Company: BTBT
Filing Date: 2025-07-03
Form Type: S-8 POS
Source: 0001213900-25-061371
Chunk: 30

Company: Bit Digital, Inc
Filing Date: 2025-07-03
Form: S-8 POS
Chunk 30
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 not be available on terms acceptable to us, or at all.

From May 4, 2022 until March 31, 2025, we
have sold an aggregate of 81,990,654 shares for an aggregate purchase price of $288.1 million net of offering costs pursuant to an
at-the-market offering. We sold on additional 25,504,699 Ordinary Shares from April 1, 2025 until May 14, 2025 for net proceeds of
$48.3 million. On June 27, we completed the sale of 75 million Ordinary Shares at $2.00 per share for net proceeds of approximately
$141.5 million in a registered public offering. On July 1, 2025, the underwriters exercised their over-allotment option for the purchase
of an additional 11,250,000 Ordinary Shares at $2.00 per share for net proceeds of approximately $21.3 million We had a net income
of $28.3 million for Fiscal 2024. We incurred a net loss of $13.9 million for Fiscal 2023, which included $6.6 million impairment of
digital assets. We had negative cash flows for our operating activities of $13.0 million for Fiscal 2024. We had positive cash flows
from our operating activities of $1.1 million for Fiscal 2023. Negative cash flow during Fiscal 2024 resulted, in part, from gains
on digital assets of $55.7 million and revenue from bitcoin mining of $58.6 million, offset by depreciation and amortization
expenses of $32.3 million. Positive cash flow during Fiscal 2023 resulted, in part, from gain from exchange of digital assets of
$18.8 million offset by $6.6 million impairment of digital assets.

We cannot assure you our business model will allow
us to continue to generate positive cash, given our substantial expenses in relation to our revenue at this stage of our Company’s
development. Our inability to offset our expenses with adequate revenue will adversely affect our liquidity, financial condition and results
of operations. Although we have adequate cash on hand and have drawn down on an effective $500 million at-the-market shelf registration
statement and anticipated cash flows from operating activities are expected to be sufficient to meet our anticipated working capital requirements
and capital expenditures in the ordinary course of business for the next 12 months, we cannot assure you that will be the case. We expect