Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 2062

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 2062
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 all validators. In the fourth quarter of 2023, the Company terminated the native staking activities and
reclaimed all staked Ethereum with Blockdaemon.

Our native staking operations with Marsprotocol
commenced in the first quarter of 2023 and concluded in July of the same year. After ceasing operations with Marsprotocol, we initiated
our native staking with MarsLand Global Limited in August 2023. As of December 31,2023, we had all of our native staking activities with
MarsLand.

For the liquid staking business, the Company has
deployed ETH into Portara protocol (formerly known as Harbour) supported by liquid staking solution provider under the consortium of Blockdaemon
and Stakewise, and Liquid Collective protocol supported by Coinbase. By staking, we receive receipt tokens for the ETH staked which could
be redeemed to ETH or can be traded or collateralized elsewhere, at any time. In addition, we receive rETH-H for rewards earned from Portara
protocol. With the introduction of staked ETH withdrawals in April 2023, we have reassessed our Ethereum network staking approaches, weighing
the advantages of traditional staking against liquid staking solutions. The withdrawal feature in native staking, coupled with yields
that are on par with those of liquid staking, has encouraged us to expand our collaborations with other service providers in this domain.
As a result, we terminated all liquid staking activities with StakeWise in the third quarter of 2023, reclaiming all staked Ethereum along
with the accumulated rewards. As of December 31,2023, we had all of our liquid staking activities with Liquid Collective protocol which
began in the first quarter of 2023.

For the year ended December 31, 2023, we earned
287.0 ETH in native staking and 81.9 ETH/rETH-h in liquid staking, respectively. For the year ended December 31, 2023, we recognized revenues
of $531,702 and $144,011 from native staking and liquid staking, respectively.

For the year ended December 31, 2022, we earned
3.7 ETH in native staking and 16.2 rETH-h in liquid staking, respectively. For the year ended December 31, 2022, we recognized revenues
of $5,722 and $20,182 from native staking and liquid staking, respectively.

Our