Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 463

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 463
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●Acquisition,
disposal and impairments of assets or facilities.

●The
cyclical nature of large infrastructure projects.

●Labor
negotiations or disputes.

●Inability
of contract counterparties to meet their contractual obligations.

●The
inability to effectively integrate the operations and the internal controls of any acquired companies.

We maintain cash deposits in excess of federally
insured limits. Adverse developments affecting financial institutions, including bank failures, could adversely affect our liquidity and
financial performance.

We regularly maintain domestic
cash deposits in Federal Deposit Insurance Corporation (“FDIC”) insured banks that exceed the FDIC insurance limits. Bank
failures, events involving limited liquidity, defaults, non-performance, or other adverse developments that affect financial institutions,
or concerns or rumors about such events, may lead to liquidity constraints. For example, on March 10, 2023, Silicon Valley Bank failed
and was taken into receivership by the FDIC. The failure of a bank, or other adverse conditions in the financial or credit markets impacting
financial institutions at which we maintain balances, could adversely impact our liquidity and financial performance. There can be no
assurance that our deposits in excess of the FDIC or other comparable insurance limits will be backstopped by the U.S., or that any bank
or financial institution with which we do business will be able to obtain needed liquidity from other banks, government institutions or
by acquisition in the event of a failure or liquidity crisis.

Failure to manage
our liquidity and cash flows may materially and adversely affect our financial conditions and results of operations. As a result, we may
need additional capital, and financing may not be available on terms acceptable to us, or at all.

Since May 4, 2022 until March 7, 2025, we have
sold an aggregate of 81,990,654 shares of common stock for an aggregate purchase price of $288.1 million net of offering costs pursuant
to an at-the-market offering. We had a net income of $28.3 million for Fiscal 2024 . We incurred a net loss of $13.9 million for Fiscal
2023, which included $6.6 million impairment of digital assets. We had negative cash flows for our operating activities of $13.0 million
for Fiscal 2024. We had positive cash flows from our operating activities of $1.1 million for Fiscal 2023. Negative cash flow during Fiscal
2024 resulted, in part, from gains on digital