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Investing.com - H.C. Wainwright has reiterated a Buy rating on Bit Digital Inc. (NASDAQ:BTBT) with a price target of $7.00, following the company’s third-quarter 2025 earnings report. This target represents a 190% upside from the current price of $2.41. InvestingPro data shows BTBT trading at a low P/E ratio of 3.88, suggesting the stock may be undervalued based on earnings.
Bit Digital reported revenue of $30.5 million for Q3 2025, representing a 20% sequential increase from $25.7 million in the previous quarter. The results include consolidated operations of both Bit Digital and WhiteFiber, of which Bit Digital owns 70.1% as of September 30. For the last twelve months, the company generated total revenue of $105.7 million with a healthy gross profit margin of 49.23%.
The company’s revenue growth was significantly boosted by Ethereum staking rewards, which jumped to $2.9 million in Q3 2025 from $0.4 million in Q2 2025. This increase corresponds with Bit Digital’s expanded Ethereum holdings, which grew to 122,127 ETH as of September 30 from 30,663 ETH at the end of June. InvestingPro analysis indicates the company holds more cash than debt on its balance sheet, though it is quickly burning through cash with negative free cash flow of $448.39 million in the last twelve months.
As of October 30, Bit Digital’s ETH balance stood at 153,547 tokens valued at approximately $486 million, with the company focusing on building an Ethereum treasury and aiming to stake as much as 90% of its balance. The company purchased 31,360 ETH through October, partially funded by a $135 million unsecured convertible note issued in September. Despite this debt issuance, the company maintains a strong current ratio of 17.53, with liquid assets significantly exceeding short-term obligations.
Bit Digital plans to gradually reduce its Bitcoin mining operations from 1.9 EH/s at September-end to approximately 1.2 EH/s by mid-2026, with no plans for mining fleet upgrades as the company continues its strategic pivot toward Ethereum-focused operations. With a market cap of $779.74 million and an overall financial health score rated as "GOOD" by InvestingPro, investors can access a comprehensive Pro Research Report on BTBT, one of 1,400+ US equities covered in-depth on the platform.
In other recent news, Bit Digital Inc. reported its third-quarter 2025 earnings, showcasing a significant revenue increase. The company achieved total revenue of $30.5 million, which is an improvement from the previous quarter’s $25.7 million. This marks a strategic shift towards Ethereum operations for Bit Digital. Despite the positive financial results, the company’s stock experienced a premarket decline. Analyst firms have not yet provided any recent upgrades or downgrades. These developments highlight Bit Digital’s evolving business strategy and financial performance. Investors may find the company’s revenue growth noteworthy amidst its strategic changes.
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