Company: BTBT
Filing Date: 2025-04-30
Form Type: S-3
Source: 0001213900-25-037166
Chunk: 11

Company: Bit Digital, Inc
Filing Date: 2025-04-30
Form: S-3
Chunk 11
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,000 square feet on 7.7
acres and is being developed to support current contracted capacity, with future 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 a targeted go-live date of July 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. See “Management – Senior Management”.

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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