Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 143

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 143
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 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.

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 Nine Months Ended
    September 30, 

    2025  
    2024 
  
    Net Cash Used in Operating Activities 
    $(204,864,851) 
    $(20,311,102)
  
    Net Cash Used in Investing Activities 
     (164,060,617) 
     (23,992,679)
  
    Net Cash Provided by
    Financing Activities 
     452,695,272  
     131,709,364 
  
    Net increase in cash, cash equivalents and
    restricted cash 
     83,769,804  
     87,405,583 
  
    Effect of exchange rate changes on cash, cash
    equivalents and restricted cash 
     147,043  
     - 
  
    Cash, cash equivalents
    and restricted cash, beginning of period 
     98,934,127  
     18,180,934 
  
    Cash, cash equivalents
    and restricted cash, end of period 
    $182,850,974  
    $105,586,517 

72

Operating
Activities

Net
cash used in operating activities was $204.9 million for the nine months ended September 30, 2025, derived mainly from (i) a net income
of $103.9 million for the nine months ended September 30, 2025 adjusted for digital assets mined of $21.8 million from our mining services,
depreciation expenses and amortization expense of $25.1 million, loss from disposal of property, plant and equipment of $0.9 million,
gain on digital assets of $146.0 million, share based compensation expenses of $22.4 million, impairment of digital intangible asset
of $1.8 million, changes in fair value of investment security of $6.2 million, current expected credit losses of $0.1 million, digital
assets earned from staking of $3.8 million and (ii) net changes in our operating assets and liabilities, principally