Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 316

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 316
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Net cash provided by financing activities was
$242.9 million for the year ended December 31, 2024, attributable to net proceeds of $242.9 million from the at-the-market offering.

Net cash provided by financing activities was
$52.2 million for the year ended December 31, 2023, primarily attributable to the net proceeds of $45.3 million from a direct offering
with Ionic Ventures, an institutional investor, and the net proceeds of $8.6 million from at-the-market offering, partially offset by
the payment of dividends of $1.6 million to a related party preferred shareholder.

Net cash provided by financing activities was
$18.7 million for the year ended December 31, 2022, primarily attributable to the net proceeds of $21.0 million from a direct offering
with Ionic Ventures, an institutional investor, and partially offset by the payment of liquidated damage fees of $2.2 million as the registration
statement for resale of shares issued in one of our private placements was declared effective by the SEC late on January 25, 2022.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition
and results of operations are based upon our unaudited condensed consolidated financial statements. These financial statements are prepared
in accordance with U.S. GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of our assets,
liabilities, revenues, and expenses, to disclose contingent assets and liabilities on the dates of the unaudited condensed consolidated
financial statements, and to disclose the reported amounts of revenues and expenses incurred during the financial reporting periods. The
most significant estimates and assumptions include the valuation of digital assets and other current assets, useful lives of property
and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities and realization of deferred tax
assets. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these
evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other
sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those
estimates as a result of changes in our estimates. Some of our accounting policies require higher degrees of judgment than others in their
application. We believe critical accounting policies as disclosed in this release reflect the more significant judgments and estimates
used in preparation of our unaudited condensed consolidated