Company: BTBT
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001213900-25-094778
Chunk: 103

Company: Bit Digital, Inc
Filing Date: 2025-10-01
Form: 424B5
Chunk 103
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 of ordinary shares (including fractional shares, if any) received by a U.S. Holder upon a conversion that is treated as a recapitalization generally will equal the adjusted tax basis of the notes that were converted, reduced by the amount of any cash received (other than cash received in lieu of a fractional share), and increased by the amount of gain, if any, recognized (other than with respect to the receipt of cash in lieu of a fractional share) on the conversion. A U.S. Holder’s tax basis in a fractional share of our ordinary shares will be determined by allocating such holder’s tax basis in the shares of our ordinary shares, as determined in accordance with the previous sentence, between the shares of our ordinary shares actually received and the fractional share deemed received upon conversion, in accordance with their respective fair market values. A U.S. Holder’s holding period for shares of ordinary shares received in the conversion will include the period during which the U.S. Holder held the notes.

<div align='center'>S-58</div>

If the conversion of a note into cash and ordinary shares were not treated as a recapitalization, under an alternative characterization, the cash payment received may be treated as proceeds from the sale of a portion of the note taxable in the manner described under “—Sale, Exchange, Redemption, Repurchase or other Taxable Disposition of the Notes” above, and the ordinary shares received on such a conversion may be treated as received upon a conversion of the other portion of the note, which generally would not be taxable to a U.S. Holder (as described above), in each case, subject to the discussion under “—Constructive Distributions” below regarding the possibility that an adjustment to the conversion rate of a note converted in connection with a make-whole fundamental change or during a redemption period or for which the interest make-whole provision applies may be treated as a taxable stock dividend. In that case, the U.S. Holder’s tax basis in the note generally would be allocated pro rata between the portion of the note that is treated as converted into ordinary shares and the portion of the note that is treated as sold for cash, based on the relative fair market values of the ordinary shares and cash received. The holding period for the ordinary shares received in the conversion would include the holding period for the note.

With respect to cash received in lieu of a fractional share, a U.S. Holder will generally be treated as if such fractional share were issued and received and then immediately redeemed for cash. Accordingly, the receipt