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NEW YORK, Feb. 12, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, is pleased to announce its strategic priorities for 2024. "Our strategic priorities for 2024 are the cornerstone of our success, embodying five essential pillars that will guide Bit Digital's focus and direction," said Sam Tabar, CEO of Bit Digital. "Together, these priorities for ...

NEW YORK, Feb. 5, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of January 2024. Corporate Highlights for January 2024 In January 2024, the Company produced 145.7 BTC, a 14% decrease compared to the prior month. The Company's active hash rate was approximately 2.50 ...

NEW YORK, Jan. 31, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, is pleased to announce that it has finalized an agreement for 6 megawatts of incremental hosting capacity to power its miners. The hosting facility, located in Massena, New York, is operated by a subsidiary of Coinmint LLC ("Coinmint"). This new agreement brings the Company's tota ...

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, is pleased to announce that its customer contract for its Bit Digital AI business has commenced revenue generation as of the date of this report. 192 servers, representing 1,536 GPUs, began generating revenue on January 23, 2024. An additional 64 servers, representing 512 GPUs, ar ...

NEW YORK, Jan. 10, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, is pleased to announce that it has increased the scope of its contract with its first customer of its Bit Digital AI business line. Under the terms of the agreement, Bit Digital will supply the customer with computational power from an additional 512 GPUs for a period of three yea ...

Exhibit 99.1 Bit Digital, Inc. Announces Second Quarter of Fiscal Year 2023 Financial Results NEW YORK, August 15, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a digital asset mining company headquartered in New York City, today announced its unaudited financial results for the second quarter ended June 30, 2023. Financial Highlights for the Second Quarter 2023 ● Total revenue was $9.0 million for the second quarter of 2023. The majority of revenue was earned from our bitcoin minin ...

