Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 99

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 99
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Operating Activities

Net cash provided by operating activities was
$17.4 million for the three months ended March 31, 2025, derived mainly from (i) a net loss of $57.7 million for the three months ended
March 31, 2025 adjusted for digital assets mined of $7.8 million from our mining services, depreciation expenses and amortization expense
of $7.2 million, and loss on digital assets of $49.2 million, share based compensation expenses of $0.3 million, loss from disposal of
property, plant, and equipment of $0.3 million, and changes in fair value of investment security of $4.7 million, and (ii) net changes
in our operating assets and liabilities, principally comprising of a decrease in digital assets and stable coins of $32.5 million, decrease
in deferred revenue of $9.5 million, a decrease in accounts receivable of $2.7 million, an increase in other payable and accrued liabilities
of $4.9 million, a decrease in net investment in lease of $0.6 million, a decrease in accounts payable of $0.9 million, an increase in
other current assets of $10.7 million, and a decrease in other non-current assets of $1.5 million.

Net cash used in operating activities was $20.9
million for the three months ended March 31, 2024, derived mainly from (i) a net income of $50.1 million for the three months ended March
31, 2024 adjusted for digital assets of $21.9 million from our mining services, depreciation expenses of property and equipment of $6.8
million, unrealized gain on digital assets held in fund of $3.0 million, and gains on digital assets of $45.7 million, and (ii) net changes
in our operating assets and liabilities, principally comprising of a decrease in deferred revenue of $9.3 million, decrease in other payable
and accrued liabilities of $4.8 million, and a decrease in net investment in lease of $3.1 million, offset by and an increase in accounts
payable of $4.8 million and other current assets of $3.4 million.

Investing Activities

Net cash used in investing activities was $65.0
million for the three months ended March 31, 2025, primarily attributable to purchases of and deposits made for property,