Company: BTBT
Filing Date: 2025-07-03
Form Type: S-8 POS
Source: 0001213900-25-061371
Chunk: 120

Company: Bit Digital, Inc
Filing Date: 2025-07-03
Form: S-8 POS
Chunk 120
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. On
an insolvency, liquidation or winding up of the Company, the holder of our preference shares shall be repaid in priority to the holders
of our ordinary shares.

Conversion. Subject
to the limitations summarized out below, the holder of any preference share may convert any preference shares held by them into ordinary
shares of the Company on a one-for-one basis. The holder of any preference shares shall not be permitted to convert its preference shares
into ordinary shares if such conversion would result in such holder being the registered owner of more than 4.99% of the issued ordinary
shares of the Company.

Enhanced voting rights.
For all matters relating to the Company requiring the votes of shareholder by a poll or by proxy, each preference share shall carry the
equivalent number of votes as 50 ordinary shares.

Our Chief Financial Officer and Chairman currently have voting power to control all significant corporate actions.

Erke Huang, our Chief
Financial Officer and a director, and Zhaohui Deng, our Chairman of the Board, collectively beneficially own 1,000,000 preferred shares,
each having fifty (50) votes, which equals approximately 17.6% of the voting power of our 283,530,871 outstanding Ordinary Shares as
of June 30, 2025 or approximately 15% of all votes cast on an as-converted basis. In 2021, the Board authorized the exchange of 1,000,000
Ordinary Shares beneficially held by Messrs. Huang and Deng for an equivalent number of preferred shares to enable them to carry out the
Company’s business plan without the threat of a hostile takeover. Nevertheless, as a result of their shareholdings, Mr. Huang and
Mr. Deng may be able to control the vote over decisions regarding mergers, consolidations and the sale of all or substantially all of
our assets, the election of directors, and other significant corporate actions. They may take action that is not in the best interests
of our other shareholders. This concentration of voting power may discourage or delay our Company, which could deprive our shareholders
of an opportunity to receive a premium for their shares as part of the sale of our Company and might reduce the market price of our Ordinary
Shares. These actions may be taken even if they are opposed by our other shareholders.

The dual class structure of our authorized share capital may concentrate voting control with holders of our preference shares, should we issue any, and the holders of such preference shares may not be