Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1487

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 4
Chunk 1487
---
ibus Equity Incentive
Plan (“2023 Plan”). An aggregate of 2,415,293 RSUs were granted under the 2021 Plan and no ordinary shares remain reserved
for issuance under the 2021 Plan. There are 5,000,000 ordinary shares reserved for issuance under the Company’s 2021 Second Plan,
under which 4,211,372 RSUs and 395,000 shares options have been granted as of December 31, 2024. There are 5,000,000 ordinary shares reserved
for issuance under the Company’s 2023 Plan, under which 4,732,718 RSUs have been granted as of December 31, 2024.

76

Item 6. [Reserved]

Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this report. This discussion contains forward-looking statements reflecting our current expectations that involve risks
and uncertainties. See “Disclosure Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks, and
assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in
our forward-looking statements as a result of many factors, including those set forth under “Risk Factors” and elsewhere
in this report.

Overview

Bit Digital, Inc. or the “Company”,
is a global platform for high performance computing (“HPC”) infrastructure and digital asset production, with headquarters
in New York City.

HPC Business

The Company’s HPC business operates under
the WhiteFiber Inc. (“WhiteFiber”) brand. Our operations are located in the US, Canada, and Iceland. We are a leading provider
of high-performance computing (“HPC”) data centers/colocation services and cloud-based HPC graphics processing units (“GPU”)
services, which we term cloud services, for customers such as artificial intelligence (“AI”) and machine learning (“ML”)
developers. Our HPC Tier-3 data centers provide colocation services and are developed and operated by our wholly-owned subsidiary, Enovum.
Our cloud services are provided by our WhiteFiber AI, Inc subsidiary. Collectively, we refer to these offerings as our HPC Business.

On October 11, 2024, we significantly expanded
our HPC data center operations and capabilities by acquiring En