Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 165

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 165
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We incur significant
costs and demands upon management and accounting and finance resources as a result of complying with the laws and regulations affecting
public companies; if we fail to maintain proper and effective internal controls, our ability to produce accurate and timely financial
statements and otherwise make timely and accurate public disclosure could be impaired, which could harm our operating results, our ability
to operate our business and our reputation.

As a public company,
we are required to, among other things, maintain a system of effective internal control over financial reporting. Ensuring that we have
adequate internal financial and accounting controls and procedures in place so that we can produce accurate financial statements on a
timely basis which is a costly and time-consuming effort that needs to be re-evaluated frequently. Substantial work will continue to be
required to further implement, document, assess, test and remediate our system of internal controls.

If our internal control
over financial reporting or our disclosure controls are not effective, we may be unable to issue our financial statements in a timely
manner, we may be unable to obtain the required audit or review of our financial statements by our independent registered public accounting
firm in a timely manner or we may be otherwise unable to comply with the periodic reporting requirements of the SEC, our Ordinary Shares
listing on Nasdaq could be suspended or terminated and our share price could materially suffer. In addition, we or members of our management
could be subject to investigation and sanction by the SEC and other regulatory authorities and to shareholder lawsuits, which could impose
significant additional costs on us and divert management attention.

As of December 31, 2023, previous deficiencies
in disclosure controls and procedures were remediated, and controls were found to be operating effectively. As of December 31, 2024, we
concluded that our internal control over financial reporting contained no material weaknesses. We will continue to periodically review
our internal control over financial reporting as part of our ongoing efforts to ensure compliance with the requirements of Section 404
of the Sarbanes-Oxley Act.

If we cannot maintain
our corporate culture as we grow, we could lose the innovation, collaboration and focus that contribute to our business.

We believe that a critical
component of our success is our corporate culture, which we believe fosters innovation, encourages teamwork and cultivates creativity.
As we continue to grow, we may find it difficult to maintain these valuable aspects of our corporate culture. Any failure to preserve
our culture could negatively impact our future success, including