Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 55

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 55
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118,766  
    $18,289,197 
  
    Iceland 
     133,142,796  
     59,766,182 
  
    Canada 
     45,961,911  
     43,981,419 
  
    Singapore 
     221,192  
     233,229 

    $200,444,665  
    $122,270,027 

18. RELATED PARTIES

On December 20, 2024, the Board of Directors declared
an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development Ltd. (“Geney”). Erke Huang, our Chief
Financial Officer, is the President of Geney and the beneficial owner of thirty percent (30%) of the equity of Geney, with the remaining
seventy percent (70%) held by Zhaohui Deng, the Company’s Chairman of the Board. The Company fully paid the declared dividend in
January 2025.

Bit Digital Iceland ehf has appointed Daniel Jonsson
as its part-time Chief Executive Officer starting November 7, 2023, for a six-month term with a three-month probation. His compensation
includes a monthly salary of $8,334, a $6,440 signing bonus, and eligibility for performance-based RSU. Concurrently, Daniel Jonsson is
part of the management team at GreenBlocks ehf which not only provides bitcoin mining hosting services but also benefits from a facility
loan agreement extended by Bit Digital USA Inc., an affiliate of Bit Digital Iceland ehf. Additionally, Bit Digital Iceland ehf has contracted
GreenBlocks ehf for consulting services pertaining to our high performance computing services in Iceland. As of December 31, 2023, the
Company owed $21,592 to Daniel Jonsson for salary and bonus, and $160,000 to GreenBlocks ehf for services rendered. By the end of the
first quarter of 2024, we had settled these outstanding amounts with both Daniel Jonsson and GreenBlocks ehf. As of March 31, 2025, the
Company owed approximately $21 thousand to Daniel Jonsson for salary and bonus.

19. CONTINGENCIES  

Legal Proceedings

The Company from time to time may become involved
in legal proceedings in the ordinary course of our business. The Company may also pursue litigation to assert its legal rights and assets,
and such litigation may be costly and divert the efforts and attention