Revenue and Earnings - Total revenue for Q1 2023 was $8.3 million, primarily from bitcoin mining[2] - Adjusted EBITDA for Q1 2023 was $1.5 million, with adjusted earnings per share of $0.01[2] - Revenue from digital asset mining services decreased by $0.3 million (3.6%) to $8.2 million for Q1 2023 compared to Q1 2022, primarily due to lower average BTC prices, partially offset by an increase of 167.5 bitcoins generated[51] - The company recognized revenue of $8.2 million from bitcoin mining services for the three months ended March 31, 2023[49] - Revenue from ETH native staking for the three months ended March 31, 2023, was $14,232, compared to $nil in 2022[157] - Revenue from ETH liquid staking for the three months ended March 31, 2023, was $36,377, compared to $nil in 2022[160] - The company's revenue from the Foundry USA Pool for the three months ended March 31, 2023, was $8,214,390, compared to $8,031,626 for the same period in 2022[153] - The company's revenue from the Ethermine Mining Pool for the three months ended March 31, 2022, was $542,121, with no revenue reported for the same period in 2023[153] - The company's total revenue for the three months ended March 31, 2023, was $8,264,999, compared to $8,573,747 for the same period in 2022[161] - Revenues for Q1 2023 were $8,264,999, a decrease of 3.6% compared to $8,573,747 in Q1 2022[106] Bitcoin and Ethereum Mining - The company earned 362.0 bitcoins during Q1 2023, with treasury holdings of BTC and ETH valued at $20.6 million and $16.6 million, respectively[2][3] - The company owned 37,676 bitcoin miners and 730 ETH miners, with an active hash rate of 1.25 EH/s for bitcoin mining as of March 31, 2023[4] - The company earned an aggregate of 5,184.9 bitcoins from the inception of its bitcoin mining business in February 2020 to March 31, 2023[37] - For the three months ended March 31, 2023, the company received 362.0 bitcoins from mining services, with a balance of 724.5 bitcoins as of March 31, 2023[38] - The company earned 8.7 ETH from native staking and 23.0 rETH-h from Portara liquid staking in Q1 2023, generating revenues of $14,232 and $36,377, respectively[54] - The company staked 1,120 ETH natively on the Ethereum blockchain for Q1 2023, earning 31.7 ETH in staking rewards, compared to nil in Q1 2022[169] - BTC opening balance for Q1 2023 was $15,796,147, with an ending balance of $13,191,157 after mining, sales, and impairments[173] - ETH opening balance for Q1 2023 was $11,791,181, with an ending balance of $13,917,057 after mining, staking, and sales[174] - Digital assets mined for the three months ended March 31, 2023 were $8,214,390, compared to $8,573,747 for the same period in 2022, representing a 4.2% decrease[115] - Digital assets earned from staking for the three months ended March 31, 2023 were $50,609, compared to $0 for the same period in 2022[115] Operational Costs and Expenses - Electricity costs increased by $0.9 million (27%) in Q1 2023 compared to Q1 2022, primarily due to an increase in the number of deployed miners[58] - Profit-sharing fees increased by $36,523 (4%) in Q1 2023 compared to Q1 2022, remaining relatively stable due to consistent mining revenues despite lower BTC prices[59] - Depreciation and amortization expenses were $3.6 million in Q1 2023, down from $3.8 million in Q1 2022, based on an estimated useful miner life of three years[59] - Depreciation expenses for Q1 2023 were $3,646,048, compared to $3,799,629 in Q1 2022[180] - Total operating expenses decreased by 24.0% from $14,901,993 in Q1 2022 to $11,321,525 in Q1 2023[106] - Share-based compensation expense for Q1 2023 was $4,873, compared to $453,484 in Q1 2022[194] Digital Assets and Impairment - The company recorded a realized gain of $4.9 million from the exchange of 583.8 bitcoins and 3,000.1 ETH in Q1 2023, compared to a gain of $2.1 million from 170.6 bitcoins and 29.4 ETH in Q1 2022[61] - Impairment of digital assets was $2.2 million in Q1 2023, comprising $1.7 million on bitcoins and $0.5 million on ETH, down from $4.6 million in Q1 2022[63] - Impairment of digital assets decreased by 51.7% from $4,625,698 in Q1 2022 to $2,233,665 in Q1 2023[106] - The company recognized an impairment loss of $2,233,665 on digital assets for the three months ended March 31, 2023, consisting of $1,709,484 on BTC and $524,181 on ETH[168] - The ending balance of digital assets as of March 31, 2023, was $27,108,214, compared to $27,587,328 as of December 31, 2022[168] - Digital assets held decreased by $479,114 to $27.1 million as of March 31, 2023, primarily due to exchanges of bitcoins and ETH into cash or other assets[74] - Digital assets decreased by $0.5 million from December 31, 2022, to March 31, 2023, primarily due to a $2.2 million impairment on bitcoin and ETH, and $7.9 million exchanged into cash, partially offset by $8.2 million generated from mining[75] - Realized gain on exchange of digital assets for the three months ended March 31, 2023 was $4,881,937, compared to $2,064,280 for the same period in 2022, representing a 136.5% increase[115] Financial Performance and Net Loss - The company's net loss for the three months ended March 31, 2023, was $2.26 million, an improvement from a net loss of $4.33 million in the same period in 2022[46] - Net loss for Q1 2023 was $2.3 million, an improvement from a net loss of $4.3 million in Q1 2022[67] - Net loss improved to $2,260,305 in Q1 2023 from $4,332,627 in Q1 2022, a 