PANews reported on May 15th that, according to The Block, Ethereum treasury company Bit Digital released its Q1 financial report, showing total revenue of $27.9 million, a 13.6% decrease quarter-over-quarter. This was primarily due to declines in cloud service revenue, ETH staking revenue, and digital asset mining revenue. Specifically, ETH staking revenue decreased by 29.4% quarter-over-quarter to $2.3 million, as the company converted approximately 70,000 ETH into liquidity staking to maintain treasury flexibility.

The company reported a net loss of $146.7 million in the first quarter, compared to a net loss of $185.3 million in the previous quarter. As of the end of March, the company held approximately 154,400 ETH, valued at approximately $327 million, with an average holding cost of $3,045. The company continues to reduce its exposure to Bitcoin mining, stating that while mining still generates cash flow, it is no longer a strategic growth focus, and capital allocation will shift towards Ethereum and infrastructure-related opportunities. The CEO stated that the company is once again proactively positioning itself for the integration of AI and Ethereum. Following the earnings release, the stock price fell 3.7% in after-hours trading, but has risen 39% cumulatively over the past month.