Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 65

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 65
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may publicly discuss their holdings (or the holdings of companies with which they are affiliated) of bitcoin or their intent to buy or
sell large quantities of bitcoin. This may have a dramatic impact on the price of bitcoin, both up and down. At a minimum, these public
statements delivered through social media, such as X (formerly Twitter), may cause the price of bitcoin to experience significant volatility.
These episodes could have a material adverse impact on the value of our bitcoin holdings as well as the prices of bitcoin that we may
sell.

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We may not be able to realize the benefits of forks.

To the extent that a significant majority of users
and miners on a bitcoin network install software that changes the bitcoin network or properties of a bitcoin, including the irreversibility
of transactions and limitations on the mining of new bitcoin, the bitcoin network would be subject to new protocols and software. However,
if less than a significant majority of users and miners on the bitcoin network consent to the proposed modification, and the modification
is not compatible with the software prior to its modification, the consequence would be what is known as a “fork” of the network,
with one prong running the pre-modified software and the other running the modified software. The effect of such a fork would be the existence
of two versions of the bitcoin running in parallel yet lacking interchangeability and necessitating exchange-type transaction to convert
currencies between the two forks. Additionally, it may be unclear following a fork which fork represents the original asset and which
is the new asset. Different metrics adopted by industry participants to determine which is the original asset include: referring to the
wishes of the core developers of bitcoin, blockchains with the greatest amount of hashing power contributed by miners or validators; or
blockchains with the longest chain. A fork in the network of a particular bitcoin could adversely affect an investment in our Company
or our ability to operate.

We may not be able to realize the economic benefit
of a fork, either immediately or ever, which could adversely affect an investment in our securities. If we hold a bitcoin at the time
of a hard fork into two digital assets, industry standards would dictate that we would be expected to hold an equivalent amount of the
old and new assets following the fork. However, we may not be able, or it may not be practical, to secure or realize the economic benefit
of the new asset for various reasons. For instance, we may determine that there is no