Bit Digital is a digital asset holding company that has repositioned itself from a Bitcoin miner into an Ethereum treasury business. The core strategy is to accumulate ETH, stake it to earn protocol-native rewards, and grow the ETH balance over time. Bit Digital stakes its ETH through Figment, an institutional staking provider, earning roughly 3% annually on its staked balance. Staking revenue scales with both the size of the ETH balance and the ETH price. Bit Digital funds ETH accumulation through equity issuances and unsecured convertible notes — deliberately unsecured to prevent creditors from seizing ETH in a downturn. The legacy Bitcoin mining business is being wound down, with proceeds converted into ETH. Bit Digital also holds a ~70.5% stake in WhiteFiber, a separately listed subsidiary that operates two businesses: GPU cloud services, which rents NVIDIA GPU clusters to AI and machine learning customers under multi-month to multi-year contracts; and HPC data center colocation, which retrofits industrial buildings into Tier-3 data centers and leases capacity to enterprise and AI customers under long-term contracts. WhiteFiber's retrofit approach targets roughly six months from construction start to completion, compared to 18-plus months for greenfield builds. WhiteFiber operates data centers in Montreal and is developing a large facility in North Carolina contracted to deliver up to 99 MW. Bit Digital consolidates WhiteFiber's results under US GAAP given its majority ownership.