Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 104

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 104
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 category of “1. outdated production processing and equipment under the original
Catalog.” Therefore, foreign investment enterprises are prohibited from virtual currency activities and our bitcoin mining business
are banned in China as well. There can be no assurance that our prior mining activities in China will not be subject to fines and penalties
on a retroactive basis.

We may be subject measures from the Cyberspace Administration of China concerning the collection of data and required to obtain clearance from the CAC.

The Cybersecurity Review Measures (2021) (the
“Measures”) were officially released to the public on December 28, 2021 and became effective on February 15, 2022. According
to the Measures, to go public abroad, an online platform operator that possesses the personal information of more than 1 million users
must seek cybersecurity review from the Office of Cybersecurity Review.

Currently, we have not been involved in any investigations
on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and we have not received any inquiry, notice,
warning, or sanction in such respect.

We believe we currently are not required to obtain
clearance from the CAC regarding our listing in the United States under the recently-enacted or proposed regulations or rules because
we have never set an online platform for any user and we have not acted as an online platform operator. However, since these cybersecurity
rules were recently enacted and uncertainties exist as to the interpretation or implementation of the Measures, if the Measures require
us to obtain clearance or permissions from the CAC, we would file an application with CAC and seek to obtain the clearance or permissions
from the CAC as required, however there can be no assurance we will obtain clearance or permission which could adversely affect our business.
Compliance with the Measures, as well as additional laws, regulations and guidelines that the Chinese government promulgates in the future,
may entail significant expenses and could materially affect our business.

United States regulators may be limited in their ability to conduct investigations or inspections of our operations in Hong Kong.

The increased regulatory scrutiny of U.S.-listed
companies with operations in China could add uncertainties to our business operations, share price and reputation. Although the audit
reports of Audit Alliance LLP incorporated by reference into this report are prepared by our auditors in Singapore who are subject to
inspection by the Public Company Accounting Overnight Board (the “PCAOB”), there is no guarantee that future audit reports
will be prepared by auditors that are completely inspected by the PCAOB and,