Bit Digital, Inc.

Hello and welcome to the BitDigital second quarter 2025 earnings conference call. Good morning, good afternoon, and good evening, depending on where you're joining us from. Thank you for being here. We're just giving a few more moments for attendees to dial in, so thank you for your patience. While we wait, please note that during this call, all participant lines will be in a listen-only mode. Following the officer's update, we will open the floor for a question and answer session. If you have a question at that time, simply press star 1 on your telephone keypad. Also, as a reminder, today's conference is being recorded. I'll now hand it over to your host, Cameron Schneer, Head of Investor Relations at BitDigital. Cameron, the floor is yours.

Thank you. Good morning and welcome to the BitDigital second quarter 2025 earnings call. Joining us on the call today are Sam Tabar, Chief Executive Officer, and Eric Wong, Chief Financial Officer. Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore refer you to yesterday's 10-Q filing and our other SEC filings. Our comments today may also include non-GAAP financial measures. Additional details and reconciliation of the most directly comparable GAAP financial measures can be found in our 10-K filing, which is on our website. After our prepared remarks, we'll open the call up for questions. If you'd like to ask a question, please hit star 1 on your keypad. With that covered, I will turn the call over to Sam to discuss our performance. Sam?

Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today. The past few months have been busy for our team, to say the least. The word transformation is likely overused in earnings calls, but BitDigital has truly transformed since the end of the first quarter. In June, we announced our transition to an Ethereum treasury and staking platform. Last week, we completed the IPO of White Fiber, Our former wholly owned subsidiary is now a standalone AI infrastructure company. These two steps reshape our business and our strategy. Our focus going forward is simple. We want to build one of the largest institutional ETH balance sheets in the public markets and generate scalable staking yield for our shareholders. We aim to do this through strategic and prudent capital allocation. Although White Fiber is now a standalone public company, our ownership and retained rights currently require us to consolidate its results in our financials under U.S. GAAP. The portion we do not own will be shown as a non-controlling interest. That will remain the case unless and until our ownership or control falls below the threshold required for consolidation. We believe the white fiber IPO is the best way to unlock value for our shareholders. We have created two focused independent platforms. With the white fiber IPO behind us, we are now laser focused on making BitDigital the largest ETH treasury platform in the public markets. Yes, you could call this a reboot. FitDigital is now finally in a position to scale as a pure play Ethereum treasury and staking company. Void Fiber, meanwhile, has the flexibility to pursue its own growth strategy as a standalone AI infrastructure company. We believe that this separation gives both companies greater strategic clarity, and more disciplined capital allocation. We currently own about 74.3% of white fiber, which would drop to around 71.5% if the green shoe is fully exercised. Our shares are subject to a six-month lockup following the IPO. Over time, we plan to fully unwind our position in a measured and opportunistic way. But we are in no rush. We are extremely excited by the future of white fiber. We believe selling down our ownership prematurely would only hurt shareholder value for BTBT. Our goal is to maximize long-term value for shareholders of both companies. White fiber remains a very valuable asset for our shareholders. But today's call is focused on BitDigital's core business. We will not be providing forward-looking comments on white fiber. For additional information on white fiber, I encourage you to visit white fiber's website and SEC filings. During the second quarter, we launched our plan to become a dedicated Ethereum holding and yield generation platform. As of the end of June, we held approximately 30,663 ETH. After the quarter closed, we increased that to about 121,000 ETH as of August 11th. This was funded in part by our recent equity offerings and by the sale of Bitcoin. Converting our Bitcoin into ETH has been a great trade so far. We earned approximately 166.8 ETH in staking rewards during the quarter. At quarter end, around 21,568 ETH were actively staked. The annualized effective yield was approximately 3.1%. As of August 11th, we had approximately 105,000 ETH staked. This transition represents a structural pivot. Our goal is to build the largest institutional ETH balance sheets in the public markets. We want to generate scalable staking yield for shareholders. This isn't a trend we're chasing. We've owned ETH since 2021. We held it through multiple market cycles earlier than any other ETH treasury company. We started converting our Bitcoin into ETH at a time when miners thought that was sacrilegious. Turns out it wasn't heresy. It was foresight. We had conviction in the long-term potential of ETH. That conviction has only grown. We believe the value of ETH is still in the very early innings from an awareness standpoint. Now turning to Bitcoin mining. In June, we announced that we are exploring strategic alternatives for our Bitcoin mining business. We are open to either selling the business or winding it down. Basically, if we don't sell, we'll run the fleet until units become unprofitable or hosting contracts expire. We will look for mutually beneficial outcomes as we work with our hosting partners. To be very clear, we will not invest in additional mining units. Simply put, we believe will deliver better long-term returns than mining. Yes, you heard that right. We produced 68 Bitcoins in the second quarter, down from 83 Bitcoins in Q1. Mining revenue declined to 6.6 million, but gross margins remained positive, despite lower production and a weaker hash price. As of quarter end, Our active hash rate was about 1.2 exahash, reflecting curtailments. Since then, we've deployed 2,130 S21 miners and expect to deploy another 1,445 later this month. As an important note, those units were purchased earlier this year. These newer machines, combined with the gradual retirement of older models, are expected to improve lead efficiency to below 22 joules per terahash as the business winds down. With that overview, I will turn it over to Eric to walk through the financials.