Bit Digital, Inc. appoints Justin Zhu as Vice President of Finance
Bit Digital, Inc. (Nasdaq: BTBT) has appointed Justin Zhu as Vice President of Finance, effective July 2021. Zhu, who brings nine years of financial services experience including roles at Ernst & Young and PwC, will focus on enhancing the company’s compliance capabilities. His expertise in US GAAP and SEC reporting is expected to strengthen Bit Digital's management team. CEO Bryan Bullett emphasized the importance of Zhu’s experience in supporting their compliance efforts as the company continues to establish a robust management structure.
- Appointment of Justin Zhu as Vice President of Finance adds expertise in financial compliance.
- Zhu's background in regulatory reporting and accounting standards can enhance institutional credibility.
- Potential concerns regarding continuity as new management is integrated.
- Experience gaps may arise during the transition phase.
NEW YORK, July 20, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a bitcoin mining company headquartered in New York with one of the largest currently-owned fleets among US listed bitcoin miners, today announced that the Company had appointed Justin Zhu as Vice President of Finance. He will report to CEO Bryan Bullett and CFO Erke Huang.
Mr. Zhu joined Bit Digital in July 2021 with 9 years of experience in financial services. He spent the past 6 years as a Senior Manager in Ernst & Young's Financial Accounting Advisory Services practice in New York, primarily focused on the financial services sector. During his time at Ernst & Young, he provided accounting and reporting and transaction accounting advisory services to Fortune 500 companies to help clients meet various regulatory reporting requirements.
He started his career in PwC's audit practice, primarily focused on insurance companies. He has in-depth knowledge in matters pertaining to mergers and acquisitions, accounting rules and standards for financial reporting under US GAAP, as well as SEC public company reporting compliance.
He is a Certified Public Accountant and holds a Master's degree in Taxation and a Bachelor's degree in Accounting, both from Baruch College in New York City.
"Justin's tremendous professional experience in audit and advisory services further enhances Bit Digital's capabilities related to public company compliance," said Bryan Bullett, Bit Digital's CEO. "We are happy to have him as we continue to further institutionalize the ranks of our US-based management team. On behalf of the entire team, we officially welcome Justin aboard."
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in New York City with one of the largest currently-owned fleets among US listed bitcoin miners. Our operations are in the United States and Canada. For additional information, please contact Samir Tabar at sam@bit-digital.com or visit our www.bit-digital.com.
Investor Notice
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 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2020. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate, as well as other factors beyond our control, may also materially affect the future performance of Bit Digital's production of bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of July 2021. See "Safe Harbor Statement" below.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the company does not assume a duty to update these forward-looking statements.
[1] Actual operating hash rate will vary depending on network difficulty rate, total hash rate of the network, the operations of our facilities and the status of our miners. |
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SOURCE Bit Digital, Inc.
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