Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 121

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 121
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    $54,719,308 

Liquidity and capital resources

As of June 30, 2025, we had working capital of
$273.7 million which includes USDC of $0.5 million and digital assets of $91.2 million as compared with working capital of $242.2 million
as of December 31, 2024. Working capital is the difference between the Company’s current assets and current liabilities.

To date, we have financed our operations primarily
through cash flows from operations, and equity financing through public and private offerings of our securities. We plan to support our
future operations primarily from cash generated from our operations and equity financings. We may also consider debt, preferred and convertible
financing on favorable terms.

We believe our existing cash will be sufficient
to fund our anticipated operating cash requirements for at least twelve months following the date of this filing.

We have sold from time to time in one or more
offerings at the market (ATM) at prices and on terms which the Company will then determine for an initial aggregate offering price of
$500 million pursuant to a registration statement on Form F-3 declared effective by the SEC on May 4, 2022.

68

Between May and August 2023, the Company issued
an aggregate of 6,747,663 ordinary shares to Ionic Ventures LLC for gross proceeds of $22.0 million. The Company received net proceeds
of approximately $21.0 million after deducting commissions payable to the placement agent.

In 2023, the Company sold an aggregate of 14,744,026
ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $45.3 million, net of offering costs.

In 2024, the Company sold an aggregate of 67,246,628
ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $242.9 million, net of offering costs.

In the first quarter of 2025, the Company sold
an aggregate of 3,149,887 ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $10.2 million,
net of offering costs.

In the second quarter of 2025, the Company sold
an aggregate of 25,504,699 ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $48.3 million,
net of offering costs.

On October 11,