Bit Digital Releases Q2 Financial Report, Net Profit Reaches $14.9 Million
Bit Digital, Inc. (Nasdaq stock code: BTBT) announced its financial performance for the second quarter of 2025, with total revenue of $25.7 million, a decrease of 11.7% from $29 million in the second quarter of 2024. Digital asset mining revenue was $6.6 million, down 58.8% from $16.1 million in the same period last year. Cloud service revenue was $16.6 million, an increase of 32.8% from $12.5 million in the same period last year. ETH staking income was $0.4 million, a decrease of 2.3% from $0.4 million in the second quarter of 2024. Net profit was $14.9 million, with diluted earnings per share of $0.07, compared to a net loss of $12 million and diluted earnings per share of $0.09 in the same period last year. Adjusted EBITDA for the second quarter of 2025 was $27.8 million, compared to $3.8 million in the second quarter of 2024. Total cash and cash equivalents were $181.2 million, with total digital assets of $91.2 million. In the second quarter, Bit Digital initiated a strategic transformation aimed at becoming a company focused on Ethereum fund management and staking. As of August 11, Bit Digital held 121,076 ETH, with an actively staked ETH amount of 105,015.
According to Globenewswire, KULR Technology Group, Inc. (NYSE: KULR), a company focused on Bitcoin and financial business, announced its second-quarter results. The second-quarter revenue was $3.97 million, a year-on-year growth of 63%, marking the highest quarterly revenue to date. Net income was $8.14 million, mainly due to the growth in Bitcoin holdings. Bitcoin holdings increased to 1,021 Bitcoins, with a reported Bitcoin yield rate of 291.2%.
New Wallet Withdraws 53,434 ETH Worth $244 Million from Kraken in Past 2 Days
According to Onchain Lens monitoring, a newly created wallet has withdrawn 53,434 ETH, worth $244 million, from Kraken in the past two days.
According to Coindesk, the American Bankers Association and other banking lobbying groups, along with 52 banking organizations including the U.S. Financial Reform Organization (typically a staunch opponent of Wall Street policy goals) and the National Consumer Law Center, have jointly written to the Senate Banking Committee leadership, requesting modifications to the stablecoin bill named the GENIUS Act. In one letter, the banking lobbying groups and consumer groups requested the deletion of a clause that allows state-chartered uninsured deposit institutions to gain a competitive advantage. In another letter, bankers demanded a ban on stablecoin-affiliated companies offering yields. The lobbyists are seeking to thoroughly revise the new stablecoin bill using future cryptocurrency market structure legislation.
SEC Postpones Decision on Bitwise and 21Shares Solana ETF Proposal to October 16
According to The Block, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on approving the Solana Exchange Traded Fund (ETF) proposal. In the submitted documents, the SEC stated that the next deadline for the Bitwise Solana ETF and 21Shares Core Solana ETF is October 16. Both documents stated: "The Commission believes that designating a longer period to issue an order approving or disapproving the proposed rule change is appropriate to allow the Commission sufficient time to consider the proposed rule change and the issues raised therein." The Solana ETF proposals are making progress as various companies modified their filing documents last month to obtain SEC approval. Companies including Proshares, Grayscale, Canary, and 21Shares are awaiting SEC approval.
Citigroup Considers Providing Custody and Payment Services for Stablecoins and Crypto ETFs
According to Reuters, Biswarup Chatterjee, Global Head of Partnerships and Innovation at Citigroup Services, stated in an interview that the group is exploring providing stablecoin custody and other services. Citigroup is also exploring custody services for digital assets supporting crypto-related investment products. For example, many asset management companies have launched ETFs tracking Bitcoin spot prices since the U.S. SEC approved such products last year. Additionally, Citibank is developing services that allow clients to transfer stablecoins between accounts or instantly exchange them for U.S. dollars, and is exploring related use cases with clients.
U.S. Stocks Close Mixed, Circle (CRCL) Down 9.1%, Bullish (BLSH) Up 9.75%
According to Cailian Press, U.S. stocks closed mixed, with the S&P 500 up 0.03%, Nasdaq down 0.01%, and Dow down 0.02%. The S&P 500 continued to create new closing highs for three consecutive trading days. Coinbase (COIN) was down 0.65%; Circle (CRCL) was down 9.10%; Bullish (BLSH) was up 9.75%.
