Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 107

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 107
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izations and approvals required by any governmental agency,
regulatory authority or other party necessary for it to operate its business and engage in the business relating to its provision of
the Services.” On October 5, 2022, Bit Digital further advised Blockfusion that it expects it to comply with the directives of
the Notice. Our service agreement with Blockfusion ended in September 2023. On June 3, 2024, the Company filed suit in Delaware Superior
Court against Blockfusion alleging claims for breach of contract, conversion, and related claims in connection with, among other things,
certain deposits and advances paid to Blockfusion, the return of which is owed to the Company. The Company is seeking in 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 on June 18, 2025, the court entered a stipulation and order 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,
including punitive damages. The total amount of damages sought exceeds of $5 million. Blockfusion has filed a motion to dismiss the Second
Amended Complaint and a hearing on the motion has been scheduled for January 6, 2026. 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