BTBT — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q for the period ended March 31, 2026 as well as …

• Bit Digital, Inc. (“BTBT” or the “Company” or “We”), is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The Company is a strategic asset company focused on active participation in Ethereum (ETH)-native treasury and staking strategies. Through our majority e…

• WhiteFiber’s business model integrates its data center infrastructure and cloud services to provide scalable, high-performance computing solutions for enterprises, research institutions, and AI and ML driven businesses. Its integrated approach aligns specialized data center operations with GPU-focus…

• WhiteFiber designs, develops, and operates data centers, through which it offers its hosting and colocation services. WhiteFiber’s operational data centers meet the requirements of the Tier-3 standard, including N+1 redundancy architecture, concurrent maintainability, uninterruptible power supply, a…

• Based on their collective industry experience, WhiteFiber’s data center team is adept at bringing new sites online on an accelerated timeline. WhiteFiber is aggressively pursuing the development pipeline and intend to achieve an estimated 76 MW (gross) of total data center capacity by the end of the…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The following discussion should be read in conjunction with our interim Condensed Consolidated Financial Statements and the related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q for the period ended September 30, 2025 as well as Management’s Discussi…

• Bit Digital, Inc. or the “Company”, is a global platform for high performance computing (“HPC”) business including cloud services and HPC data center services and digital asset business, including Ethereum (ETH) staking business, with headquarters in New York City. On June 25, 2025, the Company anno…

• We design, develop, and operate data centers, through which we offer our hosting and colocation services. Our operational data centers meet the requirements of the Tier-3 standard, including N+1 redundancy architecture, concurrent maintainability, uninterruptible power supply, advanced and highly re…

• On July 30, 2025, we entered into a Contribution Agreement with WhiteFiber, pursuant to which we agreed to contribute our HPC business through the transfer of 100% of the capital shares of our cloud services subsidiary, WhiteFiber AI, Inc. and its wholly-owned subsidiaries WhiteFiber HPC, Inc., Whit…

• We acquired Enovum Data Centers Corp (“Enovum”) on October 11, 2024. The transaction included the lease to MTL-1, a fully operational and fully leased to customers 4 MW (gross) Tier-3 data center headquartered in Montreal, Canada.

Text added vs the prior filing · source: 10-Q · 2026-05-15

• The Company is exposed to market risks in the ordinary course of business, primarily related to digital asset prices, interest rates, foreign currency exchange rates, energy prices and utility risk.

• The Company’s business is focused on active participation in Ethereum (“ETH”) infrastructure and staking strategies to maximize the amount of ETH we earn and hold. As of March 31, 2026, we held approximately 140,196 ETH, recognized at its fair value of $294.9 million.

• The market price of ETH is highly volatile, and we cannot accurately predict future price movements. Fluctuations in the market value of ETH directly affect revenue generated from our staking operations and the fair value of our ETH holdings. In addition, any decline in the fair value of the ETH we …

• The following table presents the impact of 10% changes in the price of ETH on our ETH holdings during the applicable period:

• The increased sensitivity to price changes in 2026, compared with 2025, was primarily due to the increase in our ETH holdings as of March 31, 2026, relative to March 31, 2025.

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• Not applicable. A smaller reporting company is not required to provide the information required by this Item.

Text added vs the prior filing · source: 10-Q · 2026-05-15

• There have been no changes in the Company’s internal control over financial reporting during the quarter-ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• In October 2024, we acquired 100% of the equity interests of Enovum Data Centers Corp (“Enovum”). We are currently in the process of integrating Enovum’s operations, control processes, and information systems into our systems and control environment and expect to include them in scope of design and …

Text added vs the prior filing · source: 10-Q · 2026-05-15

• Bit Digital USA, Inc v. Blockfusion USA, Inc. – Superior Court of Delaware

• On June 3, 2024, the Company filed suit in Delaware Superior Court against Blockfusion, Inc. (“Blockfusion”) alleging claims for breach of contract, conversion, and related claims in connection with, among other things, certain deposits and advances paid to Blockfusion, the return of which is owed t…

• On March 18, 2026, the Company moved to dismiss some of the Blockfusion’s counterclaims. That motion remains pending and is currently set for hearing on June 12, 2026.

• The litigation is ongoing and remains in an active pretrial phase. The Company seeks recovery of its original investment, allegedly improper invoice payments, unpaid contractual amounts, and other damages, and may seek equitable or other relief as the proceedings continue. The aggregate damages soug…

• Bit Digital USA, Inc. v. Alex Martini-Lo Manto, et. al. – New York Supreme Court, New York County, Commercial Division

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• On June 3, 2024, the Company filed suit in Delaware Superior Court against Blockfusion, Inc. (“Blockfusion”) alleging claims for breach of contract, conversion, and related claims in connection with, among other things, certain deposits and advances paid to Blockfusion, the return of which is owed t…

Text added vs the prior filing · source: 10-Q · 2026-05-15

• Please note in considering the “Risk Factors” in Item 1A of our Annual Report that (A) notwithstanding the fact that Bit Digital, Inc. has not conducted operations in the PRC since September 30, 2021, we have previously disclosed under Risk Factors in our Annual Report. “We may be subject to fines a…

• Please note the following in considering the risk factor in our Annual Report titled “Uncertainty in the global economy and instability within international relations, including changes in governmental policies relating to technology, and any potential downturn in the semiconductor and electronics i…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• Except as described below, our risk factors as of the date of this report have not changed materially from those described in “Part I, Item 1A. Risk Factors” of our Form 10-K for the year ended December 31, 2024 (the “Annual Report”).

• Unless the context indicates otherwise, references under the headings “Risks Related to WhiteFiber’s Cloud Services and Data Center Operations,” “Risks Related to the Geopolitical Uncertainty” and “Risks Involving Intellectual Property” in this Item 1A to the “Company,” “WhiteFiber” “we,” “us,” “our…

• Please note in considering the “Risk Factors” in Item 1A of our Annual Report that, notwithstanding the fact that Bit Digital, Inc. has not conducted operations in the PRC since September 30, 2021, we have previously disclosed under Risk Factors in our Annual Report, “We may be subject to fines and …

• To date, the Company has deployed a portion of the capital it has raised into ETH and its ability to achieve the objectives of its ETH strategy depends, in part, on our ability to purchase ETH. Successfully implementing this strategy may present organizational and infrastructure challenges, and the …

• The ETH markets are sensitive to new developments, and since volumes are still maturing, any significant changes in market sentiment (by way of sensationalism in the media or otherwise) can induce large swings in volume and subsequent price changes. Such volatility can adversely affect the business …

Text added vs the prior filing · source: 10-Q · 2026-05-15

• On May 13, 2026, the Board of Directors of the Company adopted an amended and restated policy on insider trading (the “Amended and Restated Insider Trading Policy”). The Amended and Restated Insider Trading Policy was revised to broaden the scope of its applicability to all employees, rather than ju…

• The foregoing description of the Amended and Restated Insider Trading Policy is not intended to be complete and is qualified in its entirety by reference to the Amended and Restated Insider Trading Policy attached as Exhibit 19.1 hereto.