Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1396

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1396
---
917 
  
    BTC as of December 31, 2024 
    $69,319,731 

For the
additions of BTC generated by the Company’s mining business, see Note 3. Revenue from Contracts with Customers.

Bitcoin
is sold on a FIFO basis. For the year ended December 31, 2024, gains from the sales of bitcoin are included in change in fair value of
BTC which is included in the consolidated statements of operations under the caption “Gains on digital assets”.

The following table presents a roll-forward of
ETH for the year ended December 31, 2024, based on the fair value model under ASU 2023-08:

    Fair value 
  
    ETH as of December 31, 2023 
    $20,637,103 
  
    Cumulative effect of the adoption of ASU 2023-08 
     13,852,500 
  
    Receipt of ETH from exchange of BTC 
     40,240,138 
  
    Receipt of ETH from native staking business 
     1,705,857 
  
    Receipt of ETH from liquid staking business 
     4,503 
  
    Receipt of ETH from exchange of other digital assets 
     128,960 
  
    Receipt of ETH from other income 
     200 
  
    Payment of ETH for other expenses 
     (21,704)
  
    Change in fair value of ETH 
     15,510,056 
  
    ETH fair value at December 31, 2024 
    $92,057,613 

For the
additions of ETH generated by the Company’s ETH staking business, see Note 3. Revenue from Contracts with Customers.

ETH is sold
on a FIFO basis. For the year ended December 31, 2024, gains from the sales of ETH are included in change in fair value of ETH which is
included in the consolidated statements of operations under the caption “Gains on digital assets”.

F-25

Prior to Adoption of ASU 2023-08, Accounting
for and Disclosure of Crypto Assets

Prior to the adoption of ASU 2023-08, digital
assets were accounted for as indefinite-lived intangible assets and were initially measured in accordance with ASC 350 - Intangible-Goodwill
and Other. Digital assets were not amortized, but were assessed for impairment annually, or more frequently, when events or changes
in