Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 57

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 57
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100, respectively. The disposition
was closed on the same date.

On the same date, the parties completed all of
the share transfer registration procedures as required by the laws of the British Virgin Islands and all other closing conditions had
been satisfied. As a result, the disposition contemplated by the Disposition SPA was completed. Upon completion of the disposition, the
Purchaser became the sole shareholder of Bit Digital Investment Management Limited and Bit Digital Innovation Master Fund SPC Limited.
Upon the closing of the transactions, the Company does not bear any contractual commitment or obligation to the business of Bit Digital
Investment Management Limited and Bit Digital Innovation Master Fund SPC Limited, nor to the Purchaser.

Bit Digital Investment Management Limited was
incorporated on April 17, 2023 and engaged in fund and investment management activities. Bit Digital Investment Management Limited had
total assets of $1,155,038 and total liabilities of $nil, with net assets of $1,155,038 which is accounted for approximately 0.4% of the
unaudited consolidated net assets of the Company as of September 30, 2024. The Company recorded a loss of $979,038 from the disposal under
“other income (loss), net” in the consolidated statements of operations.

Bit Digital Innovation Master Fund SPC Limited
was incorporated on May 31, 2023 and is a segregated portfolios company. Bit Digital Innovation Master Fund SPC Limited did not have any
net assets as of September 30, 2024. The Company recorded a gain of $100 from the disposal under “other income (loss), net”
in the consolidated statements of operations.

Management believes that the disposition of Bit
Digital Investment Management Limited and Bit Digital Innovation Master Fund SPC Limited does not represent a strategic shift that has
(or will have) a major effect on the Company’s operations and financial results. The disposition is not accounted for discontinued
operations in accordance with ASC 205-20.

21. SUBSEQUENT EVENTS

On April 10, 2025, we entered into a real estate purchase
and sale agreement, dated as of April 10, 2025 (the “Purchase Agreement”) with Unifi Manufacturing, Inc. (“UMI”).
Pursuant to the Purchase Agreement we agreed to purchase from UMI, an industrial/manufacturing building together with the underlying land
(“NC-1”) located in Madison, North Carolina, as well as certain machinery and equipment located thereon, for