Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 128

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 128
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 For a summary of significant accounting policies, refer to Note 2. Summary of Significant Accounting
Policies in our Notes to Unaudited Condensed Consolidated Financial Statements included elsewhere herein.

72

Item 3. Quantitative and Qualitative Disclosures
about Market Risk.

Not applicable. A smaller reporting company is
not required to provide the information required by this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our
Chief Executive Officer and our Principal Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures
(as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly
Report to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that information required
to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our
Chief Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosures.

Based on this evaluation, our management, with
the participation of our Chief Executive Officer and our Principal Financial Officer, concluded that our disclosure controls and procedures
were effective at the reasonable assurance level as of the end of the period covered by this report.

Management recognizes that any controls and procedures,
no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily
applies its judgment in conducting a cost-benefit analysis of possible controls and procedures.

Changes in Internal Control over Financial
Reporting

In October 2024, we acquired 100% of the equity
interests of Enovum Data Centers Corp (“Enovum”). We are currently in the process of integrating Enovum’s operations,
control processes, and information systems into our systems and control environment and expect to include them in scope of design and
operation of our internal control over financial reporting for the year ending December 31, 2025. We believe that we have taken the necessary
steps to monitor and maintain appropriate internal control over financial reporting during this integration. Other than changes made in
connection with the acquisitions, there were no changes in our internal control over financial reporting during the three months ended
June 30, 2025 that have materially affected, or are reasonably likely to materially affect