47.8% reduction[106] - Net loss for the three months ended March 31, 2023 was $2,260,305, compared to $4,332,627 for the same period in 2022, representing a 47.8% decrease in net loss[115] - Basic and diluted loss per share improved from $0.06 in Q1 2022 to $0.03 in Q1 2023[106] Cash Flow and Financial Position - Cash and cash equivalents decreased by $4.8 million to $27.9 million as of March 31, 2023, due to net cash used in operating, investing, and financing activities[71] - Net cash used in operating activities for Q1 2023 was $1.5 million, primarily due to a net loss of $2.3 million and a decrease in digital assets and stable coins of $10.9 million[91] - Net cash used in investing activities for Q1 2023 was $2.5 million, primarily due to $2.1 million invested in equity investees and $0.4 million in loans to a third party[93] - Net cash used in financing activities for Q1 2023 was $0.8 million, primarily due to dividend payments to preferred shareholders[93] - Net cash used in operating activities for the three months ended March 31, 2023 was $1,480,014, compared to net cash provided by operating activities of $339,572 for the same period in 2022[115] - Net cash used in investing activities for the three months ended March 31, 2023 was $2,503,807, compared to $11,112,195 for the same period in 2022, representing a 77.5% decrease[115] - Net cash used in financing activities for the three months ended March 31, 2023 was $800,000, compared to $2,219,355 for the same period in 2022, representing a 63.9% decrease[115] - Cash, cash equivalents and restricted cash decreased by $4,783,821 to $29,227,239 as of March 31, 2023, compared to $34,011,060 as of December 31, 2022[115][116] - Working capital as of March 31, 2023, was $56.6 million, including $0.5 million in USDC and $27.1 million in digital assets, compared to $57.0 million as of December 31, 2022[84] - Total assets decreased from $100,420,667 to $92,162,541, a decline of 8.2%[99][103] - Total current liabilities decreased by 71.8% from $7,443,354 to $2,100,642[100] - Shareholders' equity decreased from $89,933,309 to $86,979,845, a decline of 3.3%[103] - Accumulated deficit increased by 2.3% from $131,416,011 to $134,476,316[103] - Total non-current assets decreased by 7.1% from $36,025,394 to $33,463,723[99] Strategic Investments and Agreements - The company made a $2 million strategic investment in Auros Global Limited on February 24, 2023[5] - The company signed purchase agreements for 3,600 S19 miners on April 28, 2023, and 3,000 S19J Pro miners on May 12, 2023[7] - The company expanded into Iceland with an 8.25 MW hosting capacity agreement and a $5 million loan facility with GreenBlocks[11][25] - The company entered into hosting agreements for over 30 MW of additional mining capacity post-Q1, with a focus on carbon-free energy[11] - The company invested $1,999,987 in Auros Global Limited, a crypto-native algorithmic trading firm, in February 2023[187] - The company invested $88,994 in Marsprotocol Technologies Pte. Ltd., representing a 40% equity interest[189] - The company declared an 8% dividend ($800,000) on preference shares to Geney Development Ltd. in February 2023[199] Environmental and ESG Initiatives - Approximately 85% of the company's mining fleet was powered by carbon-free energy sources as of March 31, 2023[4] - The company aims to achieve 100% clean energy usage and is working with Apex Group Ltd to receive an independent ESG rating[41] - The company joined the Bitcoin Mining Council on December 7, 2021, to promote transparency and share best practices in bitcoin mining[42] Mining Infrastructure and Capacity - As of March 31, 2023, the company deployed 12,938 bitcoin miners representing 1.25 EH/s in North America[27] - The company's total contracted hosting capacity with Blockbreakers reached approximately 9 MW after securing an additional 4 MW agreement[28] - Coinmint provided approximately 20 MW of capacity for the company's miners as of March 31, 2023, with a total contracted hosting capacity reaching 40 MW after new agreements[29][30][31] - The company had 37,676 bitcoin miners and 730 ETH miners as of March 31, 2023, with a total maximum hash rate of 2.6 EH/s and 0.3 TH/s, respectively[34] - The company aims to double its active hash rate in 2023 and targets having approximately half of its digital assets actively staked[11][12] - The company's deposits for property and equipment had an ending balance of $2,609,706 for the three months ended March 31, 2023, compared to $54,147,381 for the same period in 2022[143] Other Financial Metrics - Adjusted EBITDA for Q1 2023 was $1,503,336, compared to a loss of $2,068,635 in Q1 2022[80] - Adjusted EPS for Q1 2023 was $0.01, compared to a loss of $0.02 in Q1 2022[82] - Accounts payable decreased by $2.8 million from December 31, 2022, to March 31, 2023, due to payments to hosting partners[76] - Long-term income tax payable increased by $38,050 from December 31, 2022, to March 31, 2023, due to incremental penalties on unrecognized tax benefits[76] - The company's USDC balance as of March 31, 2023, was $481,293, compared to $15,768,934 as of March 31, 2022[167] - Total other current assets as of March 31, 2023, were $1,226,515, down from $1,433,999 at the end of 2022[177] - The company recorded upward adjustments of $42,891 on its investment in Nine Blocks Offshore Feeder Fund for Q1 2023[186]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION ...