Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 21

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 21
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”)   ● A Canadian company   100% owned by WhiteFiber, Inc.      ● Acquired on October 11, 2024          ● Engaged in HPC data center services                   WhiteFiber Canada, Inc. (“WF Canada”)   ● A Canadian company   100% owned by WhiteFiber AI, Inc.      ● Incorporated on March 11, 2025          ● Engaged in cloud services                   Enovum NC-1 BIDCO, LLC   ● A United States company   100% owned by WhiteFiber, Inc.  (“Enovum NC”)    ● Incorporated on May 7, 2025          ● Engaged in HPC data center services                   WhiteFiber Japan GK (“WF Japan”)   ● A Japanese company   100% owned by WhiteFiber AI, Inc.      ● Incorporated on May 22, 2025          ● Engaged in cloud services     

  (1) Upon the completion of the WhiteFiber IPO, Bit Digital owned approximately 71.5% of the ordinary shares of WhiteFiber. The ownership percentage has decreased to approximately 70.7% as a result of ordinary shares issued upon conversion of WhiteFiber restricted share units. 

8

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of presentation and principles of consolidation

The
interim unaudited condensed consolidated financial statements are prepared and presented in accordance with accounting principles generally
accepted in the United States (“US GAAP”).

The
unaudited condensed consolidated financial information as of September 30, 2025 and for the three and nine months ended September 30,
2025 and 2024 has been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain
information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with US GAAP,
have been omitted pursuant to those rules and regulations. The unaudited interim financial information should be read in conjunction
with the audited financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2024, which
was filed with the SEC on March 14, 2025.

In
the opinion of management, the accompanying unaud