Company: BTBT
Filing Date: 2025-05-23
Form Type: 8-K
Source: 0001213900-25-047369
Chunk: 1

Company: Bit Digital, Inc
Filing Date: 2025-05-23
Form: 8-K
Item: Item 2.01
Chunk 1
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 satisfied. Buyer therefore requested certain
modifications to the Agreement before it agreed to waive the Energy Study Contingency which UMI agreed to make in exchange for Buyer eliminating
the Energy Study Contingency. The Amendment provided for a Purchase Price of $45 million reduced from $53.2 million.

Separately, the Buyer entered into a Letter Agreement
for the Purchase of Electric Power with Duke Energy dated May 16, 2025 (the “ Capacity Agreement”). Pursuant to the Capacity
Agreement, Duke Energy agreed to use commercially reasonable efforts to achieve 24 MW of service to the Property by September 1, 2025,
40 MW by April 2026 and 99 MW within four years of the effective date of the Capacity Agreement. Management believes based upon discussions
that the Property may receive up to 200 MW of electrical supply over an extended period of time, subject to infrastructure upgrades including
new substations and other conditions.

Under the Amendment, the Buyer agreed to use commercially reasonable
efforts to obtain as promptly as possible an Electric Services Agreement (“ ESA”) with Duke Energy which provides for at least
99 MW of service within two years of the Closing. In the event Duke Energy provides an ESA on commercially reasonable terms within two
years of the Closing without unreasonable infrastructure costs requiring contribution from the Buyer and pricing consistent with comparable
filed rates for similarly situated data centers for 99 MW, or if the Property is actually receiving 99 MW, the Buyer agrees to pay UMI
$8 million. If an ESA is provided within three years, or the Property is actually receiving 99 MW, the Buyer agrees to pay UMI $5 million.
If an ESA is provided for power in excess of 99 MW within four years of the Closing, or the Property is actually receiving greater than
99 MW, the Buyer agrees to pay UMI $200,000 per MW over 99 MW up to a maximum of $5,000,000.

UMI received the right to remain in possession
and continue to occupy a portion of the Property in order to wind down UMI’s operations, and to remove all personal properties purchased
by Buyer.

There were not any material relationships, other
than in respect of the transactions contemplated by the Amendment between the Buyer and the UMI or any of its affiliates, or any director
or officer of the Company, or any associate of any such director or officer.

The foregoing description of the Amendment is
qualified in its entirety by reference to the text of such