Bit Digital reported a $107.2 million net loss in the second quarter of 2025, yet its shares rose 2.05% to $1.49 on Thursday and added another 1.34% to $1.51 after hours as investors looked past the headline loss and focused on improving operations. Revenue increased 15% from the first quarter to $32.1 million, cloud services revenue climbed 42% to $23.8 million with a gross margin near 58%, and group gross profit reached $18.6 million. Roughly $86 million of the loss came from non-cash digital asset movements and other non-operating items, including a $46 million impairment on liquid staked ETH that the company said was not a realized loss. The quarterly loss also narrowed from $146.7 million, or $0.45 per diluted share, in the first quarter to $0.31 per share. Bit Digital held 164,310.5 ETH as of June 30, bought 8,568 ETH for $20 million on May 11, and sold none during the quarter. The company also raised $50 million against part of that treasury and committed up to $150 million from its own balance sheet to WhiteFiber through a delayed draw facility for the NC-1 data center campus. WhiteFiber's 27 million shares carried an implied value of nearly $1.05 billion at quarter-end, and the unit has signed new multi-year cloud agreements worth more than $540 million in aggregate contract value since the last earnings call. Chief Executive Officer Sam Tabar said the market continues to value Bit Digital primarily as a passive digital asset treasury rather than reflecting its operating businesses in Ethereum-related infrastructure and AI cloud services. The reaction contrasted with a broader sell-off in crypto-linked equities this week, including declines in Bitdeer and other sector names after earnings.