Bit Digital Saw 351% Y/Y Jump in Total Assets in Fiscal Year 2021

Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a bitcoin mining company headquartered in New York, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the U.S. Securities and Exchange Commission ("SEC") on April 15, 2021.

Fiscal Year 2021 Financial Highlights

• Bitcoin mining revenue increased to $96.1 million from $21.1 million in fiscal year 2020, an increase of 355% year over year.

• Net income increased to $4.9 million in fiscal year of 2021, compared to a net loss of $1.9 million in fiscal year 2020.

• Total assets increased to $179.9 million as of December 31, 2021 from $39.9 million as of December 31, 2020, an increase of 351% year over year.

• Non-GAAP income from operations increased to $48.1 million from $4.9 million in fiscal year 2020.

• Non-GAAP net income increased to $52.7 million, or $0.96 earnings per share, compared to $1.9 million, or $0.06 earnings per share in fiscal year 2020.

• Cash and cash equivalents were $42.4 million, and total liquidity (defined as cash and digital assets) reached approximately $93.5 million, as of December 31, 2021.

• Successfully raised $118.8 million of gross proceeds from various private placement transactions and issuance of convertible notes.

According to Bit Digital, "In 2021, Bit Digital geographically relocated its entire bitcoin mining operation to North America, the only public miner we know of to have achieved this logistical feat. As of March 15, 2022, we had deployed approximately 39% of our fleet here in the U.S. We and our hosting partners remain focused on completing 100% redeployment, which we target for the second half of 2022. Bit Digital is excited for the year ahead, as our team explores pioneering new opportunities and continues its focus on growth."

Source: PR Newswire