Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 48

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 48
---
 consisted
of $45.0 million in cash, including the initial deposit of $2.2 million.

The
acquired set of assets did not meet the definition of a business as defined in ASC 805, Business Combinations, as no substantive
processes or employees were acquired. The assets acquired consisted primarily of land, building and related equipment, which are included
in Property, plant, and equipment, net on the consolidated balance sheets. The fair value of the tangible assets acquired was
estimated to be $45.0 million. No identifiable intangible assets were acquired, no goodwill was recognized, and no liabilities were assumed
in connection with the transaction.

In
connection with the agreement, additional contingent consideration may become payable to the seller based on the timing and availability
of power at the site (see Note 19. Commitments and Contingencies).

5.
USDC

    September
    30, 2025  
    December 31,
    2024 
  
    USDC 
    $        1,027,458  
    $411,413 

The
following table presents additional information about USDC for the nine months ended September 30, 2025 and 2024, respectively:

    For
    the Nine Months Ended September 30, 

    2025  
    2024 

    Opening balance 
    $411,413  
    $405,596 
  
    Receipt of USDC from sales of other digital
    assets 
     2,321,750  
     1,652,100 
  
    Payment of USDC for other expenses 
     (1,745,805) 
     (1,620,063)
  
    Payment of USDC for service charges from mining
    facilities 
     -  
     (67,538)
  
    Receipt of USDC from other income 
     -  
     31 
  
    Receipt of USDC from
    sales of property, plant, and equipment 
     40,100  
     - 
  
    Ending balance 
    $1,027,458  
     370,126 

6. DIGITAL
ASSETS HOLDINGS

Digital
Assets

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

Effective
January 1, 2024, the Company early adopted ASU 2023-08, which