Investor Presentation www.bit-digital.com @BitDigital_BTBT August 2025 1 Investor Notice bit-digital.com Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequently filed Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K. If any materia ...

吴说获悉，Bit Digital（纳斯达克：BTBT）公布 2025 年第二季度财报，实现净利润 1,490 万美元，数 字资产总额达 9,120 万美元。公司已于季末出售全部比特币并转向以太坊战略，当前持有 ETH 超 12.1 万枚，价值约 5.12 亿美元，其中逾 10.5 万枚已参与质押。 来源：市场资讯 （来源：吴说） ...

分组1 - Bit Digital, Inc. reported a quarterly loss of $0.03 per share, consistent with the Zacks Consensus Estimate, compared to a loss of $0.01 per share a year ago [1] - The company posted revenues of $25.7 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.38%, but down from $28.95 million year-over-year [2] - The stock has gained approximately 8.2% since the beginning of the year, while the S&P 500 has increased by 10% [3] 分组2 - The earnings outlook for Bit Digital is mixed, with the current consensus EPS estimate for the coming quarter at -$0.01 on revenues of $34.12 million, and -$0.31 on revenues of $121.9 million for the current fiscal year [7] - The Zacks Industry Rank indicates that the Technology Services sector is in the top 37% of over 250 Zacks industries, suggesting a favorable environment for stocks in this category [8]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

