Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1350

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1350
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 of $16.0 million. 

Net cash used in investing activities was $69.2
million for the year ended December 31, 2023, primarily attributable to purchases of and deposits made for property and equipment of $66.7
million, investment of $2.2 million in three equity investments, and loans of $0.4 million made to one third party, partially offset by
proceeds of $90 thousand from the divestment of an equity investment.

Net cash used in investing activities was $18.6
million for the year ended December 31, 2022, primarily attributable to purchases of bitcoin miners of $19.3 million, investment of $2.0
million in one investment fund, and loss of cash of $59,695 from sale of an inactive subsidiary, partially offset by proceeds of $1.1
million from sales of bitcoin miners, and proceeds of $1.7 million from sale of a portion of long-term investment.

Financing Activities

Net cash provided by financing activities was
$242.9 million for the year ended December 31, 2024, attributable to net proceeds of $242.9 million from the at-the-market offering.

Net cash provided by financing activities was
$52.2 million for the year ended December 31, 2023, primarily attributable to the net proceeds of $45.3 million from a direct offering
with Ionic Ventures, an institutional investor, and the net proceeds of $8.6 million from at-the-market offering, partially offset by
the payment of dividends of $1.6 million to a related party preferred shareholder.

Net cash provided by financing activities was
$18.7 million for the year ended December 31, 2022, primarily attributable to the net proceeds of $21.0 million from a direct offering
with Ionic Ventures, an institutional investor, and partially offset by the payment of liquidated damage fees of $2.2 million as the registration
statement for resale of shares issued in one of our private placements was declared effective by the SEC late on January 25, 2022.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition
and results of operations are based upon our unaudited condensed consolidated financial statements. These financial statements are prepared
in accordance with U.S. GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of our assets,
liabilities, revenues, and expenses, to disclose contingent assets