Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 133

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 133
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Item 1 Business 

Overview 

Bit Digital, Inc. or the “Company”,
is a global platform for high performance computing (“HPC”) infrastructure and digital asset production, with headquarters
in New York City. The Company’s HPC business operates under the WhiteFiber Inc. (“WhiteFiber”) brand. Our operations
are located in the US, Canada, and Iceland. 

HPC Business

We are a leading provider
of high-performance computing (“HPC”) data centers and cloud-based HPC graphics processing units (“GPU”) services,
which we term cloud services, for customers such as artificial intelligence (“AI”) and machine learning (“ML”)
developers. Our HPC Tier-3 data centers provide hosting and colocation services and are developed and operated by our wholly-owned subsidiary,
Enovum. Our cloud services are provided by our WhiteFiber AI, Inc subsidiary. Collectively, we refer to these offerings as our HPC Business.

On October 11, 2024, we significantly
expanded our HPC data center operations and capabilities by acquiring Enovum Data Centers (“Enovum”), a Tier-3 HPC data center
platform based in Montreal, Canada. Through Enovum, we lease and operate a 4MW AI data center located in Montreal, Canada (“MTL
1”). MTL 1 is a fully operational Tier-3 data center that is designed for HPC workloads. MTL 1’s full capacity is occupied
by customers under lease agreements with an average duration of approximately 30 months. On December 27, 2024, we announced that we had
acquired the real estate and building for a build-to-suit 5MW Tier-3 data center expansion project in Montreal (“MTL 2”).
The MTL 2 data center is expected to be completed and operational by June 2025.

Our HPC data center team is adept at bringing
new sites online on an accelerated timeline. We are aggressively pursuing our development pipeline and expect to add 8MW of capacity,
inclusive of the MTL 2 site, for total capacity of 12MW, by the end of the second quarter of 2025. By the end of 2025, we are targeting
aggregate HPC data center capacity of 32MW. And we intend to achieve 80MW+ of total HPC data center capacity by the end of 2026. We adhere
to a disciplined process of only purchasing and developing data centers