PART I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) The company's financial statements for H1 2025 reflect significant asset growth and a net loss, driven by strategic investments and shifts in digital asset performance [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) The balance sheets show substantial asset growth, primarily in property, plant, and equipment, alongside increased shareholder equity - Total assets increased by **34.4% to $723.4 million** as of June 30, 2025, from **$538.2 million** as of December 31, 2024. This growth was primarily driven by a significant increase in Property, Plant, and Equipment, which more than doubled to **$253.9 million**, and a rise in Cash and cash equivalents to **$181.2 million**[9](index=9&type=chunk) - Digital asset holdings decreased by **43.5% to $91.2 million** from **$161.4 million**, reflecting a strategic shift or sales during the period[9](index=9&type=chunk) - Total liabilities increased to **$90.2 million** from **$74.8 million**, mainly due to a substantial rise in the non-current portion of operating lease liabilities from **$9.3 million to $38.3 million**[9](index=9&type=chunk) - Total Shareholders' Equity grew by **36.6% to $633.2 million**, primarily fueled by an increase in Additional paid-in capital from stock offerings[10](index=10&type=chunk) Consolidated Balance Sheet Highlights (in USD) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $313,752,970 | $297,256,935 | | Cash and cash equivalents | $181,165,847 | $95,201,335 | | Digital assets | $91,214,450 | $161,377,344 | | **Total Non-Current Assets** | $409,666,067 | $240,990,729 | | Property, plant, and equipment, net | $253,920,936 | $107,302,458 | | **Total Assets** | **$723,419,037** | **$538,247,664** | | **Total Current Liabilities** | $40,096,441 | $55,026,604 | | **Total Liabilities** | **$90,230,393** | **$74,768,515** | | **Total Shareholders' Equity** | **$633,188,644** | **$463,479,149** | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME%20(LOSS)) The statements show a Q2 2025 net income turnaround, contrasting with a H1 2025 net loss primarily due to digital asset performance swings - The company reported a net income of **$14.9 million** for Q2 2025, a significant turnaround from a net loss of **$12.0 million** in Q2 2024. This was largely driven by a **$27.2 million** gain on digital assets in Q2 2025, compared to an **$11.5 million** loss in the prior-year quarter[11](index=11&type=chunk) - For the six months ended June 30, 2025, the company posted a net loss of **$42.8 million**, compared to a net income of **$38.1 million** for the same period in 2024. The reversal was primarily due to a **$22.1 million** loss on digital assets in H1 2025 versus a **$34.2 million** gain in H1 2024[11](index=11&type=chunk) Revenue Breakdown (in USD) | Revenue Source | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Digital asset mining | $6,631,838 | $16,079,893 | $14,408,801 | $37,971,653 | | Cloud services | $16,595,315 | $12,497,197 | $31,437,601 | $20,566,781 | | Colocation services | $1,729,004 | - | $3,367,413 | - | | ETH staking | $365,332 | $373,812 | $925,973 | $699,558 | | **Total Revenues** | **$25,659,419** | **$29,043,406** | **$50,758,285** | **$59,430,244** | Key Performance Indicators (in USD) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $25,659,419 | $29,043,406 | $50,758,285 | $59,430,244 | | **Income (loss) from operations** | $11,739,005 | $(11,480,293) | $(40,635,561) | $35,678,741 | | **Net income (loss)** | $14,874,202 | $(11,953,100) | $(42,837,443) | $38,128,757 | | **Basic EPS** | $0.07 | $(0.09) | $(0.22) | $0.31 | | **Diluted EPS** | $0.07 | $(0.09) | $(0.22) | $0.31 | [Unaudited Condensed Consolidated Statements of Equity](index=7&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20EQUITY) Total stockholders' equity significantly increased due to common stock offerings, despite a worsening accumulated deficit from net losses - Total stockholders' equity increased from **$463.5 million** at the end of 2024 to **$633.2 million** as of June 30, 2025[12](index=12&type=chunk)[13](index=13&type=chunk) - The increase in equity was primarily driven by the issuance of common stock through at-the-market and public offerings, which added a total of **$190 million** to additional paid-in capital during the first six months of 2025[13](index=13&type=chunk) - The accumulated deficit worsened from **$(98.2) million** to **$(141.0) million** during the first half of 2025, reflecting the net loss for the period[10](index=10&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Cash flows show positive operating activities, significant investment in property and equipment, and strong financing from equity offerings - Cash from operating activities was a positive **$35.1 million** for the first six months of 2025, a significant improvement from a **$30.4 million** use of cash in the same period of 2024. This was mainly due to changes in digital assets and deferred revenue[14](index=14&type=chunk) - Investing activities used **$148.2 million** in cash, a substantial increase from **$6.7 million** in the prior year period, primarily for purchases of property, plant, and equipment[14](index=14&type=chunk) - Financing activities provided **$199.3 million** in cash, up from **$80.3 million** in the prior year period, driven by proceeds from a public offering (**$141.6 million**) and at-the-market offerings (**$58.5 million**)[14](index=14&type=chunk) Cash Flow Summary (in USD) | Cash Flow Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Cash Provided by (Used in) Operating Activities** | $35,095,075 | $(30,370,425) | | **Net Cash Used in Investing Activities** | $(148,240,379) | $(6,660,262) | | **Net Cash Provided by Financing Activities** | $199,313,693 | $80,273,917 | | **Net increase in cash** | $86,168,389 | $43,243,230 | | **Cash, cash equivalents and restricted cash, end of period** | $184,898,639 | $61,424,164 | [Notes to Financial Statements](index=11&type=section&id=NOTES%20TO%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail the company's strategic focus on digital assets and HPC, alongside key accounting policy changes and business expansions - The company is a digital asset platform focused on Ethereum (ETH)-native treasury, staking strategies, digital asset mining, and high-performance computing (HPC) services, including cloud and data center services[16](index=16&type=chunk) - The company has been expanding its HPC business through the incorporation of new subsidiaries like WhiteFiber in the US, Canada, and Japan, and the acquisition of Enovum Data Centers Corp in Canada[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - Effective January 1, 2024, the company adopted ASU 2023-08, measuring digital assets at fair value with changes recorded in net income. This resulted in a **$21.2 million** positive cumulative-effect adjustment to retained earnings[37](index=37&type=chunk)[139](index=139&type=chunk) - Effective January 1, 2025, the company changed its estimate of the useful life for cloud service equipment from three to five years, reducing depreciation expense by **$2.5 million** in Q1 2025[29](index=29&type=chunk)[46](index=46&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=55&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses a strategic shift to Ethereum staking, rapid HPC expansion, and a Q2 2025 net income turnaround driven by digital asset gains and strong liquidity - The company has initiated a strategic transition to become a pure-play Ethereum (ETH) staking and treasury company, planning to convert its Bitcoin (BTC) holdings to ETH and explore a sale or wind-down of its bitcoin mining operations[265](index=265&type=chunk)[294](index=294&type=chunk) - The High-Performance Computing (HPC) business is expanding with the acquisition of Enovum Data Centers and development of new data centers in Montreal (MTL-2, MTL-3) and North Carolina (NC-1)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk) - The company secured a credit facility of up to approximately **$43.8 million** from the Royal Bank of Canada (RBC) to finance its data center business[273](index=273&type=chunk) Q2 2025 vs Q2 2024 Performance (in USD) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Total Revenues** | $25,659,419 | $29,043,406 | | Digital Asset Mining Revenue | $6,631,838 | $16,079,893 | | Cloud Services Revenue | $16,595,315 | $12,497,197 | | **Net Income (Loss)** | $14,874,202 | $(11,953,100) | [Quantitative and Qualitative Disclosures about Market Risk](index=85&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) The company, as a smaller reporting company, is not required to provide the information for this item - As a smaller reporting company, Bit Digital is not required to provide quantitative and qualitative disclosures about market risk[465](index=465&type=chunk) [Controls and Procedures](index=85&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls were effective as of June 30, 2025, with ongoing integration of Enovum Data Centers' controls for future reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report (June 30, 2025)[467](index=467&type=chunk) - The company is in the process of integrating the internal controls of Enovum Data Centers Corp, acquired in October 2024, with plans to include them in the scope of internal control over financial reporting for the fiscal year ending December 31, 2025[469](index=469&type=chunk) PART II [Legal Proceedings](index=86&type=section&id=Item%201.%20Legal%20Proceedings.) The company is pursuing a lawsuit against Blockfusion, Inc., seeking over $5 million in damages for breach of contract and fraud - The company filed a lawsuit against Blockfusion, Inc. on June 3, 2024, for breach of contract and other claims, initially seeking over **$4.3 million** related to a terminated mining services relationship[246](index=246&type=chunk)[472](index=472&type=chunk) - On August 1, 2025, the company moved to file a Second Amended Complaint, adding fraud claims and Blockfusion's CEO as a defendant. The total damages sought now exceed **$5 million**, including punitive damages[247](index=247&type=chunk)[472](index=472&type=chunk) [Risk Factors](index=86&type=section&id=Item%201A.%20Risk%20Factors.) As a Smaller Reporting Company, the company highlights a risk of potential fines from former PRC operations, despite the general statute of limitations passing - The company notes a risk related to its former business in the PRC. Although operations ceased in September 2021, the statute of limitations for non-compliance could be extended from two to five years if prior mining operations are deemed a threat to financial security[474](index=474&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=86&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) There were no unregistered sales of equity securities during the period. Information was previously reported on Form 8-K - None. Previously reported on Form 8-K[475](index=475&type=chunk) [Defaults Upon Senior Securities](index=86&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities - None[476](index=476&type=chunk) [Mine Safety Disclosures](index=86&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[477](index=477&type=chunk) [Other Information](index=86&type=section&id=Item%205.%20Other%20Information.) During the three months ended June 30, 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[478](index=478&type=chunk) [Exhibits](index=87&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including agreements related to the WhiteFiber contribution and transition services, lease and purchase agreements, officer certifications, and XBRL data files - The exhibits include key agreements such as the Section 351 Contribution Agreement and Transition Services Agreement with WhiteFiber, Inc., various lease and purchase agreements, and required officer certifications[480](index=480&type=chunk)

