Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 116

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 116
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50,133,952  
     19,741,911  
     30,392,041 

    Total Liabilities 
    $90,230,393  
    $74,768,515  
    $15,461,878 

65

Cash and cash equivalents

Cash and cash equivalents primarily consist of
funds deposited with banks, which are highly liquid and are unrestricted to withdrawal or use. The total balance of cash and cash equivalents
were $181.2 million and $95.2 million as of June 30, 2025 and December 31, 2024, respectively. The increase in the balance of cash and
cash equivalents was a result of net cash of $35.1 million provided by operating activities and net cash of $199.3 million provided by
financing activities, partially offset by net cash of $148.2 million used in investing activities.

Accounts receivable, net

Accounts receivable consists of amounts due from
our customers. The total balance of accounts receivable was $6.5 million and $5.3 million as of June 30, 2025 and December 31, 2024, respectively.
The increase in the balance of accounts receivable is attributable to unpaid invoices from our customers.

USDC

USD Coin (“USDC”) is accounted for
as a financial instrument; one USDC can be redeemed for one U.S. dollar on demand from the issuer. The balance of USDC was $0.5 million
and $0.4 million as of June 30, 2025 and December 31, 2024, respectively. The increase in the balance of USDC was primarily due to the
receipt of USDC from sales of other digital assets of $1.2 million and receipt of USDC from other income of $40,100, partially offset
by the payment of other expenses of $1.2 million.

Digital assets

Digital assets primarily consist of BTC and ETH.
For the three months ended June 30, 2025, we earned digital assets from mining services and ETH staking services. We exchanged BTC into
ETH or USDC, exchanged BTC and ETH into cash, or used BTC and ETH to pay certain operating costs and other expenses. Digital assets held
are accounted for as intangible assets measured at fair value, with changes in fair value recorded in net income in each reporting period.

As compared with the balance as of December 31,
2024,