Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 46

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 46
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 as of March 31, 2025. There are 5,000,000 ordinary shares reserved
for issuance under the Company’s 2023 Plan, under which 4,784,831 RSUs have been granted as of March 31, 2025.

Restricted Stock Units (“RSUs”)

As of December 31, 2024, the Company had 1,025,968
awarded and unvested RSUs.

On January 14, 2025, the Company granted 20,000
RSUs to a non-executive director in accordance with his compensation arrangement. All of these RSUs were immediately vested.

On February 10, 2025, the Company granted 32,113
RSUs to an employee, which are subjected to an sixteen-quarter service vesting schedule.

For the three months ended March 31, 2025
and 2024, the Company recognized share-based compensation expenses of $215,798 and $387,588. As of March 31, 2025, the Company had
$2,862,765 unrecognized compensation costs related to the unvested RSUs.

As of March 31, 2025, the Company had 1,036,831
awarded and unvested RSUs.

Share Options

For the three months ended March 31, 2025 and
2024, the Company did not grant any options.

The Company recognizes compensation expenses related
to options on a straight-line basis over the vesting periods. For the three months ended March 31, 2025 and 2024, the Company recognized
share-based compensation expenses of $36,592 and $105,011, respectively. As of March 31, 2025, there were $17,829 of unrecognized compensation
costs related to all outstanding share options.

Other share-based compensation

In January 2025, the Company entered into separate
one-year service agreements with three consultants by granting each 150,000 RSUs, all of which vested immediately. Over the duration of
the service agreement, the Company will recognize share-based compensation expenses aggregating $1.6 million based upon the closing price
of the Company’s common stock on date of agreement.

25

13. SHARE CAPITAL

Ordinary shares

As of December 31, 2024, there were 179,255,191
ordinary shares issued and 179,125,205 ordinary shares outstanding.

In May of 2022