Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 235

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 235
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 September 30, 2025, cost of revenue from ETH staking business increased by $101,540, or 875%, compared to the
cost of revenue incurred for the three months ended September 30, 2024. The increase was primarily driven by an increased number of staked
ETH from 21,568 ETH in the three months ended September 30, 2024 to 99,936 ETH in the three months ended September 30, 2025.

Depreciation
and amortization expenses

For
the three months ended September 30, 2025 and 2024, depreciation and amortization expenses were $9.6 million and $8.4 million, respectively,
based on an estimated useful life of property, plant, and equipment.

Effective
January 1, 2025, we changed our estimate of the useful lives for our cloud service equipment from three to five years. The change was
made to better reflect the expected usage patterns and economic benefits of the assets. Refer to Note 2. Summary of Significant Accounting
Policies to our condensed consolidated financial statements.

General
and administrative expenses 

For
the three months ended September 30, 2025, our general and administrative expenses, totaling $33.1 million, were primarily comprised
of professional and consulting expenses of $11.1 million, shared-based compensation expenses of $10.9 million, salary and bonus expenses
of $4.9 million, marketing expenses of $1.6 million, travel expenses of $0.2 million, and directors and officers insurance expenses of
$0.3 million.

For
the three months ended September 30, 2024, our general and administrative expenses, totaling $13.7 million, were primarily comprised
of shared-based compensation expenses of $5.0 million, salary and bonus expenses of $1.8 million, professional and consulting expenses
of $4.8 million, directors and officers insurance expenses of $0.2 million, marketing expenses of $0.6 million, and travel expenses of
$0.2 million.

59

Gains
(losses) on digital assets

For
the three months ended September 30, 2025, a gain of $168 million was recognized, primarily attributable to the increase in the prices
of bitcoin and ETH as of September 30, 2025.

For
the three months ended September 30, 2024, a loss of $21.9 million was