Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1144

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 1144
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 3,978,167  
     279,044 
  
    Effective tax rate 
     12.3% 
     (2.0)%

Tax expense was higher as a percentage of income
before taxes during the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to the impact of tax expense
increases by $1.9 million and $1.9 million in year ended December 31, 2024 due to profitable business operations in Iceland and Canada,
respectively.

Our future effective income tax rate depends on
various factors, such as tax legislation, the geographic composition of our pre-tax income, the amount of our pre-tax income as business
activities fluctuate, non-deductible expenses, non-taxable capital gain in certain jurisdictions, change of valuation allowance and the
effectiveness of our tax planning strategies. We also continue to monitor the adoption of Pillar Two relating to the global minimum tax
in each of our tax jurisdictions to evaluate its impact on our effective income tax rate. For the year ended December 31, 2024, we are
not subject to Pillar Two global minimum tax. For more details on the Company’s tax profile, see Note 15. Income Taxes to our consolidated
financial statements.

Net income (loss) and earnings (loss) per share

For the year ended December 31, 2024, our net
income was $28.3 million, representing a change of $42.2 million from a net loss of $13.9 million for the year ended December 31, 2023.

Basic and diluted earnings per share was $0.20
and $0.19 for the year ended December 31, 2024, respectively. Basic and diluted loss per share was $0.16 and $0.16 for the year ended
December 31, 2023, respectively.

Basic and diluted weighted average number of shares
was 140,346,322 and 141,507,497 for the year ended December 31, 2024, respectively. Basic and diluted weighted average number of
shares was 87,534,052 and 87,534,052 for the year ended December 31, 2023, respectively. 

90

Results of Operations for the Year Ended December
31, 2023 and 2022

The following table summarizes the results of
our operations during the year ended