Company: BTBT
Filing Date: 2025-01-06
Form Type: 8-K
Source: 0001213900-25-000891
Chunk: 0

Company: Bit Digital, Inc
Filing Date: 2025-01-06
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item
1.01 Entry into a Material Definitive Agreement

On
December 27, 2024, Bit Digital, Inc (the “ Company”) through a wholly-owned Canadian subsidiary, Enovum Data Centers MTL II,
L. P. acquired the real estate and building for a build-to-suit 5MW Tier-3 data center expansion project in Montreal, Canada. This acquisition
is part of the Company’s strategy to expand its HPC data center footprint to 32MW during 2025. This site also comprises part of
the Company’s 288MW proprietary pipeline announced earlier in 2024. The Company purchased the site (“ MTL2”) from a
subsidiary of Alexandria Real Estate Equities, Inc for CAD $33.5 million (approximately USD $23.3MM assuming a CAD/USD exchange rate
of 0.70) excluding fees. Bit Digital initially funded the purchase with cash on hand and is in the process of securing mortgage financing
for both the site acquisition and subsequent infrastructure capex. The Company expects to spend approximately CAD $27.6 million (approx.
USD $19.3MM) to develop the site to Tier-3 standards with an initial gross load of 5MW. The site is expected to be completed and operational
by May 2025. MTL2, a 160,000 square feet site that was previously used as an encapsulation manufacturing facility, is located at 7300
Trans-Canada Highway, City of Point-Claire, Quebec. The Company plans to retrofit the site with advanced cooling technology, including
direct-to-chip liquid cooling, which enhances energy efficiency and supports AI and other high-performance workloads with 150kW rack
density. The Company is collaborating with third parties to implement a heat reject loop to further enhance the sustainability profile
of the datacenter. The facility will be powered by 100% renewable hydroelectricity provided by Hydro-Quebec. Additionally, the site offers
the potential to expand, enabling scalable growth aligned with market demand.

A
copy of the Agreement of Purchase and Sale is attached hereto as Exhibit 10.1 A copy of a press release dated December 30, 2024, titled
“ Bit Digital Acquires Another Metropolitan Site for Tier-3 Data Center Expansion” is being furnished as Exhibit 99.1 to this
Form 8-K.

Item
9.01 Financial Statements and Exhibits