Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1368

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1368
---

    $(12,181,655) 
    $(2,366,580)
  
    Issuance of ordinary shares in exchange of property and equipment 
    $-  
    $-  
    $(5,637,523)
  
    Dividend payable to preferred shareholders 
    $800,000  
    $-  
    $- 
  
    Reclassification of deposits to property and equipment 
    $4,903,865  
    $13,004,329  
    $(40,524,763)
  
    Non-cash stock option exercise by employee 
     15,850  
     -  
     - 
  
    Collection of USDC from sales of property and equipment 
    $-  
    $-  
    $712,800 
  
    Investment in digital asset held within investment fund 
     -  
    $4,683,021  
    $- 

Reconciliation of cash, cash equivalents and
restricted cash

    December 31,  
    December 31, 

    2024  
    2023 
  
    Cash and cash equivalents 
    $95,201,335  
    $16,860,934 
  
    Restricted cash 
     3,732,792  
     1,320,000 
  
    Cash, cash equivalents and restricted cash 
    $98,934,127  
     18,180,934 

The accompanying notes are an integral part of
these unaudited consolidated financial statements.

F-7

BIT DIGITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Bit Digital, Inc. (“BTBT” or the “Company”),
is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The Company is primarily engaged in the
digital asset mining business, high performance computing (“HPC”) business and Ethereum staking activities through its wholly
owned subsidiaries.

On April 17, 2023, Bit Digital Investment Management
Limited (“BT IM”) was established as the investment manager to oversee Bit Digital Innovation Master Fund SPC Limited (“BT
SPC”), a segregated portfolio company which was incorporated in May 2023. Both entities were 100% owned by Bit Digital Strategies
Limited and disposed of in July 2024.

On