Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 48

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 48
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2024, we purchased
data storage equipment totaling $5,315,202. Almost immediately thereafter, we entered into a sales-type lease agreement for a portion
of these assets valued at $3,353,608 with a third party. As a result, the leased data storage equipment was derecognized from our property
and equipment and recorded as a net investment in lease. Refer to Note 8. Leases for more information.

During the quarter ended September 30, 2024, we
purchased data storage equipment totaling $1,254,248 and immediately thereafter, we entered into a sales-type lease agreement effective
August 2024 for a portion of these assets valued at $1,184,937 with a third party. As a result, the leased data storage equipment was
derecognized from our property and equipment and recorded as a net investment in lease. Refer to Note 8. Leases for more information.

During the quarter ended December 31, 2024, the
Company purchased servers and network equipment totaling $6,056,700 and almost immediately thereafter, we entered into two sales-type
lease agreements effective November 2024 and December 2024 with a third party. As a result, the leased cloud service equipment was derecognized
from our property, plant, and equipment and recorded as a net investment in lease. Refer to Note 8. Leases for more information.

During the quarter ended June 30, 2025, the Company
purchased servers and network equipment totaling $4,898,326 and almost immediately thereafter, we entered into two sales-type lease agreements
effective May 2025 and June 2025, respectively, with a third party. As a result, the leased cloud service equipment was derecognized from
our property, plant, and equipment and recorded as a net investment in lease. Refer to Note 8. Leases for more information.

Sales of miners for the three months ended
March 31, 2025

 For the three months ended March 31, 2025, the
Company sold 4,828 bitcoin miners for a total consideration of $906,016. On the dates of the transaction, the total original cost and
accumulated depreciation of these miners were $5,362,720 and $4,123,084, respectively. The Company recognized a loss of $333,620 from
the sale of miners which was recorded in the account of “loss from disposal