Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 127

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 127
---
 June 30, 2025, attributable to net proceeds of $58.5 million from the at-the-market offering,
net proceeds of $141.6 million from the public offering, and offset by the payment of dividends of $0.8 million.

Net cash provided by financing activities was
$80.3 million for the six months ended June 30, 2024, attributable to net proceeds of $80.3 million from the at-the-market offering. 

Royal Bank of Canada Credit Facility

On June 18, 2025, the Company entered into a definitive credit agreement
with the Royal Bank of Canada (“RBC”), the largest bank in Canada, to finance its data centers business. The facility provides
up to CAD $60 million (approximately USD $43.8) in aggregate financing. Proceeds will be used to support the continued buildout of the
Company’s HPC data center portfolio. Refer to Data Centers section above for further details.

71

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial
condition and results of operations are based upon our unaudited condensed consolidated financial statements. These financial
statements are prepared in accordance with U.S. GAAP, which requires the Company to make estimates and assumptions that affect the
reported amounts of our assets, liabilities, revenues, and expenses, to disclose contingent assets and liabilities on the dates of
the unaudited condensed consolidated financial statements, and to disclose the reported amounts of revenues and expenses incurred
during the financial reporting periods. The most significant estimates and assumptions include, but are not limited to, the
valuation of current assets, useful lives of property, plant, and equipment, impairment of long-lived assets, intangible assets and
goodwill, valuation of assets and liabilities acquired in business combinations, provision necessary for contingent liabilities and
realization of deferred tax assets. We continue to evaluate these estimates and assumptions that we believe to be reasonable under
the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial
reporting process, actual results could differ from those estimates as a result of changes in our estimates. Some of our accounting
policies require higher degrees of judgment than others in their application. We believe critical accounting policies as disclosed
in this release reflect the more significant judgments and estimates used in preparation of our unaudited condensed consolidated
financial statements.