Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 307

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 307
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 and total operating lease liability were $15.0 million and $13.8 million respectively. As of December 31, 2023,
the Company’s operating lease right-of-use assets and total operating lease liability were $6.2 million and $6.2 million, respectively.

The increase in operating lease right-of-use assets
and total operating lease liability of $8.8 million and $7.6 million respectively, were due to the additional leases for $11.5 million
and 10.3 million, respectively, partially offset by the amortization of the operating lease right-of-use assets totaling $2.8 million
and $2.7 million, respectively, for the year ended December 31, 2024.

97

Investment Securities

As of December 31, 2024, our portfolio consists
of investments in three funds, a privately held company via a simple agreement for future equity (“SAFE”), and four privately
held companies over which the Company neither has control nor significant influence. The total balance of investment securities was $30.8
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 col