Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1341

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1341
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, and equipment, net

Property, plant, and equipment primarily consisted
of equipment used in our HPC and digital asset businesses as well as construction in progress representing assets received but not yet
put into service.

As of December 31, 2024, we had 24,239 bitcoin
miners with net book value of $17.9 million, cloud service computing equipment with a net book value of $47.2 million, property, plant,
and equipment acquired as part of the acquisition of Enovum with a net book value of $36.4 million for colocation service, and construction
in progress of $5.1 million.

As of December 31, 2023, we had 46,548 bitcoin
miners with net book value of $30.2 million and construction in progress of $51.0 million.

Operating lease right-of-use assets and operating
lease liability

As of December 31, 2024, the Company’s operating
lease right-of-use assets and total operating lease liability were $15.0 million and $13.8 million respectively. As of December 31, 2023,
the Company’s operating lease right-of-use assets and total operating lease liability were $6.2 million and $6.2 million, respectively.

The increase in operating lease right-of-use assets
and total operating lease liability of $8.8 million and $7.6 million respectively, were due to the additional leases for $11.5 million
and 10.3 million, respectively, partially offset by the amortization of the operating lease right-of-use assets totaling $2.8 million
and $2.7 million, respectively, for the year ended December 31, 2024.

97

Investment Securities

As of December 31, 2024, our portfolio consists
of investments in three funds, a privately held company via a simple agreement for future equity (“SAFE”), and four privately
held companies over which the Company neither has control nor significant influence. The total balance of investment securities was $30.8
million and $4.4 million as of December 31, 2024, and December 31, 2023, respectively. The increase of $26.4 million in the value of our
investment securities was mainly driven by investment of $15.8 million in AI Fund, investment of $6.7 million in Innovation Fund, investment
of $1.0 million in a SAFE, investment of $