Company: BTBT
Filing Date: 2025-07-03
Form Type: S-8 POS
Source: 0001213900-25-061371
Chunk: 11

Company: Bit Digital, Inc
Filing Date: 2025-07-03
Form: S-8 POS
Chunk 11
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 Team of Enovum, we have 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.

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 our cloud services business, avoiding expenses that would otherwise be
due to third-party providers.

Our cloud services business provides cutting-edge,
bespoke services involving a sophisticated array of computers and chips, including NVIDIA GPUs, servers, network equipment, and data storage
solutions. We believe we provide our cloud services customers with the highest levels of performance and reliability while offering flexibility
to scale with customer needs. Our cloud services solutions include a proprietary software layer that enables our customers to rapidly
and reliably deploy AI applications with superior performance. We currently offer our cloud services at a data center maintained by a
third-party colocation provider in Iceland (the “Iceland Data Center”) and are negotiating with third party providers to seamlessly
integrate our cloud services at data centers across key regions in Europe, North America, and Asia. In the fourth quarter of 2023, we
secured our first cloud customer through a three-year service agreement to provide services using our advanced AI equipment. For the three
months ended March 31, 2025 and 2024 our WhiteFiber cloud service business recognized revenue of $14.8 million and $8.1 million, respectively.
Such revenue, for