Bit Digital, Inc. Files 2023 Annual Report on Form 20-F

TL;DR

<b>Bit Digital, Inc. has filed its 2023 annual report on Form 20-F, detailing its financial performance and corporate structure.</b>

AI Summary

Bit Digital, Inc (BTBT) filed a Foreign Annual Report (20-F) with the SEC on March 18, 2024. Bit Digital, Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's ordinary shares are registered and traded on the Nasdaq Capital Market. As of December 31, 2023, Bit Digital had 107,291,827 ordinary shares outstanding. The filing indicates the company is incorporated in the Cayman Islands. The principal executive offices are located at 33 Irving Place, New York, NY.

Why It Matters

For investors and stakeholders tracking Bit Digital, Inc, this filing contains several important signals. This filing provides a comprehensive overview of Bit Digital's operations and financial standing for the fiscal year 2023, crucial for investors to assess the company's performance and future prospects. As a 20-F filing, it offers detailed information required by the SEC for foreign private issuers, including financial statements and business descriptions, which are essential for regulatory compliance and investor transparency.

Risk Assessment

Risk Level: low — Bit Digital, Inc shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags, indicating a routine disclosure of past performance.

Analyst Insight

Investors should review the full 20-F filing to understand Bit Digital's financial health, operational strategies, and any forward-looking statements for the upcoming fiscal year.

Key Numbers

• 107,291,827 — Ordinary Shares Outstanding (As of December 31, 2023)
• 2023 — Fiscal Year End (For the fiscal year ended December 31, 2023)
• 2024-03-18 — Filing Date (Filed as of date)

Key Players & Entities

• Bit Digital, Inc. (company) — Registrant
• Nasdaq Capital Market (company) — Exchange where ordinary shares are registered
• Samir Tabar (person) — Chief Executive Officer
• Cayman Islands (company) — Jurisdiction of Incorporation
• 107,291,827 (dollar_amount) — Ordinary shares outstanding as of December 31, 2023

FAQ

Industry Context

Bit Digital operates within the digital asset and cryptocurrency sector, a rapidly evolving industry subject to significant regulatory scrutiny and market volatility.

Regulatory Implications

As a foreign private issuer, Bit Digital is subject to specific SEC reporting requirements under the Securities Exchange Act of 1934, including the filing of Form 20-F.

What Investors Should Do

1. Review the detailed financial statements and management's discussion and analysis within the 20-F filing.
2. Analyze the company's disclosures regarding its digital asset holdings and operational risks.
3. Compare key financial metrics and disclosures against previous filings and industry peers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the annual financial statements.
• 2024-03-18: Filing Date — Date the Form 20-F was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 20-F filing for the fiscal year 2023, providing the first comprehensive look at the company's performance and disclosures for this period.

Key Financial Figures

• $0.01 — egistered Ordinary shares, par value US$0.01 per share Nasdaq Capital Market Secur
• $344,219,500 b — tes of the registrant was approximately $344,219,500 based on the closing price of $4.06 as re
• $4.06 — 4,219,500 based on the closing price of $4.06 as reported on the Nasdaq Capital Marke
• $105.3 million — ets mining, we recognized a net loss of $105.3 million for the year ended December 31, 2022 ("
• $24.7 million — 2022 ("Fiscal 2022"), which included a $24.7 million impairment of digital assets and a $50.
• $50.0 million — lion impairment of digital assets and a $50.0 million impairment of property and equipment. W
• $13.9 million — equipment. We recognized a net loss of $13.9 million for the year ended December 31, 2023 ("
• $91.4 million — "Fiscal 2023") representing a change of $91.4 million from Fiscal 2022. We may continue to in

Filing Documents

• ea0201198-20f_bit.htm (20-F) — 2321KB
• ea020119801ex2-1_bitdigital.htm (EX-2.1) — 61KB
• ea020119801ex4-15_bitdigital.htm (EX-4.15) — 33KB
• ea020119801ex4-23_bitdigital.htm (EX-4.23) — 73KB
• ea020119801ex4-24_bitdigital.htm (EX-4.24) — 31KB
• ea020119801ex8-1_bitdigital.htm (EX-8.1) — 5KB
• ea020119801ex12-1_bitdigital.htm (EX-12.1) — 11KB
• ea020119801ex12-2_bitdigital.htm (EX-12.2) — 11KB
• ea020119801ex13-1_bitdigital.htm (EX-13.1) — 4KB
• ea020119801ex13-2_bitdigital.htm (EX-13.2) — 4KB
• 0001213900-24-023550.txt (&nbsp;) — 9525KB
• btbt-20231231.xsd (EX-101.SCH) — 107KB
• btbt-20231231_cal.xml (EX-101.CAL) — 55KB
• btbt-20231231_def.xml (EX-101.DEF) — 396KB
• btbt-20231231_lab.xml (EX-101.LAB) — 796KB
• btbt-20231231_pre.xml (EX-101.PRE) — 401KB
• ea0201198-20f_bit_htm.xml (XML) — 972KB

