Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 30

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 30
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 June
30, 2025.

Recent accounting pronouncements   

The Company continually assesses any new accounting
pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s
financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements
and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect
the change.

15

In December 2023, the Financial Accounting Standards
Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU
2023-09”). ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific
categories and additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring
disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is
evaluating the impact the updated guidance will have on its disclosures for the year ended December 31, 2025.

In November 2024, the FASB issued ASU No. 2024-03,
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”).
ASU 2024-03 requires, in the notes to the annual and interim financial statements, disaggregated information about certain income statement
expense line items in the notes to the financial statements. ASU2024-03 is effective for annual reporting periods beginning after December
15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the
impact the updated guidance will have on its disclosures.

In May 2025, the Financial Accounting Standards Board (“FASB”)
issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the
Acquisition of a Variable Interest Entity, which amends the guidance for identifying the accounting acquirer in transactions involving
the acquisition of a variable interest entity that meets the definition of a business. The new standard is effective for the Company for
its annual periods beginning January 1, 2027, with early adoption permitted. The