Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 133

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 133
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 net

Accounts
receivable consists of amounts due from our customers. The total balance of accounts receivable was $17.4 million and $5.3 million as
of September 30, 2025 and December 31, 2024, respectively. The increase in the balance of accounts receivable is attributable to unpaid
invoices from our customers.

USDC

USD
Coin (“USDC”) is accounted for as a financial instrument; one USDC can be redeemed for one U.S. dollar on demand from the
issuer. The balance of USDC was $1.0 million and $0.4 million as of September 30, 2025 and December 31, 2024, respectively. The increase
in the balance of USDC was primarily due to the receipt of USDC from sales of other digital assets of $2.3 million and receipt of USDC
from other income of $40,100, partially offset by the payment of other expenses of $1.7 million.

Digital
assets

Digital
assets primarily consist of BTC and ETH. For the three months ended September 30, 2025, we earned digital assets from mining services
and ETH staking services. We exchanged BTC into ETH or USDC, exchanged BTC and ETH into cash, or used BTC and ETH to pay certain operating
costs and other expenses. Digital assets held are accounted for as intangible assets measured at fair value, with changes in fair value
recorded in net income in each reporting period.

As
compared with the balance as of December 31, 2024, the balance of digital assets as of September 30, 2025 increased by $262.3 million,
which was primarily attributable to exchange of cash of $148.7 million into ETH, generation of bitcoins of $21.8 million from our mining
business, generation of ETH of $3.6 million from our native staking business, gain from exchange of BTC to ETH of $69.7 million and change
in fair value of $143.5 million, partially offset by the exchange of bitcoins of $55.0 million into cash, the exchange of ETH of $19.0
million into LsETH, and payment of ETH to investment fund of $47.6 million.

Loans
Receivable

Loans
receivable consist of a loan issued by the Company to a third party. The total balance of loans receivable was $0.4 million and $0.