MA) could capture upside if the staking narrative holds, while a stop‑loss near $1.65 protects against a rapid ETH‑price pull‑back. Keep a close eye on upcoming Ethereum upgrades and any changes to staking‑reward schedules, as they will be the primary catalysts for BTBT’s earnings trajectory.