Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 29

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 29
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 and failure to realize expected synergies, affecting overall financial and operational performance. |

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We maintain cash deposits in excess of federally insured limits. Adverse developments affecting financial institutions, including bank failures, could adversely affect our liquidity and financial performance.

We regularly maintain domestic
cash deposits in Federal Deposit Insurance Corporation (“FDIC”) insured banks that exceed the FDIC insurance limits. Bank
failures, events involving limited liquidity, defaults, non-performance, or other adverse developments that affect financial institutions,
or concerns or rumors about such events, may lead to liquidity constraints. For example, on March 10, 2023, Silicon Valley Bank failed
and was taken into receivership by the FDIC. The failure of a bank, or other adverse conditions in the financial or credit markets impacting
financial institutions at which we maintain balances, could adversely impact our liquidity and financial performance. There can be no
assurance that our deposits in excess of the FDIC or other comparable insurance limits will be backstopped by the U.S., or that any bank
or financial institution with which we do business will be able to obtain needed liquidity from other banks, government institutions or
by acquisition in the event of a failure or liquidity crisis.

Failure to manage our liquidity and cash flows may materially and adversely affect our financial conditions and results of operations. As a result, we may need additional capital, and financing may not be available on terms acceptable to us, or at all.

From May 4, 2022 until March 31, 2025, we
have sold an aggregate of 81,990,654 shares for an aggregate purchase price of $288.1 million net of offering costs pursuant to an
at-the-market offering. We sold on additional 25,504,699 Ordinary Shares from April 1, 2025 until May 14, 2025 for net proceeds of
$48.3 million. On June 27, we completed the sale of 75 million Ordinary Shares at $2.00 per share for net proceeds of approximately
$141.5 million in a registered public offering. On July 1, 2025, the underwriters exercised their over-allotment option for the purchase
of an additional 11,250,000 Ordinary Shares at $2.00 per share for net proceeds of approximately $21.3 million We had a net income
of $28.3 million for Fiscal 2024. We incurred a net loss of $13.9