Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 95

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 95
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 increased regulation regarding climate
change could impose significant costs on us and our suppliers, including costs related to increased energy requirements, capital equipment,
environmental monitoring and reporting, and other costs to comply with such regulations. Specifically, imposition of a carbon tax or other
regulatory fee in a jurisdiction where we operate or on electricity that we purchase could result in substantially higher energy costs,
and due to the significant amount of electrical power required to operate digital asset mining machines, could in turn put our facilities
at a competitive disadvantage. Any future climate change regulations could also negatively impact our ability to compete with companies
situated in areas not subject to such limitations. Given the political significance and uncertainty around the impact of climate change
and how it should be addressed, we cannot predict how legislation and regulation will affect our financial condition, operating performance
and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace
about potential impacts on climate change by us or other companies in our industry could harm our reputation. Any of the foregoing could
have a material adverse effect on our financial position, results of operations and cash flows.

A particular digital asset’s status as a “security” in any relevant jurisdiction is subject to a high degree of uncertainty and if a regulator disagrees with our characterization of a digital asset, we may be subject to regulatory scrutiny, investigations, fines, and other penalties, which may adversely affect our business, operating results and financial condition. Furthermore, a determination that bitcoin or any other digital asset that we own or mine is a “security” may adversely affect the value of bitcoin and our business.

The SEC and its staff have taken the position
that certain digital assets fall within the definition of a “security” under the U.S. federal securities laws. The legal test
for determining whether any given digital asset is a security, as described below, is a highly complex, fact-driven analysis that has
evolved over time. Our determination that the digital assets we hold are not securities is a risk-based assessment and not a legal standard
or one binding on regulators. As of the date of this report, with the exception of certain centrally issued digital assets that have received
“no-action” letters from the SEC staff, bitcoin and ETH are the only digital assets which senior officials at the SEC have
publicly stated are unlikely to be considered securities. As a digital asset mining company, we do not believe we are an issuer of any
“securities” as defined under the federal securities laws. Our internal