Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 36

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 36
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 the consolidated statements of operations under the caption “(Loss) gains on digital assets”.

19

The following table presents a roll-forward of
ETH for the three months ended March 31, 2025, based on the fair value model under ASU 2023-08:

    Fair value 
  
    ETH as of December 31, 2024 
    $92,057,613 
  
    Receipt of ETH from native staking business 
     560,641 
  
    Payment of ETH to investment fund 
     (7,030,398)
  
    Payment of ETH for other expenses 
     (369)
  
    Change in fair value of ETH 
     (41,031,021)
  
    ETH fair value at March 31, 2025 
    $44,556,466 

For the
additions of ETH generated by the Company’s ETH staking business, see Note 3. Revenue from Contracts with Customers.

ETH is sold
on a FIFO basis. For the three months ended March 31, 2025, gains from the sales of ETH are included in change in fair value of ETH which
is included in the consolidated statements of operations under the caption “(Loss) gains on digital assets”.  

7. OTHER CURRENT ASSETS

Other current assets were comprised of the following:

    March 31,  2025  
    December 31, 2024 
  
    Deposits (a) 
    $4,757,685  
    $1,704,785 
  
    Prepayments to mining facilities (b) 
     438,760  
     290,475 
  
    Prepaid director and officer insurance expenses 
     -  
     219,471 
  
    Prepaid consulting service expenses 
     4,241,814  
     3,016,460 
  
    Deposit for lease 
     44,956  
     63,586 
  
    Deferred contract costs 
     982,039  
     982,039 
  
    Contract assets 
     807,322  
     - 
  
    Prepayment to third parties 
     12,054,859  
     15,526,472 
  
    Receivable from third parties 
     17,531,364  
     6,305,652 
  
    Others 
     646,439  
     210,729