Core Viewpoint - Bit Digital is transitioning to a dedicated Ethereum treasury and staking platform, focusing on accumulating ETH and generating staking yields, while winding down its bitcoin mining operations [10] Financial Performance - Total revenue for Q2 2025 was $25.7 million, an 11.7% decrease from $29.0 million in Q2 2024, primarily due to reduced digital asset mining revenue [5] - Revenue from digital asset mining was $6.6 million, a 58.8% decrease from $16.1 million in the prior year's quarter [5] - Revenue from cloud services increased by 32.8% to $16.6 million compared to $12.5 million in the prior year [5] - Net income for Q2 2025 was $14.9 million, or $0.07 per diluted share, compared to a net loss of $12.0 million, or $(0.09) per diluted share, in the prior year [5] - Adjusted EBITDA for Q2 2025 was $27.8 million, compared to $(3.8) million in Q2 2024 [5] Ethereum Strategy - The company held 121,076 ETH as of August 11, 2025, valued at approximately $511.5 million, following additional purchases funded by equity offerings [6] - Bit Digital earned approximately 166.8 ETH in staking rewards during Q2 2025, with an annualized effective yield of approximately 3.1% [7] - The company aims to build one of the largest on-chain ETH balance sheets in public markets and generate attractive staking yields for shareholders [10] WhiteFiber IPO - Bit Digital completed the IPO of its subsidiary WhiteFiber, retaining approximately 74.3% of the company, valued at approximately $468.4 million based on WhiteFiber's closing price of $17.32 per share [3][2] Bitcoin Mining Operations - The company announced plans to sunset its bitcoin mining operations, with an expected orderly closure or sale of mining assets [8] - In Q2 2025, Bit Digital mined 68.2 BTC, down from 83.3 BTC in the prior quarter, reflecting network difficulty and operational changes [9]

