Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 57

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 57
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500
ordinary shares were issued to the Company’s employees, directors, and consultants in settlement of an equal number of fully vested
restricted share units awarded to such individuals and companies by the Company pursuant to grants made under the Company’s 2023
Plan and 2025 Plan.

As of June 30, 2025, there were 284,182,277 ordinary
shares issued and 284,052,291 ordinary shares outstanding.

Preferred shares

As of June 30, 2025 and December 31, 2024, there
were 1,000,000 preferred shares issued and outstanding.

The preference shares are entitled to the following preference features:
1) an annual dividend of 8% when, and if, declared by the Board of Directors; 2) a liquidation preference of $10.00 per share; 3) convert
on a one for one basis for ordinary shares, subject to a 4.99% conversion limitation; 4) rank senior to ordinary shares in insolvency;
and 5) solely for voting purposes vote 50 ordinary shares, for each preference share.

On December 20, 2024, the Board of Directors declared
an 8% ($800,000) dividend on the preference shares to Geney Development Ltd. (“Geney”). Erke Huang, our Chief Financial Officer,
is the President of Geney and the beneficial owner of 30% of the equity of Geney, with the remaining 70% held by Zhaohui Deng, the Company’s
Chairman of the Board. The Company fully paid the declared dividend in January 2025.

Treasury stock

The Company treats ordinary shares withheld for
tax purposes on behalf of employees in connection with the vesting of restricted share grants as ordinary share repurchases because they
reduce the number of ordinary shares that would have been issued upon vesting. For the six months ended June 30, 2025 and 2024, the Company
withheld nil ordinary shares that were surrendered to the Company for withholding taxes related to restricted stock vesting valued at
$nil, based on fair value of the withheld shares on the vesting date.

As of June 30, 2025 and December 31, 2024, the
Company had treasury stock of $1,171,679 and $1,171,679, respectively. 

Warrants 

As of June 30, 2025 and December 31, 2024,