Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 67

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 67
---
gregating $1.6 million based upon the closing price of the Company’s ordinary shares on date of agreement.

In
April 2025, the Company entered into a one-year service agreement with a consulting firm and granted 250,000 RSUs thereto, all of which
vested immediately. Over the duration of the service agreement, the Company will recognize share-based compensation expenses aggregating
$0.5 million based upon the closing price of the Company’s ordinary shares on date of agreement.

In
April 2025, WhiteFiber entered into a one-year director agreement with David Andre pursuant to which Mr. Andre would be appointed as
a director of WhiteFiber upon the commencement of trading of our ordinary shares on the Nasdaq Capital Market. This agreement granted
135,135 RSUs of Bit Digital, which are subject to a four-quarter service vesting schedule. As the effective date of the Form S-1 was
subsequent to June 30, 2025, this agreement was considered a consulting agreement until Mr. Andre was elected to the Board of Directors
of WhiteFiber on August 7, 2025. Over the duration of the service agreement, the Company will recognize share-based compensation expenses
aggregating $0.2 million based upon the closing price of the Company’s ordinary shares on the date of the agreement.

In
July 2025, the Company entered into separate one-year service agreements with a consultant and granted 180,000 RSUs, all of which vested
immediately. Over the duration of the service agreement, the Company will recognize share-based compensation expenses aggregating $0.5
million based upon the closing price of the Company’s ordinary shares on date of agreement.

The
Company recognized share-based compensation expense of $576,952 for three months ended September 30, 2025 and $2,766,952 for the nine
months ended September 30, 2025 for RSUs granted to consultants.

For
the three months ended September 30, 2025, WhiteFiber recognized share based compensation expense of $3,932,926 related to awards granted
to its employees and director under WhiteFiber 2025 Plan. In September 2025, WhiteFiber granted 235,294 RSUs to consultants under WhiteFiber
2025 Plan, all of which vested immediately, resulting in additional share-based compensation expense of $4,839,998.

33

13.
SHARE CAPITAL

Ordinary
shares