Analysts at Noble Capital Markets remain bullish on Bit Digital Inc (NASDAQ:BTBT) following the company’s monthly Ethereum (ETH) treasury and staking update for September.
Noble maintained its ‘Outperform’ rating and $5.50 price target, implying upside of about 36% at their time of writing.
As of the month-end, Bit Digital reported that it held approximately 121,187 ETH, down slightly from 121,252 ETH at the end of August.
This total included roughly 15,075 ETH and ETH-equivalents held in an externally managed fund, as well as about 5,142 ETH presented on an as-converted basis from LsETH using Coinbase’s conversion rate as of September 30, 2025.
The company’s total staked ETH was approximately 99,936 at that date. Staking operations generated around 291 ETH in rewards during September, representing an annualized yield of approximately 3.37%.
Based on a closing ETH price of $4,145.99 as of September 30, 2025, the market value of the company’s ETH holdings was approximately $506.6 million.
The company also announced on Wednesday that it purchased 31,057 ETH with the proceeds from the recent $150 million convertible note offering.
“Following this transaction, Bit Digital now holds approximately 150,244 ETH, reinforcing its position among the largest institutional Ethereum treasuries in the public markets,” Noble’s analysts highlighted.
The analysts also highlighted Bit Digital’s holdings in WhiteFiber. The company holds approximately 27 million shares or 71.5% of its outstanding common stock.
“With WhiteFiber's recent stock price surge, Bit Digital's holding is now valued at over $900 million, or some $2.80 per Bit Digital share,” they wrote.
“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.”