Company: BTBT
Filing Date: 2025-07-03
Form Type: S-8 POS
Source: 0001213900-25-061371
Chunk: 104

Company: Bit Digital, Inc
Filing Date: 2025-07-03
Form: S-8 POS
Chunk 104
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 based on the Negative List for Market Access
(2022 Edition), “the Catalogue for Guidance on Industrial Restructuring shall be included in the Negative List for Market Access”;
plus, according to the Decision of the State Council on Promulgating and Implementing the “Temporary Provisions on Promoting Industrial
Structure Adjustment,” valid from December. 2, 2005, “In principle, the ‘Guidance Catalogue for the Industrial Structure
Adjustment’ shall apply to various types of enterprises inside China.” “The industries of the eliminated category under
the ‘Guidance Catalogue for the Industrial Structure Adjustment’ shall apply to the foreign investment enterprises.”
and “Investments are prohibited from being contributed to projects under the eliminated category.” Additionally, the NDRC
released on December 30, 2021 its No. 49 Decree, announcing that the Decision of the National Development and Reform Commission on Amending
the Guiding Catalog for Industrial Restructuring (2019 Version) (the “Amended Catalog”). The Amended Catalog added “virtual
currency mining activities” to the eliminated category of “1. outdated production processing and equipment under the original
Catalog.” Therefore, foreign investment enterprises are prohibited from virtual currency activities and our bitcoin mining business
are banned in China as well. There can be no assurance that our prior mining activities in China will not be subject to fines and penalties
on a retroactive basis.

We may be subject measures from the Cyberspace Administration of China concerning the collection of data and required to obtain clearance from the CAC.

The Cybersecurity Review Measures (2021) (the
“Measures”) were officially released to the public on December 28, 2021 and became effective on February 15, 2022. According
to the Measures, to go public abroad, an online platform operator that possesses the personal information of more than 1 million users
must seek cybersecurity review from the Office of Cybersecurity Review.

Currently, we have not been involved in any investigations
on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and we have not received any inquiry, notice,
warning, or sanction in such respect.

We believe we currently are not required to obtain
clearance from the CAC regarding our listing in the United States under the recently-enacted or proposed regulations or rules because
we have never set an online platform for any user and we have not acted as an online platform operator. However, since these cybersecurity
rules were recently enacted and