Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 92

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 92
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 excess of $4.3 million. On October 22, 2024, Blockfusion
denied the Company’s claims and brought reciprocal breach of contract and related counterclaims. Following limited discovery, the
court entered a stipulation and order on June 18, 2025, amending the Case Management Order to extend multiple discovery deadlines and
vacate the previously scheduled trial date. On August 1, 2025, the Company moved for leave to file a Second Amended Complaint, which adds
claims for fraud and related causes of action arising out of Blockfusion’s, conduct both at the inception of and during the parties’
relationship. The second Amended Complaint also names Blockfusion’s CEO, Alexander Martini-Lomanto, as an additional defendant.
The Company continues to seek the recovery of its original investment, invoices payments, and unpaid late development fees and now seeks
additional damages for the tort and equitable claims contained in the Second Amended Complaint pending Court approval, including punitive
damages. If the Company’s Second Amended Complaint is ultimately accepted by the Court, the total amount of damages sought will
be in excess of $5 million. Refer to Note 19. Commitments and Contingencies for further details.

Miner Fleet Update and Overview 

As of December 31, 2024, we had 24,239 miners
owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.6 EH/s.

On December 10, 2024, we entered into an agreement with an unaffiliated seller of bitcoin mining computers, from whom we acquired 191
S21 miners. As of the date of this report, all of the miners were delivered.

On December 15, 2024, we entered into an agreement
with an unaffiliated seller of bitcoin mining computers, from whom we acquired 750 S21 miners. As of the date of this report, all of the
miners were delivered.

On December 23, 2024, we entered into an agreement
with an unaffiliated seller of bitcoin mining computers, from whom we acquired 4,300 S21+ miners. As of the date of this report, 2,630
miners were delivered.

For the three and six months ended June 30, 2025,
the Company disposed of nil and 4,828 bitcoin miners. In July 2025, the Company disposed of 2,972 bitcoin miners.

As of June