Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 94

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 94
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 liquid staking solutions. The withdrawal feature in native staking, coupled with
yields that are on par with those of liquid staking, has encouraged us to expand our collaborations with other service providers in this
domain. As a result, we terminated all liquid staking activities with StakeWise in the third quarter of 2023, reclaiming all staked Ethereum
along with the accumulated rewards. In the fourth quarter of 2023, the Company terminated the native staking activities and reclaimed
all staked Ethereum with Blockdaemon.

Our native staking operations with MarsProtocol
Technologies Pte. Ltd. (“Marsprotocol”) commenced in the first quarter of 2023 and concluded in July 2023. After ceasing operations
with Marsprotocol, we initiated our native staking with MarsLand Global Limited (“MarsLand”) in August 2023. Subsequently,
we have ceased our native staking with MarsLand in the first quarter of 2024 and initiated our native staking with Figment Inc.

We started participating in liquid staking via
Liquid Collective protocol on the Coinbase platform in the first quarter of 2023. Liquid staking allows participants to achieve greater
capital efficiency by utilizing their staked ETH as collateral and trading their staked ETH tokens on the secondary market. In the first
quarter of 2024, we have reclaimed all the liquid staked ETH from Liquid Collective protocol. In July 2025, we resumed liquid staking
through the Liquid Collective protocol with 5,120 ETH. This approach provides flexibility to engage in both staking and restaking through
a broader range of strategies and platforms.

52

Results of operations

The following table summarizes the results of
our operations during the three months ended June 30, 2025 and 2024, respectively, and provides information regarding the dollar increase
or (decrease) during the period.

    For the Three Months Ended
 June
    30,  
    Variance in 

    2025  
    2024  
    Amount 

    Revenues 

    Digital asset mining 
    $6,631,838  
    $16,079,893  
    $(9,448,055)
  
    Cloud services 
     16,595,315  
     12,497,197  
     4,098,118 
  
    Colocation services 
     1,729,004