Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1158

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 1158
---
million and $4.4 million as of December 31, 2024, and December 31, 2023, respectively. The increase of $26.4 million in the value of our
investment securities was mainly driven by investment of $15.8 million in AI Fund, investment of $6.7 million in Innovation Fund, investment
of $1.0 million in a SAFE, investment of $0.1 million in one equity investee, upward fair value adjustments of $0.9 million for the Nine
Blocks investment, and upward fair value adjustments of $2.6 million for the Innovation Fund.

Goodwill

Goodwill represents the excess of the purchase
price over the fair value of the net assets acquired in relation of in Enovum Acquisition. Refer to Note 14. Goodwill And Intangible
Assets for further information. As of December 31, 2024, the Company recorded goodwill in in the amount of $19.4 million.

Intangible Assets

Intangible assets pertain to customer relationships
acquired in connection with the acquisition of Enovum. Refer to Note 14. Goodwill and Intangible Assets for further information.
As of December 31, 2024, the total balance of intangible assets was $13.0 million.

Accounts payable

Accounts payable primarily consists of amounts
due for maintenance costs related to our digital asset mining, cloud services, and colocation services. Compared with December 31, 2023,
the balance of accounts payable increased by $1.1 million, largely due to the unpaid bills for our digital asset mining, cloud services,
and colocation services in the year ended December 31, 2024.

Deferred revenue

Deferred revenue pertains to prepayments received
from a customer for high performance computing services.

As of December 31, 2024, the Company’s current
and non-current portion of deferred revenue was $30.7 million and $0.1 million, respectively, compared to $13.1 million and $nil, respectively,
as of December 31, 2023. The increase in the total deferred revenue of $17.7 million reflects a $32.1 million of prepayments from our
cloud and colocation services customers, partially offset by the recognition of $14.4 million
in revenue related to the successful fulfillment of performance obligations from our cloud and colocation services in 2024.

Long-term income tax payable

Compared with December 31, 202