Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 47

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 47
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| ● | macroeconomic conditions; |

| ● | adverse legal proceedings or regulatory enforcement actions, judgments, settlements, or other legal proceeding and enforcement-related costs; |

| ● | increases in operating expenses that we expect to incur to grow and expand our operations and to remain competitive; |

| ● | breaches of security or privacy; |

| ● | our ability to attract and retain talent; and |

| ● | our ability to compete with our competitors. |

As a result of these factors, it is difficult
for us to forecast growth trends in our digital assets business. In view of the rapidly evolving nature of our business and the digital
assets industry, period-to-period comparisons of our operating results may not be meaningful, and you should not rely upon them as an
indication of future performance. Quarterly and annual expenses reflected in our financial statements may be significantly different from
historical or projected rates. Our operating results in one or more future quarters may fall below the expectations of securities analysts
and investors. As a result, the trading price of our Ordinary Shares may increase or decrease significantly. See “The price of digital assets may be affected by the sale of such digital assets by other vehicles investing in digital assets or tracking bitcoin markets.”

<div align='center'>24</div>

Unfavorable Digital Asset Market Conditions

The prices of digital assets, including bitcoin,
have experienced substantial volatility, as described above. During the year 2022, a number of companies in the digital assets industry
declared bankruptcy, including Core Scientific, Celsius Network, Voyager Digital Ltd., Three Arrows Capital, BlockFi, and FTX Trading
Ltd. (“FTX”) and concerning us, Compute North, as described in the following risk factor. Such bankruptcies have contributed,
at least in part, to further price decreases in bitcoin and other digital assets, a loss of confidence in the participants of the digital
asset ecosystem and negative publicity surrounding digital assets more broadly. The bankruptcies also led to various SEC and criminal
enforcement proceedings. All of the foregoing has had a macro decline in the price of securities of digital asset companies, including
ours.

Other than Compute North, we have not been directly
impacted by any of the recent bankruptcies in the digital asset space, as we have no contractual privity or relationship to the relevant
parties. The Company relocated its miners out of Compute North’s facilities to those hosted by Blockfusion and Coinmint in New York
State. However, termination of the Master Agreement with Compute North