Company: BTBT
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001213900-25-093122
Chunk: 18

Company: Bit Digital, Inc
Filing Date: 2025-09-29
Form: 424B5
Chunk 18
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 redemption of less than all of the outstanding notes will likely harm the liquidity of the market for the unredeemed
notes following the redemption. Accordingly, if your notes are not redeemed in a partial redemption, then you may be unable to sell your
notes at the times you desire or at favorable prices, if at all, and the trading price of your notes may decline. See “Description
of the Notes—Optional Redemption.”

<div align='center'>S-10</div>

Conversion of the notes may dilute the ownership interest of the holders of our ordinary shares or may otherwise depress the price of our ordinary shares.

The conversion of some or all of the notes may dilute the ownership interests of the holders of our ordinary shares. Upon conversion of the notes, we have the option to pay or deliver, as the case may be, cash, ordinary shares, or a combination of cash and ordinary shares. If we elect to settle our conversion obligation in ordinary shares or a combination of cash and ordinary shares, any sales in the public market of our ordinary shares issuable upon such conversion could adversely affect prevailing market prices of our ordinary shares. In addition, the existence of the notes may encourage short selling by market participants because the conversion of the notes could be used to satisfy short positions, or anticipated conversion of the notes into ordinary shares could depress the price of our ordinary shares.

The accounting method for the notes could have a material effect on our reported financial results.

The accounting method for reflecting the notes on our consolidated balance sheet, accruing interest expense for the notes and reflecting the underlying shares of our ordinary shares in our reported diluted earnings per share may adversely affect our reported earnings and financial condition.

In accordance with applicable
accounting standards, we expect that the notes we are offering will be reflected as a liability on our consolidated balance sheet. Our
full accounting assessment may conclude that we are required to separately account for the conversion option or other features as derivatives.
Alternatively, we may elect the fair value option to account for the entire instrument at fair value. In either case, we will need to
record, on a quarterly basis, gains and losses related to such changes in fair value, which could have a material impact on our net income
or loss. It could also depress the trading price of our ordinary shares and the notes.

In addition, we expect that
the shares underlying the notes will be reflected in our diluted earnings per share using the “if-converted” method. Under
that method, the ordinary shares underlying the notes will be reflected in