Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 118

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 118
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31, 2024, we had 24,239 bitcoin
miners with net book value of $17.9 million, cloud service computing equipment with a net book value of $47.2 million, property, plant,
and equipment acquired as part of the acquisition of Enovum with a net book value of $36.4 million for colocation service, and construction
in progress of $5.1 million.

Operating lease right-of-use assets and operating
lease liability

As of June 30, 2025, the Company’s operating
lease right-of-use assets and total operating lease liability were $44.8 million and $43.7 million respectively. As of December 31, 2024,
the Company’s operating lease right-of-use assets and total operating lease liability were $15.0 million and $13.8 million respectively

The increase in operating lease right-of-use assets
and total operating lease liability of $29.8 million and $29.9 million respectively, were due to one additional data center lease entered
in 2025, one additional capacity lease entered in 2025, one additional office lease entered in 2025, and one additional lease entered
in 2025 for general and administrative purposes totaling $32.1 million, partially offset by the amortization of the operating lease right-of-use
assets totaling $2.4 million for the six months ended June 30, 2025.

Investment Securities

As of June 30, 2025, our portfolio consists of
investments in three funds, a privately held company via a simple agreement for future equity (“SAFE”), and four privately
held companies over which the Company neither has control nor significant influence. The total balance of investment securities was $39.0
million and $30.8 million as of June 30, 2025, and December 31, 2024, respectively. The increase of $8.2 million in the value of our investment
securities was mainly driven by an additional investment of $7.0 million in Innovation Fund I and an additional investment of $2.0 million
in AI Innovation Fund I, which partially offset by downward fair value adjustments of $0.8 million.

Accounts payable

Accounts payable primarily consists of amounts
due for costs related to our digital asset mining, cloud services, colocation services and ETH staking. Compared with December 31, 2024,
the balance of accounts payable decreased by $1.3 million in