Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 214

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 214
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 $148.2
million for the six months ended June 30, 2025, primarily attributable to purchases of and deposits made for property, plant, and equipment
of $147.1 million, investment in equity securities of $2.0 million, and proceeds from disposal of property, plant and equipment of $0.9
million.

Net cash used in investing activities was $6.7
million for the six months ended June 30, 2024, primarily attributable to purchases of and deposits made for property and equipment of
$5.6 million, investment in a SAFE of $1.0 million and investment in one equity investee of $0.1 million.

Financing Activities

Net cash provided by financing activities was
$199.3 million for the six months ended June 30, 2025, attributable to net proceeds of $58.5 million from the at-the-market offering,
net proceeds of $141.6 million from the public offering, and offset by the payment of dividends of $0.8 million.

Net cash provided by financing activities was
$80.3 million for the six months ended June 30, 2024, attributable to net proceeds of $80.3 million from the at-the-market offering. 

Royal Bank of Canada Credit Facility

On June 18, 2025, the Company entered into a definitive credit agreement
with the Royal Bank of Canada (“RBC”), the largest bank in Canada, to finance its data centers business. The facility provides
up to CAD $60 million (approximately USD $43.8) in aggregate financing. Proceeds will be used to support the continued buildout of the
Company’s HPC data center portfolio. Refer to Data Centers section above for further details.

71

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial
condition and results of operations are based upon our unaudited condensed consolidated financial statements. These financial
statements are prepared in accordance with U.S. GAAP, which requires the Company to make estimates and assumptions that affect the
reported amounts of our assets, liabilities, revenues, and expenses, to disclose contingent assets and liabilities on the dates of
the unaudited condensed consolidated financial statements, and to disclose the reported amounts of revenues and expenses incurred
during the financial reporting periods. The most significant estimates and assumptions include, but are not limited to, the
valuation of current assets, useful lives of property, plant, and equipment, impairment of long-lived assets, int