Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 79

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 79
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AP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our directors;
and

●Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could
have a material effect on the financial statements.

A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency,
or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important
enough to merit attention by those responsible for oversight of the company’s financial reporting. 

103

Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance
with policies or procedures may deteriorate.

Under the supervision and with the participation
of our management, including our CEO and CFO, we conducted an assessment of the effectiveness of our internal control over financial reporting
as of December 31, 2024. The assessment was based on criteria established in the framework Internal Control – Integrated Framework
(2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management concluded
that we maintained effective internal control over financial reporting as of December 31, 2024.

As discussed in Note 4 to our consolidated financial statements, we
acquired Enovum Data Centers Corp, (“Enovum”) on October 11, 2024. As permitted by guidelines established by the SEC for newly
acquired business, we excluded Enovum Data from our assessment of internal control over financial reporting for the year ended December 31,
2024 . The total assets and total revenues of Enovum represent 15% and 1%, respectively, of the related consolidated financial statement
amounts as of and for the year ended December 31, 2024. 

Our independent registered public accounting firm,
Audit Alliance LLP, has issued an audit report on management’s assessment of internal control over financial reporting as of December
31, 2024. The report of Audit Alliance LLP is included below under the heading “Report of Independent Registered