Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1164

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 1164
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 or debt securities may contain covenants
that limit our operations or ability to enter into certain transactions. Our ability to realize revenue through digital asset production
and successfully convert digital assets into cash or fund overhead with digital assets is subject to a number of risks, including
regulatory, financial and business risks, many of which are beyond our control. Additionally, the value of digital asset rewards has historically
been extremely volatile, and future prices cannot be predicted.

If we are unable to generate sufficient revenue
when needed or secure additional funding, it may become necessary to significantly reduce our current rate of expansion or to explore
other strategic alternatives. 

Cash flows

    For the Years Ended December 31, 

    2024  
    2023  
    2022 
  
    Net Cash (Used in) Provided by Operating Activities 
    $(12,986,996) 
    $1,105,588  
    $(8,496,028)
  
    Net Cash Used in Investing Activities 
     (149,022,420) 
     (69,159,064) 
     (18,605,265)
  
    Net Cash Provided by Financing Activities 
     242,857,873  
     52,223,350  
     18,713,825 
  
    Net (decrease) increase in cash, cash equivalents and restricted cash 
     80,848,457  
     (15,830,126) 
     (8,387,468)
  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash 
     (95,264) 
     -  
     - 
  
    Cash, cash equivalents and restricted cash, beginning of year 
     18,180,934  
     34,011,060  
     42,398,528 
  
    Cash, cash equivalents and restricted cash, end of year 
    $98,934,127  
    $18,180,934  
    $34,011,060 

Operating Activities

Net cash used in operating activities was $13.0
million for the year ended December 31, 2024, derived mainly from (i) a net income of $28.3 million for the year ended December 31, 2024
adjusted for digital assets mined of $58.6 million from our mining services, depreciation expenses of property and equipment of $