Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 12

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 12
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 Effect of exchange rate changes on cash, cash equivalents and restricted cash 
     (203,877) 
     - 
  
    Cash, cash equivalents and restricted cash, beginning of period 
     98,934,127  
     18,180,934 
  
    Cash, cash equivalents and restricted cash, end of period 
    $184,898,639  
    $61,424,164 

    Supplemental Cash Flow Information 

    Cash paid for income taxes, net of refunds 
    $225,000  
    $8,000 

    Non-cash Transactions of Investing and Financing Activities 

    Reclassification of deposits to property and equipment 
    $97,296,343  
    $10,141,866 
  
    Right of use assets exchanged for operating lease liability 
    $31,193,195  
    $- 

Reconciliation of cash, cash equivalents and
restricted cash

    June 30,  
    December 31, 

    2025  
    2024 
  
    Cash and cash equivalents 
    $181,165,847  
    $95,201,335 
  
    Restricted cash 
     3,732,792  
     3,732,792 
  
    Cash, cash equivalents and restricted cash 
    $184,898,639  
    $98,934,127 

The accompanying notes are an integral part of
these unaudited consolidated financial statements.

4

BIT DIGITAL, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Bit Digital, Inc. (“BTBT” or the “Company”),
is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The Company is a digital asset platform
focused on Ethereum (ETH)-native treasury, staking strategies and engaged in the digital asset mining business. Through its subsidiaries,
the Company also engages in high performance computing (“HPC”) business, including cloud services and HPC data center services.

 On August 17, 2023, WhiteFiber Iceland ehf (f/k/a Bit Digital Iceland
ehf) was incorporated to support the Company’s cloud services in Iceland.

On June 27, 2024, WhiteFiber HPC, Inc. (f/k