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 130 Item 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 130 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 131 Item 14. Material Modifications to The Rights of Security Holders and Use of Proceeds 131 Item 15.

Controls and Procedures

Controls and Procedures 131 Item 16. [Reserved] 133 Item 16A. Audit Committee Financial Expert 133 Item 16B. Code of Ethics 133 Item 16C. Principal Accountant Fees and Services 133 Item 16D. Exemptions from The Listing Standards for Audit Committees 134 Item 16E. Purchases of Equity Securities by The Issuer and Affiliated Purchasers 134 Item 16F. Change in Registrant's Certifying Accountant 134 Item 16G. Corporate Governance 134 Item 16H. Mine Safety Disclosure 13 4 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 134 Item 16J. Insider Trading Policies 135 Item 16K. Cybersecurity 135 PART III Item 17.

Financial Statements

Financial Statements F-1 Item 18. Exhibits 136 -i- PART I CERTAIN INFORMATION In this Annual Report on Form 20-F, all references to "we," "us," "our," "Company," "Registrant" or similar terms used in this report refer to Bit Digital, Inc., a Cayman Islands exempted company ("Bit Digital"), including its consolidated subsidiaries, unless the context otherwise indicates. We currently conduct our business primarily through Bit Digital U.S.A. Inc., a Delaware corporation and our operating entity in the United States; Bit Digital Canada, Inc., our operating entity in Canada; Bit Digital Singapore Pte Ltd., a Singapore company; Bit Digital Hong Kong Limited and Bit Digital Strategies Limited, Hong Kong companies; and Bit Digital AI Inc. the parent company of Bit Digital Iceland ehf, our operating entity in Iceland.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains "forward-looking statements" for purposes of the safe harbor provisions provided by Section 27 of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are "forward-looking statements," including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management's beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in the future tense, identify forward-looking statements. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business.

Forward-looking statements should not be read

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and management's belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, those factors discussed under the headings "Prospectus Summary", "Risk Factors", and elsewhere in this report.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not Applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable. 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 3.A. Selected Financial Data Consolidated Statements of Operations The following summary consolidated financial statements should be read in conjunction with our consolidated financial statements, the notes thereto and other information, included elsewhere in this report. The following summary consolidated financial statements for the years ended 2023, 2022, and 2021 are derived from our audited consolidated financial statements included elsewhere in this report. Our consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles in the United Our historical results for any period are not necessarily indicative of results to be expected for any future period. You should read the following summary financial information in conjunction with the consolidated financial statements and related notes and the information under "ITEM 5. Operating and Financial Review and Prospects" included elsewhere in this report. Consolidated Statements of Operations For the Years Ended December 31, 2023 2022 2021 Revenues $ 44,916,131 $ 32,296,593 $ 96,078,570 Operating costs and expenses Cost of revenues (exclusive of depreciation and amortization shown below) (29,556,585 ) (20,374,633 ) (30,739,776 ) Depreciation and amortization expenses (14,426,733 ) (27,829,730 ) (13,113,964 ) General and administrative expenses (27,668,592 ) (22,984,784 ) (39,154,204 ) Realized gain on exchange of digital assets 18,789,998 6,548,841 20,813,167 Impairment of digital assets (6,632,437 ) (24,654,267 ) (27,993,571 ) Impairment of property and equipment - (50,038,650 ) - Loss on write-off of deposit to hosting facility (2,041,491 ) (129,845 ) - Total operating expenses (61,535,840 ) (139,463,068 ) (90,188,348 ) (Loss) income from operations (16,619,709 ) (107,166,475 ) 5,890,222 Net (loss) gain from disposal of property and equipment

View Full Filing

View this 20-F filing on SEC EDGAR