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Bit Digital (NASDAQ:BTBT) Stock Price Target Cut by HC Wainwright
On Thursday, Nasdaq-listed Bit Digital reported $27.1 million in third-quarter revenue, down 11% from $30.5 million a year earlier, with net income reaching $28.5 million, or $0.08 per diluted share.
CEO Sam Tabar said the company continues pivoting its treasury strategy from Bitcoin to Ethereum and AI infrastructure, with Bitcoin mining revenue falling to $2 million from $7.4 million as focus shifts to WhiteFiber.
Native Ethereum staking revenue grew 14% to $1 million from the preceding quarter, though down from $2.9 million a year earlier; Bit Digital held approximately 163,726 ETH worth $439.4 million at September 30.
Shares in BTBT fell 9.3% in premarket trading on Thursday after revenue missed analyst consensus estimates of about $32.2 million, marking a $5.1 million shortfall according to Yahoo Finance.
Management is considering whether repurchasing BTBT shares could benefit investors, though Tabar cautioned that selling Ethereum to finance buybacks would reduce staking income and require shareholder approval.