Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 112

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 112
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,568 ETH in the six months ended June 30, 2025.

Depreciation and amortization expenses

For the six months ended June 30, 2025 and 2024,
depreciation and amortization expenses were $15.5 million and $15.2 million, respectively based on an estimated useful life of property,
plant, and equipment.

Effective January 1, 2025, we changed our estimate
of the useful lives for our cloud service equipment from three to five years. The change was made to better reflect the expected usage
patterns and economic benefits of the assets. Refer to Note 2. Summary of Significant Accounting Policies.

63

General and administrative expenses 

For the six months ended June 30, 2025, our general
and administrative expenses, totaling $27.9 million, were primarily comprised of professional and consulting expenses of $12.2 million,
shared-based compensation expenses of $7.1 million, salary and bonus expenses of $3.2 million, marketing expenses of $1.0 million, travel
expenses of $0.5 million, and directors and officers insurance expenses of $0.4 million.

For the six months ended June 30, 2024, our general
and administrative expenses, totaling $11.4 million, were primarily comprised of shared-based compensation expenses of $0.9 million, salary
and bonus expenses of $2.0 million, professional and consulting expenses of $4.9 million, directors and officers insurance expenses of
$0.4 million, marketing expenses of $0.7 million, and travel expenses of $0.5 million.

Gains (losses) on digital assets

For the six months ended June 30, 2025, a loss
of $22.1 million was recognized, primarily attributable to the decreases in the price of ETH as of June 30, 2025, partially offset by
an increase in the price of bitcoin as of June 30, 2025.

For the six months ended June 30, 2024, a gain
of $34.2 million was recognized, primarily attributable to the increases in the prices of bitcoin and ETH as of June 30, 2024.

Income tax provisions

Provision for income taxes consists of federal,
state and foreign income taxes. Our income tax provision for the six months ended June 30, 2025 is primarily attributable to the mix of
earnings and losses in countries with differing statutory