Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 132

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 132
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, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

    +
    Certain portions of this exhibit have been redacted in accordance with Item 601(b)(10) of Regulation S-K.

75

SIGNATURES

In accordance with Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    Bit Digital, Inc.

    Date: August 14, 2025
    By:
    /s/ Sam Tabar

    Sam Tabar

    Chief Executive Officer

    (Principal Executive Officer)

    Date: August 14, 2025
    By:
    /s/ Erke Huang 

    Erke Huang

    Chief Financial Officer

    (Principal Accounting Officer)

    Date: August 14, 2025
    By:
    /s/ Justin Zhu 

    Justin Zhu

    Chief Accounting Officer and Senior
Vice President of Finance

    (Principal Financial Officer)

76

3778
2205

(a) Investment in Digital Future Alliance Limited (“DFA”)

DFA is a privately held company, over which the Company has neither control nor significant influence through investment in ordinary shares. The Company accounted for the investment in DFA using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer.

For the three and six months ended June 30, 2025 and 2024, the Company did not record upward adjustments or downward adjustments on the investment. The Company’s impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of the equity security. As of June 30, 2025 and December 31 2024, the Company did not recognize impairment against the investment security.
(b) Investment in Nine Blocks Offshore Feeder Fund (“Nine Blocks”)

On August 1, 2022, the Company entered into a subscription agreement with Nine Blocks for investment of $2.0 million. The investment includes a direct investment into the Nine Blocks Master Fund, a digital assets market neutral fund using basis trading, relative value, and special situations strategies.

As a practical expedient, the Company uses Net Asset Value (“NAV