Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 108

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 108
---
 2024, the Company has no liquid staking activities. In July 2025, we resumed
liquid staking through the Liquid Collective protocol with 5,120 ETH. This approach provides flexibility to engage in both staking and
restaking through a broader range of strategies and platforms.

60

In the first quarter of 2024, the Company has
restaked 3,008 ETH into EigenLayer, a protocol built on Ethereum that enables restaking of the already-staked ETH, through Figment. To
mitigate potential risks, we restake our ETH without delegating to any operator and the Company received 33,568 EigenLayer in the fourth
quarter of 2024 from this restaking activity. As of the date of this report, the reward earned in 2025 from this restaking activity is
not significant.  

For the six months ended June 30, 2025, we earned 377.8 ETH in native
staking and nil ETH in liquid staking, respectively. For the six months ended June 30, 2025, we recognized revenues of $925,973 and $0
from native staking and liquid staking, respectively.

For the six months ended June 30, 2024, we earned
220.5 ETH in native staking and 1.3 ETH in liquid staking, respectively. For the six months ended June 30, 2024, we recognized revenues
of $695,055 and $4,503 from native staking and liquid staking, respectively.  

Our revenues from ETH native staking increased
by $230,918, or 33.2%, to $925,973 for the six months ended June 30, 2025 from $695,055 for the six months ended June 30, 2024. The increase
was primarily due to an increase of 157.3 ETH earned from staking services partially offset by a decrease in the average price of ETH
for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Our revenues from ETH liquid staking decreased by $4,503, or 100%,
to $0 for the six months ended June 30, 2025 from $4,503 for the six months ended June 30, 2024. The decrease was due to the termination
of liquid staking activities in the first quarter of 2024.

Cost