Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 205

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 205
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 receipt of property and equipment of $97.3 million, offset by prepayment of
$79.3 million for property, plant and equipment.

66

Property, plant, and equipment, net

Property, plant, and equipment primarily consisted
of equipment used in our HPC business and digital asset business as well as construction in progress representing assets received but
not yet put into service.

As of June 30, 2025, we had 22,574 bitcoin miners with net book value
of $22.9 million, cloud service computing equipment with a net book value of $75.4 million, property, plant, and equipment for colocation
service with a net book value of $82.9 million, and construction in progress of $70.0 million.

As of December 31, 2024, we had 24,239 bitcoin
miners with net book value of $17.9 million, cloud service computing equipment with a net book value of $47.2 million, property, plant,
and equipment acquired as part of the acquisition of Enovum with a net book value of $36.4 million for colocation service, and construction
in progress of $5.1 million.

Operating lease right-of-use assets and operating
lease liability

As of June 30, 2025, the Company’s operating
lease right-of-use assets and total operating lease liability were $44.8 million and $43.7 million respectively. As of December 31, 2024,
the Company’s operating lease right-of-use assets and total operating lease liability were $15.0 million and $13.8 million respectively

The increase in operating lease right-of-use assets
and total operating lease liability of $29.8 million and $29.9 million respectively, were due to one additional data center lease entered
in 2025, one additional capacity lease entered in 2025, one additional office lease entered in 2025, and one additional lease entered
in 2025 for general and administrative purposes totaling $32.1 million, partially offset by the amortization of the operating lease right-of-use
assets totaling $2.4 million for the six months ended June 30, 2025.

Investment Securities

As of June 30, 2025, our portfolio consists of
investments in three funds, a privately held company via a simple agreement for future equity (“SAFE”), and four privately
held companies over which the Company neither has control nor