Company: BTBT
Filing Date: 2025-06-11
Form Type: S-3/A
Source: 0001213900-25-053489
Chunk: 67

Company: Bit Digital, Inc
Filing Date: 2025-06-11
Form: S-3/A
Chunk 67
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 expansion potential subject to utility approvals.
The transaction was executed under a lease-to-own structure, which includes a fixed-price purchase option exercisable within 12 months.
The lease term is 20 years, with two 5-year extension options. The facility is being retrofitted to Tier-3 standards, with development
costs expected to total approximately CAD $55 million (approximately USD $40MM), and is expected to be operational by the end of 2025.
MTL 3 will support the previously announced 5MW colocation agreement with Cerebras.

For the 12 months ended December 31, 2024,
our cloud service business recognized revenue of $45.7 million.

We believe our HPC business is positioned
for significant growth, driven by the increasing demand for advanced computing and AI services. This planned expansion will involve developing
additional HPC data centers at an accelerating pace and procuring GPUs and other AI equipment. To support this growth, we are in the
process of building an expanded team of leaders and dedicated employees. In addition to the Senior Management Team of Enovum, we have
already hired a Head of Revenue Officer and Go-to-Market (“GTM”), Senior Account Executive, two engineers, Chief Technology
Officer (“CTO”) and Head of Marketing, with plans to further expand our workforce to include experts in technology, operations,
and customer support. This dedicated team will be crucial in executing the Company’s strategic plans and maintaining high service
levels as the business scales.

<div align='center'>S-1</div>

In addition to providing highly desirable
HPC data center hosting capacity to our customers, our business model integrates HPC data center infrastructure and cloud service to
provide scalable, high-performance computing solutions for enterprises, research institutions, and AI-driven businesses. Our integrated
approach aligns specialized data center operations with GPU-focused cloud services, addressing the unique requirements of AI and HPC
workloads. These workloads demand greater power density, advanced cooling solutions, and robust bandwidth to handle large-scale data
transfers. By operating our data centers, we believe we can better meet these needs and reduce the complexity associated with procuring
power and connectivity from external vendors. We can also design our facilities to accommodate the higher heat loads generated by modern
GPUs, potentially shortening deployment timelines for customers who require rapid expansion of their compute infrastructure. From a financial
standpoint, our vertically integrated solution allows us to capture additional margin for both of our HPC