Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 315

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 315
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 and liabilities, principally comprising of a decrease in digital
assets and stable coins of $46.9 million as net proceeds from sales of and payments of digital assets and stable coins.

101

Net cash provided by operating activities was
$8.5 million for the year ended December 31, 2022, derived mainly from (i) net loss of $105.3 million for the year ended December 31,
2022, adjusted for digital assets mined of $32.3 million from our mining services, depreciation expenses of miners of $27.8 million, gain
from exchange of digital assets of $6.5 million, impairment of digital assets of $24.7 million, impairment of property and equipment of
$50.0 million, and share-based compensation expenses of $2.3 million, and (ii) net changes in our operating assets and liabilities, principally
comprising of a decrease in digital assets and stable coins of $25.1 million as net proceeds from sales of digital assets and stable coins,
and an increase in accounts payable of $3.2 million.

Investing Activities

Net cash used in investing activities was $149.0
million for the year ended December 31, 2024, primarily attributable to purchases of and deposits made for property, plant and equipment
of $94.0 million, cash paid for acquisition of subsidiary of $39.0 million, investment in a SAFE of $1.0 million and investment in two
equity investees of $16.0 million. 

Net cash used in investing activities was $69.2
million for the year ended December 31, 2023, primarily attributable to purchases of and deposits made for property and equipment of $66.7
million, investment of $2.2 million in three equity investments, and loans of $0.4 million made to one third party, partially offset by
proceeds of $90 thousand from the divestment of an equity investment.

Net cash used in investing activities was $18.6
million for the year ended December 31, 2022, primarily attributable to purchases of bitcoin miners of $19.3 million, investment of $2.0
million in one investment fund, and loss of cash of $59,695 from sale of an inactive subsidiary, partially offset by proceeds of $1.1
million from sales of bitcoin miners, and proceeds of $1.7 million from sale of a portion of long-term investment.

Financing Activities