Industry Overview - The U.S. service sector exhibited strong momentum in Q1 2025, driven by economic stability and growth in non-manufacturing activities, with key growth factors including the AI revolution, demand for cost efficiency, and regulatory compliance [1][2] - Multiple service industries such as transportation, warehousing, retail, finance, and healthcare showed resilience and healthy activity, highlighting the sector's role in economic stability and growth [2] Economic Performance - The U.S. GDP grew by 3% in Q2 2025, a significant recovery from a 0.5% decline in Q1, with non-manufacturing activities remaining robust as indicated by a Services PMI of 50.8% in July, signaling expansion [4] - Essential services like waste management saw steady demand, while risk mitigation and consulting services gained importance due to evolving regulations, leading to increased demand for specialized service providers [5] Earnings Outlook - PagSeguro Digital (PAGS) is expected to report Q2 2025 revenues of $898.6 million, reflecting a year-over-year growth of 2.8%, with earnings estimated at 31 cents per share, indicating a 3.2% decline year-over-year [9] - Bit Digital (BTBT) is projected to report Q2 2025 revenues of $25.4 million, showing a year-over-year decline of 12.4%, with an estimated loss of 3 cents per share, representing a 200% widening year-over-year [11] Stock Performance Indicators - PAGS has an Earnings ESP of +8.20% and a Zacks Rank of 2, scheduled to announce results on August 14 [10] - BTBT has an Earnings ESP of +20.00% and a Zacks Rank of 3, also set to report on August 14 [12]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive has bureaus and studios in key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Group 2 - The company is focused on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4] - Automation and software tools, including generative AI, are used, but all content is edited and authored by humans [5]

Core Insights - Cryptocurrency concept stocks experienced a strong surge, with DeFi Development (DFDV.US) rising over 22%, BIT Mining (BTCM.US) increasing over 11%, and Bitmine Immersion Technologies (BMNR.US) up over 10% [1] - Bitcoin reached a price of $121,072.3, marking a 1.87% increase in the past 24 hours, while Ethereum rose to $4,700.73, reflecting a 7.9% increase in the same timeframe [1] Company Performance - DeFi Development (DFDV.US) saw a significant increase of over 22% [1] - BIT Mining (BTCM.US) experienced an increase of over 11% [1] - Bitmine Immersion Technologies (BMNR.US) rose by over 10% [1] - Bit Digital (BTBT.US) increased by nearly 6% [1] - SharpLink Gaming (SBET.US) saw an increase of over 4% [1] Market Trends - The overall cryptocurrency market showed positive momentum, with Bitcoin and Ethereum both experiencing notable price increases [1]

Group 1 - The core viewpoint of the article highlights the financial performance and stock movement of Bit Digital (BTBT), indicating a decline in revenue and net profit [1][2] - As of August 12, Bit Digital's stock price increased by 2.33% to $3.07 per share, with a trading volume of $30.902 million and a total market capitalization of $982 million [1] - Financial data shows that as of March 31, 2025, Bit Digital's total revenue was $25.1051 million, representing a year-over-year decrease of 17.38%, while the net profit attributable to shareholders was -$57.7116 million, a significant decline of 215.23% year-over-year [1] Group 2 - A major event reminder indicates that Bit Digital is scheduled to disclose its fiscal year 2025 mid-term report on August 18, with the actual disclosure date subject to the company's announcement [2] - Bit Digital operates as an online financial market or peer-to-peer lending company in China, providing short-term loans secured by borrowers' vehicles, with loan terms ranging from 30 to 540 days [2]