Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 135

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 135
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and $41.9 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 $27.8 million and $28.1 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 $3.9 million for the nine months ended September 30, 2025.

Investment
Securities

As
of September 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 $86.7 million and $30.8 million as of September 30, 2025, and December 31, 2024, respectively.
The increase of $55.9 million in the value of our investment securities was mainly driven by an additional investment of $47.6 million
in Innovation Fund I and an additional investment of $2.0 million in AI Innovation Fund I and an upward fair value adjustments of $6.2
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 increased by $2.9 million in the nine months ended September
30, 2025, largely due to the unpaid bills for our digital asset mining, ETH staking and cloud services in the nine months ended September
30, 2025.

Deferred
revenue

Deferred
revenue pertains to prepayments received from customers for HPC business.

As
of September 30, 2025, the Company’s current and non-current portion of deferred revenue was $7.8 million and $14,000, respectively,
compared to $30.7 million and $0.1 million, respectively, as of December 31, 2024