Company: BTBT
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001213900-25-094778
Chunk: 105

Company: Bit Digital, Inc
Filing Date: 2025-10-01
Form: 424B5
Chunk 105
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 such event (the “new notes”), which may be a taxable event for U.S. federal income tax purposes in which U.S. Holders would be required to recognize any gain or loss. Whether or not such an adjustment results in a deemed exchange of the outstanding notes, a subsequent conversion of the notes might be treated as a fully taxable disposition of the notes if the property into which the notes are convertible is no longer stock of the notes’ obligor. Furthermore, depending on the circumstances, the U.S. federal income tax consequences of the exchange or conversion of the notes as well as the ownership of the notes and the ordinary shares may be different from the U.S. federal income tax consequences addressed in this discussion. A U.S. Holder should consult its tax advisor regarding the U.S. federal income tax consequences of such an adjustment.

<div align='center'>S-59</div>

Constructive Distributions

The conversion rate of the notes will be adjusted in certain circumstances, as described under “Description of the Notes—Conversion Rights—Conversion Rate Adjustments.” Adjustments (or failures to make adjustments) that have the effect of increasing a U.S. Holder’s proportionate interest in our assets or earnings may in some circumstances result in a deemed distribution to a U.S. Holder for U.S. federal income tax purposes, even though no cash or property is received. Adjustments to the conversion rate made pursuant to a bona fide reasonable adjustment formula that has the effect of preventing the dilution of the interest of the holders of the notes, however, generally will not be considered to result in a deemed distribution to a U.S. Holder. Certain of the possible conversion rate adjustments provided in the notes (including, without limitation, adjustments with respect to taxable dividends to holders of our ordinary shares) will not qualify as being pursuant to a bona fide reasonable adjustment formula. If such a non-qualifying adjustment is made, a U.S. Holder may be deemed to have received a distribution even though the U.S. Holder has not received any cash or property as a result of such adjustment. In addition, an adjustment to the conversion rate of a note converted in connection with a make-whole fundamental change or during a redemption period or for which the interest make-whole provision applies, each as described under “Description of the Notes—Conversion Rights,” may also be treated as a deemed distribution to a U.S. Holder under certain circumstances.

Any such deemed distribution will generally be taxable to U.S. Holders as a dividend, return of capital,