Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 200

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 200
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 six months ended June 30, 2025, a loss
of $22.1 million was recognized, primarily attributable to the decreases in the price of ETH as of June 30, 2025, partially offset by
an increase in the price of bitcoin as of June 30, 2025.

For the six months ended June 30, 2024, a gain
of $34.2 million was recognized, primarily attributable to the increases in the prices of bitcoin and ETH as of June 30, 2024.

Income tax provisions

Provision for income taxes consists of federal,
state and foreign income taxes. Our income tax provision for the six months ended June 30, 2025 is primarily attributable to the mix of
earnings and losses in countries with differing statutory tax rates, and the valuation allowance applied to the Company’s deferred
tax assets in the United States, Singapore and Hong Kong. We continue to maintain a valuation allowance against the deferred tax assets
in United States, Singapore and Hong Kong as the Company does not expect those deferred tax assets are “more likely than not”
to be realized in the near future, particularly due to the uncertainty on macroeconomy, politics and profitability of the business.

Our income tax provision was $2.3 million and
$2.1 million for the six months ended June 30, 2025 and 2024, respectively. The income tax provision did not change materially during
the six months ended June 30, 2025 compared to the same period in 2024. 

Net income (loss) and earnings (loss) per share

For the six months ended June 30, 2025, our net
loss was $42.8 million, representing a change of $81.0 million from a net income of $38.1 million for the six months ended June 30, 2024.

Basic and diluted loss per share was $0.22 and
$0.22 for the six months ended June 30, 2025, respectively. Basic and diluted earnings per share was $0.31 and $0.31 for the six months
ended June 30, 2024, respectively.

Basic and diluted weighted average number of shares
was 194,355,223 and 194,355,223 for the six months ended June 30, 2025, respectively. Basic and diluted weighted average number of
shares was 121,362,883 and 122