Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1397

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1397
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 circumstances occur indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Whenever the
exchange-traded price of digital assets declined below its carrying value, the Company was required to determine if an impairment existed
and to record an impairment equal to the amount by which the carrying value exceeded the fair value.

The following table presents a roll-forward of
BTC for the year ended December 31, 2023, based on the cost-impairment model under ASC 350:

    For the 
Year Ended December 31, 

    2023 
  
    Opening balance 
    $15,796,147 
  
    Receipt of BTC from mining services 
     44,240,418 
  
    Receipt of BTC from other income 
     140,724 
  
    Sales of BTC in exchange of cash 
     (4,679,714)
  
    Sales of BTC in exchange of ETH 
     (11,756,006)
  
    Sales of BTC in exchange of USDC 
     (17,251,504)
  
    Payment of BTC for service charges from mining facilities 
     (1,758,441)
  
    Payment of BTC for other expenses 
     (392,952)
  
    Impairment of BTC 
     (4,519,692)
  
    Ending balance 
    $19,818,980 

The following table presents a roll-forward of
ETH for the year ended December 31, 2023, based on the cost-impairment model under ASC 350:

    For the 
Year Ended December 31, 

    2023 
  
    Opening balance 
    $11,791,181 
  
    Receipt of ETH from exchange of BTC 
     17,164,100 
  
    Receipt of ETH from native staking business 
     531,702 
  
    Receipt of ETH from liquid staking business* 
     144,011 
  
    Other income in the form of ETH 
     540 
  
    Sales of ETH in exchange of cash 
     (3,243,415)
  
    Payment of ETH for other expenses 
     (22,757)
  
    Payment of ETH to investment fund 
     (3,615,507)
  
    Impairment of ETH 
     (2,112,752)
  
    Ending balance 
    $20,637,103 

  * It includes