Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 25

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 25
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iber’s operations
require significant capital investment to purchase and maintain the property and equipment required to provide specialized infrastructures
to support generative AI work streams. In addition, WhiteFiber’s operations include a significant level of fixed and semi-fixed
costs. Consequently, we will rely on capital markets, as sources of liquidity for capital requirements for growth. If we are unable to
access capital at competitive rates, the ability to implement business plans, make capital expenditures or pursue acquisitions it would
otherwise rely on for future, growth may be adversely affected. Market disruptions may increase the cost of borrowing or adversely affect
WhiteFiber’s ability to access one or more financial markets. Such market disruptions could include:

| ● | A significant economic downturn. |

| ● | The financial distress of unrelated            
 industry leaders in the same line of business. |

| ● | Deterioration in capital market 
 conditions.                     |

| ● | Turmoil in the financial services 
 industry.                         |

| ● | Volatility in GPU prices. |

| ● | Terrorist attacks. |

| ● | War. |

| ● | Cyberattacks. |

If we raise additional equity
financing, our shareholders may experience significant dilution of their ownership interests, and the per share value of our Ordinary
Shares could decline. Furthermore, if we engage in debt financing, the holders of debt will have priority over the holders of our Ordinary
Shares on order of payment preference. We may be required to accept terms that restrict or limit our ability to, among other things:

| ● | Pay cash dividends to our shareholders, 
 subject to certain limited exceptions;  |

| ● | Redeem or repurchase our Ordinary 
 Shares or other equity;           |

| ● | Incur additional indebtedness; |

| ● | Permit liens on assets; |

| ● | Make certain investments (including                                                                                                       
 through the acquisition of stock, shares, partnership or limited liability company interests, any loan, advance or capital contribution); |

| ● | Sell, lease, license, lend                                               
 or otherwise convey an interest in a material portion of our assets; and |

| ● | Sell or otherwise issue Ordinary                                     
 Shares or other share capital subject to certain limited exceptions. |

These restrictions may limit
our ability to obtain additional financing, withstand downturns in our business or take advantage of business opportunities.

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Our business has and is expected to continue to have significant customer concentration.

We
generate a large portion of our revenue from