Noble Capital Markets analysts have repeated their ‘Outperform’ rating on Bit Digital Inc (NASDAQ:BTBT) following the company’s monthly update, citing its growing Ethereum holdings and potential upside from its WhiteFiber stake.
The firm also maintained its $5.50 price target, which implies upside of about 75% from Bit Digital's share price at their time of writing.
The analysts highlighted Bit Digital’s recent Ethereum metrics for October 2025, noting that as of the month-end, the company held approximately 153,547 ETH, up from 121,187 ETH at the end of September.
They added that the total staked ETH was roughly 132,480 as of the same date, with staking operations generating approximately 249 ETH in rewards during October, representing an annualized yield of approximately 2.93%.
Based on a closing ETH price of $3,845.79 on October 31, 2025, the company’s ETH holdings are valued at $590.5 million.
Noble’s analysts also noted that ETH has not been immune to the recent volatility in crypto markets. The price of ETH was nearly $4,700 on October 12 and has since tumbled to a current $3,450. However, they wrote that: “We continue to believe in the long-term value of ETH but acknowledge the ETH price will continue to be volatile in the short-term.”
The analysts also pointed to Bit Digital’s position in WhiteFiber as a key driver for potential upside. They noted that Bit Digital continues to own approximately 27 million shares of WhiteFiber, or about 71.5% of its outstanding common shares.
“Bit Digital's holding is now valued at approximately $765 million, or some $2.35 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.”