Coinbase to Conduct System Maintenance on August 18
According to Coinbase Status, Coinbase will perform system maintenance on August 18. During this period, transfers for Bitcoin, Litecoin, Bitcoin Cash, Zcash, Dash, and the Lightning Network will be delayed. All ERC20 and ETH transfers on the Ethereum and Ethereum Classic networks will also be affected, though buying and trading functions will not be impacted.
Sequans Plans to Acquire 100,000 Bitcoins by 2030
According to the Sequans official website, Sequans announced a strategic plan to cumulatively acquire 100,000 Bitcoins by the end of 2030. The company launched its Bitcoin reserve strategy in July 2025 and currently holds 3,171 Bitcoins, ranking 22nd among global listed companies. Sequans will continue to optimize its asset structure through phased capital operations, including equity issuance, Bitcoin-collateralized credit, and intellectual property monetization, to achieve long-term financial stability.
Bitpanda Officially Enters UK Market, Launches Crypto Trading and B2B Infrastructure
According to The Fintech Times, European crypto platform Bitpanda announced its launch in the UK, offering local users trading for over 600 crypto assets and simultaneously launching Bitpanda Technology Solutions B2B infrastructure service to support financial institutions in integrating crypto products through white-label solutions. Additionally, Bitpanda appointed Pantelis Kotopoulos as the UK head and reached a global partnership with Arsenal Football Club.
Stablecoin Protocol USD.AI Completes $13 Million Series A Funding, Led by Framework Ventures
According to CoinDesk, stablecoin protocol USD.AI announced the completion of a $13 million Series A funding round, led by Framework Ventures, with participation from Bullish, Dragonfly, and Arbitrum. Developed by Permian Labs, USD.AI specializes in providing loans collateralized by GPU hardware for AI enterprises, with approval efficiency improved by over 90%. The project has received $50 million in deposits and plans to launch an ICO with a gamified distribution model.
MicroStrategy Changes Legal Name to Strategy
According to Strategy's website, MicroStrategy has changed its legal company name to Strategy Inc., effective August 11. The company's securities trading codes on Nasdaq remain unchanged, including MSTR, STRK, STRF, STRD, STRC, and the CUSIP number has not been adjusted. This name change does not affect the company's structure. Strategy Inc. is the world's largest Bitcoin-holding listed company and provides AI enterprise analysis software. Gemini Launches Web3 Smart Wallet Without Seed Phrase According to CoinDesk, Gemini announced the launch of a self-custodial smart wallet that users can use without a seed phrase or app download, supporting gas-free transactions and free ENS subdomain. The wallet uses biometric login and social recovery tools, integrating asset management and DeFi functions. Gemini plans to subsequently enable direct account connections to support on-chain transactions and collaborate with BlockAid, WalletConnect, and others to support product launch. Dinari to Launch Avalanche-based Blockchain, Positioned as "Stock Token DTCC" According to CoinDesk, Dinari announced the launch of a Layer 1 blockchain called Dinari Financial Network, using Avalanche technology, aimed at serving as a stock token clearing and settlement coordination layer. Institutions including VanEck, BitGo, and Gemini will serve as validators and provide custody services. Dinari plans to unify multi-chain liquidity and compliance through its own chain, gradually implementing on-chain governance and decentralization. BtcTurk Suspected of Hacker Attack, Approximately $48 Million in Crypto Assets Abnormally Transferred Blockchain security company Cyvers detected an abnormal transfer of approximately $48 million from the Turkish crypto exchange BtcTurk, involving ETH, AVAX, ARB, BASE, OP, Mantle, and MATIC across multiple chains. Most assets have been concentrated into two addresses, suspected to be a coordinated attack. (Note: The translation continues in the same manner for the remaining paragraphs.)According to Yuji monitoring, bitFlyer has staked 240,000 ETH (approximately $1.134 billion), transferring all ETH to the execution address after announcing the launch of Ethereum staking. Binance staked 80,000 ETH (approximately $378 million) half an hour ago, all deposited into the staking execution address.
