Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 150

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 150
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aking activities with Liquid Collective protocol and
reclaimed all our staked Ethereum. Since the first quarter of 2024, the Company has no liquid staking activities.

In the first quarter of 2024, the Company has
restaked 3,008 ETH into EigenLayer, a protocol built on Ethereum that enables restaking of the already-staked ETH, through Figment. To
mitigate potential risks, we restake our ETH without delegating to any operator and the Company received 33,568 EigenLayer in the fourth
quarter of 2024 from this restaking activity. As of the date of this report, the reward earned in 2025 from this restaking activity is
not significant.  

For the three months ended March 31, 2025, we
earned 211.0 ETH in native staking and nil ETH in liquid staking, respectively. For the three months ended March 31, 2025, we recognized
revenues of $560,641 and $nil from native staking and liquid staking, respectively.

For the three months ended March 31, 2024, we
earned 111.1 ETH in native staking and 1.3 ETH in liquid staking, respectively. For the three months ended March 31, 2024, we recognized
revenues of $321,243 and $4,503 from native staking and liquid staking, respectively.

Our revenues from ETH native staking increased
by $239,398, or 74.5%, to $560,641 for the three months ended March 31, 2025 from $321,243 for the three months ended March 31, 2024.
The increase was primarily due to an increase of 99.9 ETH earned from staking services partially offset by a decrease in the average price
of ETH for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Our revenues from ETH liquid staking decreased
by $4,503, or 100%, to $nil for the three months ended March 31, 2025 from $4,503 for the three months ended March 31, 2024. The decrease
was due to the termination of liquid staking activities in the first quarter of 2024.

Cost of revenue

We incur cost of revenue from digital asset mining,
cloud services, colocation services, and ETH staking businesses.

The