Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 34

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 34
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 as if the acquisition had occurred on January 1, 2024:

    For the three months ended 
    March 31,  2024 
  
    Revenue 
    $31,142,438 
  
    Net income 
    $49,653,549 

These pro forma results are presented for information
purposes only and do not necessarily reflect the actual results that would have been achieved had the acquisition occurred on the date
assumed, nor are they indicative of future consolidated results of operations.

These amounts have been calculated after applying
the Company’s accounting policies and adjusting the results of Enovum to reflect the additional depreciation and amortization that
would have been charged assuming the fair value adjustments to property, plant and equipment, right-of-use asset and intangible assets
had been applied on January 1, 2024, together with the consequential tax effects.

18

5. USDC

    March 31, 2025  
    December 31, 2024 
  
    USDC 
    $1,036,596  
    $411,413 

The following table presents additional information
about USDC for the three months ended March 31, 2025 and 2024, respectively:

    For the Three Months Ended March 31, 

    2025  
    2024 

    Opening balance 
    $411,413  
    $405,596 
  
    Receipt of USDC from sales of other digital assets 
     1,223,250  
     1,044,600 
  
    Payment of USDC for other expenses 
     (598,067) 
     (471,124)
  
    Ending balance 
    $1,036,596  
    $979,072 

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