Analysts at Noble Capital Markets repeated their ‘Outperform’ rating on Bit Digital Inc (NASDAQ:BTBT), encouraged by the company’s August Ethereum treasury and staking update.
As of August 31, 2025, Bit Digital reported holding approximately 121,252 Ethereum, including around 15,084 Ethereum and Ethereum-equivalents in an externally managed fund and roughly 5,094 Ethereum on an as-converted basis from LsETH using Coinbase’s conversion rate.
Of this total, about 105,031 Ethereum was staked.
Staking operations generated approximately 249 Ethereum in rewards during August, representing an annualized yield of 2.94%.
Using a closing Ethereum price of $4,391.91 on August 31, the market value of the company’s holdings was approximately $532.5 million.
The company also disclosed it had 321,432,722 common shares outstanding at month-end, reflecting recent stock sales.
In addition, Bit Digital maintained ownership of approximately 27 million shares of WhiteFiber (WYFI).
“We are maintaining our 'Outperform' rating and our $5.50 price target on Bit Digital shares,” the analysts wrote. This price target implies upside of about 120% from Bit Digital’s share price at the time of writing.
“While it is early, the IPO of WhiteFiber could be a game changer for Bit Digital, enabling investors to unbundle the value of the HPC business from Bit Digital's historic crypto operations,” Noble concluded.