Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 203

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 3
Chunk 203
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 fair value option is determined on an instrument-by-instrument basis on the date the instrument is initially recognized, is applied to the entire instrument, and is irrevocable once elected. For instruments measured at fair value, embedded conversion or other features are not required to be separated from the host instrument. Issuance costs related to convertible securities carried at fair value are not deferred and are recognized as incurred on the Consolidated Statements of Operations. For the three months ended March 31, 2025, the Company did not record upward adjustments or downward adjustments on the investment.
Investment in AI Innovation Fund I (“AI fund”)

On July 15, 2024, the Company entered into a subscription agreement with Pleasanton Ventures Innovation Master Fund SPC Limited for investment of $15.9 million in its AI Innovation Fund I. The investment includes a direct investment into private equity and fund of fund opportunities within the AI industry.

As a practical expedient, the Company uses Net Asset Value (“NAV”) or its equivalent to measure the fair value of the investment in the fund. For the three months ended March 31, 2025, the Company recorded cumulative downward adjustments of $75,000 on the investment.
Investment in Innovation Fund I (“Innovation fund”)

After the Company disposed its BVI entities for its previous fund operation (See Note 21, Disposition of Bit Digital Investment Management Limited and Bit Digital Innovation Master Fund Spc Limited, for more information), the Company no longer consolidates the investment in the fund. As a practical expedient, the Company uses Net Asset Value (“NAV”) or its equivalent to measure the fair value of the investment in the fund. On March 25, 2025, the Company invested additional 3,400 ETH, equivalent to $7,030,398 into the fund. For the three months ended March 31, 2025 and 2024, the Company recorded cumulative downward adjustments of $4,541,248 and upward adjustment of $3,007,862 respectively, on the investment.

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