Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 124

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 124
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 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.
Subsequently, we ceased our liquid staking activities with Liquid Collective protocol in October 2025.

62

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 nine months ended September 30, 2025, we earned 1,022.1 ETH in native staking and 52.9 ETH in liquid staking, respectively. For the
nine months ended September 30, 2025, we recognized revenues of $3,575,804 and $218,703 from native staking and liquid staking, respectively.

For
the nine months ended September 30, 2024, we earned 382.4 ETH in native staking and 1.3 ETH in liquid staking, respectively. For the
nine months ended September 30, 2024, we recognized revenues of $1,142,059 and $4,503 from native staking and liquid staking, respectively.

Our
revenues from ETH native staking increased by $2,433,745, or 213.1%, to $3,575,804 for the nine