Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 262

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 262
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, 2025, attributable to net proceeds of
$58.5 million from the at-the-market offering, net proceeds of $162.6 million from the public offering, net proceeds of $62.8 from registered
direct offering, net proceeds of $147.4 million from changes in ownership interests in subsidiary via IPO, net proceeds of $22.2 million
from changes in ownership interests in subsidiary via over-allotment option and offset by the payment of dividends of $0.8 million.

Net
cash provided by financing activities was $131.7 million for the nine months ended September 30, 2024, attributable to net proceeds of
$131.7 million from the at-the-market offering.

Royal
Bank of Canada Credit Facility

On
June 18, 2025, the Company entered into a definitive credit agreement with the Royal Bank of Canada (“RBC”), the largest
bank in Canada, to finance its data centers business. The facility provides up to CAD $60 million (approximately USD $43.8) in aggregate
financing. Proceeds will be used to support the continued buildout of the Company’s HPC data center portfolio. As of the reporting
date, the facility had not yet been authorized for use, as the Company and RBC are negotiating amendments to the existing agreement,
including a potential additional non-revolving term loan of up to CAD $55 million (approximately USD $39.5 million). Refer to Colocation/Data
Centers Services section above for further details.

Off-Balance
Sheet Arrangements

During
the periods presented, we did not have any off-balance sheet arrangements.

73

Critical
Accounting Policies and Estimates

Our
discussion and analysis of our financial condition and results of operations are based upon our unaudited condensed consolidated financial
statements. These financial statements are prepared in accordance with U.S. GAAP, which requires the Company to make estimates and assumptions
that affect the reported amounts of our assets, liabilities, revenues, and expenses, to disclose contingent assets and liabilities on
the dates of the unaudited condensed consolidated financial statements, and to disclose the reported amounts of revenues and expenses
incurred during the financial reporting periods. The most significant estimates and assumptions include, but are not limited to, the
valuation of current assets, useful lives of property, plant, and equipment, impairment of long-lived assets, intangible assets and goodwill,
valuation of assets and liabilities acquired in business combinations, provision necessary for contingent liabilities