Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 117

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 117
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 the balance of digital assets as of June 30, 2025 decreased by $70.2 million, which was primarily attributable to exchange of bitcoins
of $54.0 million into cash, exchange of bitcoins of $1.2 million into USDC, payment of ETH to investment fund of $7.0 million, and change
in fair value of $22.0 million, partially offset by the generation of bitcoins of $14.4 million from our mining business.

Loans Receivable

Loans receivable consist of a loan issued by the
Company to a third party. The total balance of loans receivable was $0.4 million and $0.4 million as of June 30, 2025 and December 31,
2024, respectively.

Net investment in lease

Net investment in lease represents the present
value of the lease payments not yet received from lessee. The current and non-current balance of net investment in lease was $3.5 million
and $9.4 million, respectively as of June 30, 2025. The current and non-current balance of net investment in lease was $2.5 million and
$6.8 million, respectively as of December 31, 2024.

Deposits for property, plant, and equipment

The deposits for property, plant, and equipment
consists of advance payments for property, plant, and equipment. The balance was derecognized once the control of the property, plant,
and equipment was transferred to and obtained by us.

Compared with December 31, 2024, the balance as
of June 30, 2025 decreased $18.0 million, mainly due to the receipt of property and equipment of $97.3 million, offset by prepayment of
$79.3 million for property, plant and equipment.

66

Property, plant, and equipment, net

Property, plant, and equipment primarily consisted
of equipment used in our HPC business and digital asset business as well as construction in progress representing assets received but
not yet put into service.

As of June 30, 2025, we had 22,574 bitcoin miners with net book value
of $22.9 million, cloud service computing equipment with a net book value of $75.4 million, property, plant, and equipment for colocation
service with a net book value of $82.9 million, and construction in progress of $70.0 million.

As of December