Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 166

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 166
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 DNA Fund’s total contracted
deployment increased to 1,192 GPUs. Combined, the agreements represent approximately $20.9 million of annualized revenue.

We expect to also generate ongoing revenues from
the production of digital assets, primarily bitcoin. Our ability to liquidate digital assets at future values will be evaluated from time
to time to generate cash for operations. Generating digital assets, for example, with spot market values which exceed our production and
other costs, will determine our ability to report profit margins related to such mining operations. Furthermore, regardless of our ability
to generate revenue from our high performance computing business, or our digital asset business, we may need to raise additional capital
in the form of equity or debt to fund our operations and pursue our business strategy, including purchases in order to fund our high performance
computing business.

The ability to raise funds such as equity, debt
or conversion of digital assets to maintain our operations is subject to many risks and uncertainties and, even if we are successful,
future equity issuances would result in dilution to our existing stockholders and any future debt or debt securities may contain covenants
that limit our operations or ability to enter into certain transactions. Our ability to realize revenue through digital asset production
and successfully convert digital assets into cash or fund overhead with digital assets is subject to a number of risks, including regulatory,
financial and business risks, many of which are beyond our control. Additionally, the value of digital asset rewards has historically
been extremely volatile, and future prices cannot be predicted.

52

If we are unable to generate sufficient revenue
when needed or secure additional funding, it may become necessary to significantly reduce our current rate of expansion or to explore
other strategic alternatives.

Cash flows

    For the Three Months Ended March 31, 

    2025  
    2024 
  
    Net Cash Provided by (Used in) Operating Activities 
    $17,401,915  
    $(20,867,530)
  
    Net Cash (Used in) Investing Activities 
     (64,961,231) 
     (474,409)
  
    Net Cash Provided by Financing Activities 
     9,377,238  
     38,652,407 
  
    Net increase (decrease) in cash, cash equivalents and restricted cash 
     (38,182,078) 
     17,310,468 
  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash