Company: BTBT
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001213900-25-093122
Chunk: 67

Company: Bit Digital, Inc
Filing Date: 2025-09-29
Form: 424B5
Chunk 67
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 that becomes effective, or any event requiring an adjustment
to the conversion rate where the ex-dividend date, effective date or expiration date of the event occurs at any time during the period
when such last reported sale prices, the daily VWAPs, the daily conversion values or the daily settlement amounts or ordinary share prices
are to be calculated.

Adjustment to Ordinary
Shares Delivered upon Conversion upon a Make-Whole Fundamental Change

If a “fundamental change”
(as defined below and determined after giving effect to any exceptions to or exclusions from such definition, including in the paragraph
immediately succeeding clause (4) of the definition thereof, but without regard to the proviso in clause (2) of the definition thereof,
a “make-whole fundamental change”) occurs prior to the maturity date of the notes and a holder elects to convert its notes
(or any portion thereof) in connection with such make-whole fundamental change, we will, under certain circumstances, increase the conversion
rate for the notes so surrendered for conversion by a number of additional ordinary shares (the “additional ordinary shares”),
as described below. A conversion of notes will be deemed for these purposes to be “in connection with” such make-whole fundamental
change if the relevant notice of conversion of the notes is received by the conversion agent from, and including, the effective date of
the make-whole fundamental change up to, and including, the second business day immediately prior to the related fundamental change repurchase
date (or, in the case of a make-whole fundamental change that would have been a fundamental change but for the proviso in clause (2) of
the definition thereof or that constitutes an exempted fundamental change, the 35 business day immediately following
the effective date of such make-whole fundamental change). We will provide written notification to holders, the trustee and the conversion
agent (if other than the trustee) of the effective date of any make-whole fundamental change and publish a notice on our website or through
such other public medium as we may use at that time announcing such effective date no later than five business days after such effective
date.

Upon surrender of notes for
conversion in connection with a make-whole fundamental change we will, at our option, satisfy our conversion obligation by physical settlement,
cash settlement or combination settlement, as described under “—Settlement upon Conversion.” However, if the consideration
for the ordinary shares in any make-whole fundamental change described in clause (2) of the definition of fundamental