Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 314

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 314
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 80,848,457  
     (15,830,126) 
     (8,387,468)
  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash 
     (95,264) 
     -  
     - 
  
    Cash, cash equivalents and restricted cash, beginning of year 
     18,180,934  
     34,011,060  
     42,398,528 
  
    Cash, cash equivalents and restricted cash, end of year 
    $98,934,127  
    $18,180,934  
    $34,011,060 

Operating Activities

Net cash used in operating activities was $13.0
million for the year ended December 31, 2024, derived mainly from (i) a net income of $28.3 million for the year ended December 31, 2024
adjusted for digital assets mined of $58.6 million from our mining services, depreciation expenses of property and equipment of $32.3
million, and gains on digital assets of $55.7 million, share based compensation expenses of $9.9 million, realized and unrealized gains
on digital assets held within Investment Fund of $2.6 million, and (ii) net changes in our operating assets and liabilities, principally
comprising of an increase in deferred revenue of $17.2 million, an increase in accounts receivable of $4.7 million, an increase in other
payable and accrued liabilities of $4.0 million, a decrease in net investment in lease of $1.3 million, an increase in accounts payable
of $3.5 million, an increase in other current assets of $1.6 million, and an increase in other non-current assets of $0.3 million.

Net cash provided by operating activities was
$1.1 million for the year ended December 31, 2023, derived mainly from (i) net loss of $13.9 million for the year ended December 31, 2023
adjusted for digital assets mined of $44.2 million from our mining services, depreciation expenses of property and equipment of $14.4
million, gain from exchange of digital assets of $18.8 million, impairment of digital assets of $6.6 million, and share-based compensation
expenses of $9.1 million, and (ii) net changes in our operating assets