Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 55

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 55
---
,
the Company recognized share-based compensation expenses of $6,874,740 and $383,047. For the six months ended June 30, 2025 and 2024,
the Company recognized share-based compensation expenses of $7,090,538 and $770,635. As of June 30, 2025, the Company had $3,607,864 unrecognized
compensation costs related to the unvested RSUs.

As of June 30, 2025, the Company had 3,769,914
awarded and unvested RSUs.

Share Options

For the three months ended June 30, 2025 and 2024,
the Company did not grant any options.

The Company recognizes compensation expenses related
to options on a straight-line basis over the vesting periods. For the three months ended June 30, 2025 and 2024, the Company recognized
share-based compensation expenses of $15,906 and $40,688, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized
share-based compensation expenses of $52,498 and $145,700, respectively. As of June 30, 2025, there were $1,923 of unrecognized compensation
costs related to all outstanding share options.

Other share-based compensation

In January 2025, the Company entered into separate
one-year service agreements with three consultants by granting each 150,000 RSUs, all of which vested immediately. Over the duration of
the service agreement, the Company will recognize share-based compensation expenses aggregating $1.6 million based upon the closing price
of the Company’s ordinary shares on date of agreement.

In April 2025, the Company entered into a one-year
service agreement with a consulting firm and granted 250,000 RSUs thereto, all of which vested immediately. Over the duration of the service
agreement, the Company will recognize share-based compensation expenses aggregating $0.5 million based upon the closing price of the Company’s
ordinary shares on date of agreement.

In April 2025, WhiteFiber entered into a one-year
director agreement with David Andre pursuant to which Mr. Andre would be appointed as a director of WhiteFiber upon the commencement of
trading of our Ordinary Shares on the Nasdaq Capital Market. This agreement granted 135,135 RSUs of Bit Digital, which are subject to
a four-quarter service vesting schedule