Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 19

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 19
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 WhiteFiber, pursuant to
which the Company contributed (the “Contribution”) its HPC business through the transfer of 100% of the capital shares of
its cloud services subsidiary, WhiteFiber AI, Inc. and its wholly-owned subsidiaries WhiteFiber HPC, Inc., WhiteFiber Canada, Inc., WhiteFiber
Japan G.K. and WhiteFiber Iceland, ehf, to WhiteFiber in exchange for 27,043,749 ordinary shares of WhiteFiber (the “Reorganization”).
Pursuant to the Contribution Agreement, the transfer will be accounted for as a common control transaction immediately prior to the IPO.
The Contribution became effective on August 6, 2025, when the registration statement on Form S-1, as amended (File No. 333-288650), of
WhiteFiber was declared effective by the SEC. WhiteFiber AI became a wholly-owned subsidiary of WhiteFiber and the Company became the
direct shareholder of WhiteFiber after the Reorganization. As of the date of this Form 10-Q, the Company owns approximately 70.7% of
WhiteFiber. (See Note 18. Related Parties).

6

The
accompanying unaudited condensed consolidated financial statements reflect the activities of the Company and each of the following entities:

  Name   Background   Ownership  Bit Digital USA, Inc. (“BT USA”)   ● A United States company   100% owned by Bit Digital, Inc.      ● Incorporated on September 1, 2020          ● Engaged in digital asset mining business                   Bit Digital Canada, Inc. (“BT Canada”)   ● A Canadian company   100% owned by Bit Digital, Inc.      ● Incorporated on February 23, 2021          ● Engaged in digital asset mining business          ● Dormant and previously engaged in digital asset mining-related business                   Bit Digital Hong Kong Limited (“BT HK”)   ● A Hong Kong company   100% owned by Bit Digital, Inc.      ● Acquired on April 8, 2020          ● Dormant and previously engaged in digital asset mining-related business                   Bit Digital Strategies Limited   ● A Hong Kong company   100% owned by Bit Digital, Inc.  (“BT Strategies”)   ● Incorporated on June 1,