Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 160

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 160
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31, 2024,
the Company’s operating lease right-of-use assets and total operating lease liability were $15.0 million and $13.8 million respectively

The increase in operating lease right-of-use assets
and total operating lease liability of $0.2 million and $0.2 million respectively, were due to the additional data center lease entered
in 2025 totaling $1.3 million, partially offset by the amortization of the operating lease right-of-use assets totaling $1.1 million for
the three months ended March 31, 2025.

Investment Securities

As of March 31, 2025, our portfolio consists of
investments in three funds, a privately held company via a simple agreement for future equity (“SAFE”), and four privately
held companies over which the Company neither has control nor significant influence. The total balance of investment securities was $33.1
million and $30.8 million as of March 31, 2025, and December 31, 2024, respectively. The increase of $2.3 million in the value of our
investment securities was mainly driven by an additional investment of $7.0 million in Innovation Fund I which partially offset by downward
fair value adjustments of $0.1 million for the Nine Blocks investment, $0.1 million for the investment in AI Innovation Fund I, and $4.5
million for the investment in Innovation Fund I.

Goodwill

Goodwill represents the excess of the purchase
price over the fair value of the net assets acquired in relation of in Enovum Acquisition. Refer to Note 14. Goodwill And Intangible
Assets for further information. As of March 31, 2025 and December 31, 2024, the Company recorded goodwill in the amount of $19.2 million
and $19.4 million, respectively.

Intangible Assets

Intangible assets pertain to customer relationships
acquired in connection with the acquisition of Enovum. Refer to Note 14. Goodwill and Intangible Assets for further information.
As of March 31, 2025 and December 31, 2024, the total balance of intangible assets was $12.8 million and $13.0 million, respectively.

Accounts payable

Accounts payable primarily consists of amounts
due for costs related to our digital asset mining, cloud services, colocation services and ETH staking. Compared with December 31, 2024,
the balance of accounts