Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1578

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 4
Chunk 1578
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 from sales of Antminer coupon 
     -  
     699,425  
     - 
  
    Receipt of USDC from other income 
     41  
     -  
     - 
  
    Sales of USDC in exchange of cash 
     -  
     -  
     (13,450,000)
  
    Payment of USDC for purchase of property and equipment 
     -  
     (12,181,655) 

    Payment of USDC for service charges from mining facilities 
     (133,779) 
     -  
     - 
  
    Payment of USDC for transportation expenses 
     -  
     (6,158) 
     (2,426,065)
  
    Payment of USDC for other expenses 
     (2,269,545) 
     (2,279,448) 
     (2,267,760)
  
    Ending balance 
    $411,413  
    $405,596  
    $626,441 

6. DIGITAL ASSETS

Adoption of ASU 2023-08, Accounting for and
Disclosure of Crypto Assets

Effective January 1, 2024, the Company early adopted
ASU 2023-08, which requires entities to measure crypto assets at fair value with changes recognized in net income each reporting period.
The Company’s digital assets are within the scope of ASU 2023-08 and the transition guidance requires a cumulative-effect adjustment
as of the beginning of the current fiscal year for any difference between the carrying amount of the Company’s digital assets and
fair value. As a result of the Company’s early adoption of ASU 2023-08, the Company recorded a $21.2 million increase to digital
assets and a $21.2 million decrease to accumulated deficit on the consolidated balance sheets as of the beginning of the quarter ended
March 31, 2024.

F-24

The following table presents the Company’s
significant digital assets holdings as of December 31, 2024:

     Quantity   Cost Basis   Fair Value   BTC   741.9   $43,935,614   $69,319,731   ETH   27,623.2    68,076,105    92,057,613   Total digital assets held as