Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 37

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 37
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1,407,309  
    $537,292  
    $3,527,025  
    $13,852,674 

The amounts presented in the table above exclude
variable consideration allocated entirely to wholly unsatisfied performance obligations. Such amounts have been excluded from the disclosure
of remaining performance obligations in accordance with ASC 606, as the consideration is not fixed and determinable.

4. Acquisitions

Enovum Data Centers Acquisition

On October 11, 2024, the Company acquired 100% of Enovum Data Centers
Corp (the “Acquiree” or “Enovum”), an owner, operator, and developer of high-performance computing data centers,
located in Montreal, Quebec, Canada. The acquisition of Enovum provides the Company with a strong diversity of existing and prospective
colocation customers, delivers a strong pipeline of expansion site opportunities and an experienced management team to lead the development
processes, and enables the Company to offer new service offerings. The acquisition creates the potential for significant synergies, as
the Company may capture additional margin from HPC customers, versus hosting them with third party data centers. Additionally, Enovum
enhances the Company’s competitive positioning in the marketplace, enabling the Company to offer an integrated GPU cloud solution
to customers. Finally, the Company will enjoy greater operating flexibility by collocating its owned GPU inventory in Enovum data centers,
offering capacity to customers on a just-in-time basis.

The acquisition-date fair value of the consideration
transferred totaled $43,834,313. The total consideration consists of $38,993,603 of cash consideration and $4,840,710 in equity-classified
exchangeable shares. The acquisition-date fair value of the exchangeable shares was determined based on the opening market price of the
Company’s ordinary shares as of the acquisition date.

The following table summarizes the preliminary
allocation of the purchase price based on the estimated fair value of the assets acquired and liabilities assumed at the acquisition date:

    Accounts receivable 
    $616,153 
  
    Other current assets 
     2,008,566 
  
    Property and equipment, net 
     14,201,790 
  
    Operating lease right-of-use assets 
     4,752,501 
  
    Intangible asset 
     13,486,184 
  
    Deferred tax asset 
     91,368 
  
    Other non-current assets 
     2,493