Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 384

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 384
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 foreign operations taxed at various rates 
     15.2% 
     (25.0)% 
     (2.9)%
  
    GILTI Inclusion 
     1.0% 
     0.0% 
     0.0%
  
    State income taxes, net of federal benefit 
     0.2% 
     -0.1% 
     0.3%
  
    Reserve on Hong Kong offshore and share-based compensation tax benefits 
     0.0% 
     (1.1)% 
     (0.3)%
  
    Non-deductible impairment on digital assets 
     0.0% 
     (14.1)% 
     (4.5)%
  
    Non-taxable capital gain on investments/digital assets 
     (12.0)% 
     21.5% 
     4.2%
  
    Non-deductible Fixed Asset Impairment 
     0.0% 
     0.0% 
     (9.9)%
  
    Effect of change in valuation allowance 
     (14.6)% 
     (4.1)% 
     (7.4)%
  
    Impact from adoption of new accounting standard 
     1.4% 
     0.0% 
     0.0%
  
    Withholding tax on intercompany interest 
     0.0% 
     0.0% 
     (0.1)%
  
    Others 
     0.1% 
     (0.2)% 
     0.1%
  
    Effective income tax rate 
     12.3% 
     (2.0)% 
     0.6%

F-39

A reconciliation of gross unrecognized tax benefits
was as follows:

    For the Years Ended December 31, 

    2024  
    2023  
    2022 

    Unrecognized tax benefits at the beginning of the year 
    $3,196,204  
    $3,044,004  
    $2,767,276 
  
    Increases for tax positions taken in prior years 
    $-  
    $152,200  
    $276,728 
  
    Unrecognized tax benefits at the end of the year 
    $3,196,204