Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 195

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 195
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 we receive rETH-h for rewards earned from Portara
protocol. With the introduction of staked ETH withdrawals in April 2023, we have reassessed our Ethereum network staking approaches, weighing
the advantages of traditional staking against liquid staking solutions. The withdrawal feature in native staking, coupled with yields
that are on par with those of liquid staking, has encouraged us to expand our collaborations with other service providers in this domain.
As a result, we terminated all liquid staking activities with StakeWise in the third quarter of 2023, reclaiming all staked Ethereum along
with the accumulated rewards. In the first quarter of 2024, we ceased our liquid staking activities with Liquid Collective protocol and
reclaimed all our staked Ethereum. Since the first quarter of 2024, the Company has no liquid staking activities. In July 2025, we resumed
liquid staking through the Liquid Collective protocol with 5,120 ETH. This approach provides flexibility to engage in both staking and
restaking through a broader range of strategies and platforms.

60

In the first quarter of 2024, the Company has
restaked 3,008 ETH into EigenLayer, a protocol built on Ethereum that enables restaking of the already-staked ETH, through Figment. To
mitigate potential risks, we restake our ETH without delegating to any operator and the Company received 33,568 EigenLayer in the fourth
quarter of 2024 from this restaking activity. As of the date of this report, the reward earned in 2025 from this restaking activity is
not significant.  

For the six months ended June 30, 2025, we earned 377.8 ETH in native
staking and nil ETH in liquid staking, respectively. For the six months ended June 30, 2025, we recognized revenues of $925,973 and $0
from native staking and liquid staking, respectively.

For the six months ended June 30, 2024, we earned
220.5 ETH in native staking and 1.3 ETH in liquid staking, respectively. For the six months ended June 30, 2024, we recognized revenues
of $695,055 and $4,503 from native staking and liquid staking, respectively.  

Our revenues from ETH native staking increased
by $230,918, or 33.2%, to $925,973