Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 22

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 22
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ited condensed consolidated financial statements reflect all normal recurring adjustments,
which are necessary for a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures
are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements
have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements
for the year ended December 31, 2024. The results of operations for the three and nine months ended September 30, 2025, and 2024 are
not necessarily indicative of the results for the full years.

Initial
Public Offering of WhiteFiber

On
August 8, 2025, WhiteFiber closed its initial public offering (IPO) of 9,375,000 ordinary shares at a public offering price of $17.00
per share. The IPO generated aggregate gross proceeds of approximately $159.4 million, before deducting underwriting discounts, commissions,
and offering expenses payable by WhiteFiber. After deducting underwriting discounts, commissions, and other related offering expenses,
net proceeds were approximately $147.4 million. The Underwriters were also granted a 30-day option (“over-allotment option”)
to purchase up to an additional 1,406,250 ordinary shares.

On
September 2, 2025, the Underwriters fully exercised their option to purchase the additional 1,406,250 ordinary shares at the public offering
price of $17.00 per share.

Following
the IPO (including the underwriters’ exercise of their option to purchase additional ordinary shares), the Company owned approximately
71.5% of the outstanding ordinary shares of WhiteFiber and continues to consolidate the assets, liabilities, and results of operations
of WhiteFiber in the Company’s condensed consolidated financial statements. The portion of equity interest in WhiteFiber that the
Company does not own is reflected as noncontrolling interest in the Company’s condensed consolidated financial statements.

Use
of estimates

In
preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date
of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the
valuation of digital assets