Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1963

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 6
Chunk 1963
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; and 5) solely for voting purposes vote 50 ordinary shares, for each preference share.

On February 7, 2023 and December 8, 2023, 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 thirty percent (30%) of the equity of Geney,
with the remaining seventy percent (70%) held by Zhaohui Deng, the Company’s Chairman of the Board. The Company fully paid the declared
dividends in 2023. 

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 thirty percent (30%) of the equity of Geney, with the remaining
seventy percent (70%) held by Zhaohui Deng, the Company’s Chairman of the Board. The Company fully paid the declared dividend in
January 2025.

Treasury stock

The Company treats shares withheld for tax purposes
on behalf of employees in connection with the vesting of restricted share grants as ordinary share repurchases because they reduce the
number of shares that would have been issued upon vesting. For the years ended December 31, 2024 and 2023, the Company did not withhold
any ordinary shares for withholding taxes related to restricted stock vesting.

As of December 31, 2024 and 2023, the Company
had treasury stock of $1,171,679 and $1,171,679, respectively. 

Warrants 

As of December 31, 2024 and 2023, the Company
had outstanding 10,118,046 private placement warrants to purchase an aggregate of 10,118,046 ordinary shares at an exercise price of $7.91
per whole share.

F-36

In accordance with ASC 815, the Company determined
that the warrants meet the conditions necessary to be classified as equity because the consideration is indexed to the Company’s
own equity, there are no exercise contingencies based on an observable market not based on its stock or operations, settlement is consistent
with a fixed-for-fixed equity instrument, the