Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 50

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 50
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)
  
    Change in fair value
    of BTC 
     2,849,527 
  
    BTC fair value as of September 30, 2025 
    $693,468 

For
the additions of BTC generated by the Company’s mining business, see Note 3. Revenue from Contracts with Customers.

Bitcoin
is sold on a FIFO basis. For the nine months ended September 30, 2025, gains from the sales of bitcoin are included in change in fair
value of BTC which is included in the consolidated statements of operations under the caption “Gains (losses) on digital assets”.

The
following table presents a roll-forward of ETH for the nine months ended September 30, 2025, based on the fair value model under ASU
2023-08:

    Fair
    value 
  
    ETH as of December 31, 2024 
    $92,057,613 
  
    Receipt of ETH from native staking business 
     3,575,804 
  
    Receipt of ETH from liquid staking business 
     218,703 
  
    Receipt of ETH from exchange of BTC 
     104,252,985 
  
    Receipt of ETH from exchange of cash 
     148,733,783 
  
    Sales of ETH in exchange of LsETH 
     (18,988,032)
  
    Investment of ETH in fund 
     (47,632,094)
  
    Payment of ETH for other expenses 
     (289)
  
    Change in fair value
    of ETH 
     140,770,423 
  
    ETH fair value at September 30, 2025 
    $422,988,896 

For
the additions of ETH generated by the Company’s ETH staking business, see Note 3. Revenue from Contracts with Customers.

ETH
is sold on a FIFO basis. For the nine months ended September 30, 2025, gains from the sales of ETH are included in change in fair value
of ETH which is included in the consolidated statements of operations under the caption “Gains (losses) on digital assets”.  

Digital
Intangible Assets

The following table sets forth the cost basis, impairment amount, and carrying amount of digital intangible assets held, as shown on the consolidated balance sheet as of September 30, 2025:

     Quantity   Cost   Impairment   Net   LsETH