Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 103

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 103
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 to the increase in the prices of bitcoin and ETH as of June 30, 2025.

For the three months ended June 30, 2024, a loss
of $11.5 million was recognized, primarily attributable to the decreases in the prices of bitcoin and ETH as of June 30, 2024.

Income tax provisions

Provision for income taxes consists of federal,
state and foreign income taxes. Our income tax provision for the three months ended June 30, 2025 is primarily attributable to the mix
of earnings and losses in countries with differing statutory tax rates, and the valuation allowance applied to the Company’s deferred
tax assets in the United States, Singapore and Hong Kong. We continue to maintain a valuation allowance against the deferred tax assets
in United States, Singapore and Hong Kong as the Company does not expect those deferred tax assets are “more likely than not”
to be realized in the near future, particularly due to the uncertainty on macroeconomy, politics and profitability of the business.

Our income tax provision was $1.6 million and
$0.5 million for the three months ended June 30, 2025 and 2024, respectively. The income tax provision was higher during the three months
ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to increase of $0.9 million in Canada due to the higher
unrealized gain resulted from increased Bitcoin price and increase of $0.2 million in the United States due to higher taxable profits
from digital assets sales.

Net income (loss) and earnings (loss) per share

For the three months ended June 30, 2025, our
net income was $14.9 million, representing a change of $26.8 million from a net loss of $12.0 million for the three months ended June
30, 2024.

Basic and diluted earning per share was $0.07
and $0.07 for the three months ended June 30, 2025, respectively. Basic and diluted loss per share was $0.09 and $0.09 for the three months
ended June 30, 2024, respectively.

Basic and diluted weighted average number of shares
was 206,889,826 and 208,817,806 for the three months ended June 30, 2025, respectively. Basic and diluted weighted average number
of shares was 128,053,586