Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 40

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 40
---
 19. Commitments
and Contingencies).

5. USDC

    June 30, 2025  
    December 31, 2024 
  
    USDC 
    $515,242  
    $411,413 

The following table presents additional information
about USDC for the six months ended June 30, 2025 and 2024, respectively:

    For the Six Months Ended 
June
    30, 

    2025  
    2024 

    Opening balance 
    $411,413  
    $405,596 
  
    Receipt of USDC from sales of other digital assets 
     1,223,250  
     1,044,600 
  
    Payment of USDC for other expenses 
     (1,159,521) 
     (1,110,090)
  
    Receipt of USDC from sales of property, plant, and equipment 
     40,100  
     - 
  
    Ending balance 
    $515,242  
     340,106 

6. DIGITAL ASSETS

Adoption of ASU 2023-08, Accounting for and
Disclosure of Crypto Assets

Effective January 1, 2024, the Company early adopted
ASU 2023-08, which requires entities to measure crypto assets at fair value with changes recognized in net income each reporting period.
The Company’s digital assets are within the scope of ASU 2023-08 and the transition guidance requires a cumulative-effect adjustment
as of the beginning of the current fiscal year for any difference between the carrying amount of the Company’s digital assets and
fair value. As a result of the Company’s early adoption of ASU 2023-08, the Company recorded a $21.2 million increase to digital
assets and a $21.2 million decrease to accumulated deficit on the consolidated balance sheets as of the beginning of the quarter ended
March 31, 2024.

22

The following table presents the Company’s
significant digital assets holdings as of June 30, 2025:

     Quantity   Cost Basis   Fair Value   BTC   280.4   $15,051,528   $30,051,600   ETH   24,601.0    60,282,525    61,162,850   Total digital assets held as of June