Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 231

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 231
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 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. In July 2025, we resumed liquid
staking through the Liquid Collective protocol with 5,120 ETH. Subsequently, we ceased our liquid staking activities with Liquid Collective
protocol in October 2025.

56

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 three months ended September 30, 2025, we earned 644.3 ETH and 52.9 ETH in native staking and liquid staking, respectively. For the
three months ended September 30, 2025, we recognized revenues of $2,649,831 and $218,703 from native staking and liquid staking, respectively.

For
the three months ended September 30, 2024, we earned 161.9 ETH and nil ETH in native staking and liquid staking, respectively. For the
three months ended September 30, 2024, we recognized revenues of $447,004 and $nil from native staking and liquid staking, respectively.

Our
revenues from ETH native staking increased by $2,202,827, or 492.8%, to $2,649,831 for the three months ended September 30, 2025 from
$447,004 for the three months ended September 30, 2024. The increase was primarily due to an increase of 482.4 ETH earned from staking
services and the increase in the average price of ETH for the three months ended September 30, 2025