Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 9

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 9
---
, end of period 
    $61,287,803  
    $35,491,402 

    Supplemental Cash Flow Information 

    Cash paid for income taxes, net of (refunds) 
    $-  
    $- 

    Non-cash Transactions of Investing and Financing Activities 

    Reclassification of deposits to property and equipment 
    $80,305,941  
    $7,540,304 
  
    Right of use assets exchanged for operating lease liability 
     1,298,508  
     460,955 

Reconciliation of cash, cash equivalents and
restricted cash

    March 31,  
    December 31, 

    2025  
    2024 
  
    Cash and cash equivalents 
    $57,555,011  
    $95,201,335 
  
    Restricted cash 
     3,732,792  
     3,732,792 
  
    Cash, cash equivalents and restricted cash 
    $61,287,803  
    $98,934,127 

The accompanying notes are an integral part of
these unaudited consolidated financial statements.

4

BIT DIGITAL, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Bit Digital, Inc. (“BTBT” or the “Company”),
is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The Company is primarily engaged in the
digital asset mining business, high performance computing (“HPC”) business and Ethereum staking activities through its wholly
owned subsidiaries. 

On June 27, 2024, WhiteFiber HPC, Inc. (f/k/a
Bit Digital HPC, Inc.) (“WF HPC”) was incorporated to support the Company’s cloud services in the United States. WhiteFiber
HPC, Inc. is 100% owned by WhiteFiber AI, Inc. which is 100% owned by Bit Digital, Inc.

On August 15, 2024, WhiteFiber, Inc. (f/k/a Celer,
Inc.) (“WhiteFiber”) was incorporated to support the Company’s generative artificial intelligence (“AI”)
workstreams. WhiteFiber, Inc. is 100% owned by Bit Digital, Inc.