Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 246

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 246
---

the nine months ended September 30, 2025, a gain of $146 million was recognized, primarily attributable to the increase in the prices
of bitcoin and ETH as of September 30, 2025.

For
the nine months ended September 30, 2024, a gain of $12.3 million was recognized, primarily attributable to the increases in the prices
of bitcoin and ETH as of September 30, 2024.

Income
tax provisions

Provision
for income taxes consists of federal, state and foreign income taxes. Our income tax provision for the nine months ended September 30,
2025 is primarily attributable to the mix of earnings and losses in countries with differing statutory tax rates, and the valuation allowance
applied to the Company’s deferred tax assets in the United States, Singapore and Hong Kong. We continue to maintain a valuation
allowance against the deferred tax assets in United States, Singapore and Hong Kong as the Company does not expect those deferred tax
assets are “more likely than not” to be realized in the near future, particularly due to the uncertainty on macroeconomics,
politics and profitability of the business.

Our
income tax provision was $3.0 million and $2.7 million for the nine months ended September 30, 2025 and 2024, respectively. The income
tax provision did not change materially during the nine months ended September 30, 2025 compared to the same period in 2024. 

Net
income (loss) and earnings (loss) per share

For
the nine months ended September 30, 2025, our net income was $103.9 million, representing a change of $104.6 million from a net loss
of $0.7 million for the nine months ended September 30, 2024.

Basic
and diluted earnings per share was $0.46 and $0.46 for the nine months ended September 30, 2025, respectively. Basic and diluted loss
per share was $0.01 and $0.01 for the nine months ended September 30, 2024, respectively.

Basic
and diluted weighted average number of shares was and 235,907,855 and 236,336,822, respectively, for the nine months ended September
30, 2025, respectively. Basic and diluted weighted average number of shares was 130,917,218 and 130,917,218 for the nine months
ended