Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 80

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 80
---
    income, net 
     6,159,448  
     (1,555,573) 
     6,554,459  
     3,013,574 
  
    Net
    income (loss) before taxes 
     147,422,478  
     (38,167,256) 
     106,848,308  
     2,080,632 

(a)Other profit is primarily attributable to Equipment Leasing and is therefore not included in the total for segment gross profit.

18. RELATED
PARTIES

On
December 20, 2024, the Board of Directors declared an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development
Ltd. (“Geney”). Erke Huang, our Chief Financial Officer, is the President of Geney and the beneficial owner of 30% of the
equity of Geney, with the remaining 70% held by Zhaohui Deng, the Company’s Chairman of the Board. The Company fully paid the declared
dividend in January 2025.

Bit
Digital Iceland ehf appointed Daniel Jonsson as its part-time Chief Executive Officer starting November 7, 2023, for a six-month term
with a three-month probation. His compensation includes a monthly salary of $8,334, a $6,440 signing bonus, and eligibility for performance-based
RSU. Concurrently, Daniel Jonsson is part of the management team at GreenBlocks ehf which not only provides bitcoin mining hosting services
but also benefits from a facility loan agreement extended by Bit Digital USA Inc., an affiliate of WhiteFiber Iceland ehf. Additionally,
WhiteFiber Iceland ehf has contracted with GreenBlocks ehf for consulting services pertaining to our high performance computing services
in Iceland. As of December 31, 2023, the Company owed $21,592 to Daniel Jonsson for salary and bonus, and $160,000 to GreenBlocks ehf
for services rendered. By the end of the first quarter of 2024, we had settled these outstanding amounts with both Daniel Jonsson and
GreenBlocks ehf.

On
August 8, 2025, WhiteFiber, a subsidiary of the Company, completed its initial public offering (the “Offering”) of 9,375,000
ordinary shares, at a public offering price of $17.00 per share. All ordinary shares in the Offering were