Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 26

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 26
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 not have a material impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-08,
Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”),
which establishes accounting guidance for crypto assets meeting certain criteria. Bitcoin and ETH meet this criterion. The amendments
require crypto assets meeting the criteria to be recognized at fair value with changes recognized in net income each reporting period.
Upon adoption, a cumulative-effect adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting
period of adoption. ASU 2023-08 is effective for fiscal years beginning after December 15, 2024, including interim periods within those
fiscal years. Early adoption is permitted. The Company elected to early adopt ASU 2023-08, effective January 1, 2024.

In December 2023, the Financial Accounting Standards
Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and
additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring disaggregation
by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024; early adoption is permitted.
The Company is closely monitoring the development of the ASU 2023-09 and does not expect its impact to be material on the consolidated
financial statements.

In November 2024, the FASB issued ASU No. 2024-03,
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”).
ASU 2024-03 requires, in the notes to the annual and interim financial statements, disaggregated information about certain income statement
expense line items in the notes to the financial statements. ASU2024-03 is effective for annual reporting periods beginning after December
15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the
impact the updated guidance will have on its disclosures.

14

3. Revenue