Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 122

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 122
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 2024, the Company acquired all
of the issued and outstanding capital stock of Enovum Data Centers Corp. in a transaction valued at approximately CAD 62.8 million (approximately
46.0 million).

On April 29, 2025, the Company filed a registration
statement on Form S-3 (No. 333-286841) to register up to $500 million of its Ordinary Shares, preference shares, debt securities, warrants,
units and subscription rights (the “Registration Statement”). 

In June 2025, the Company completed an underwritten
public offering of its ordinary shares registered under the Registration Statement. In accordance with the terms of the underwriting agreement
entered into with B. Riley Securities, Inc., as representative of the several underwriters, the Company sold 75,000,000 ordinary shares
at a price to the underwriters of $1.90 per share. The Company received net proceeds of approximately $141.6 million, after deducting
the underwriting discount and offering expenses. On July 1, 2025, the underwriters related to this public offering fully exercised their
option to purchase an additional 11,250,000 ordinary shares, resulting in additional net proceeds to the Company of $21.3 million,
after deducting the underwriting discount and offering expenses.

On July 15, 2025, the Company entered into a registered direct offering
with B. Riley Securities, Inc. relating to its ordinary shares. In accordance with the terms of the sales agreement, the Company agreed
to issue and sell 22,000,000 ordinary shares having an aggregate purchase price of $63.6 million, net of offering costs. The registered
direct offering closed on July 15, 2025. The Company intends to use the net proceeds from the registered direct offering to purchase Ethereum.

Revenue from Operations

Funding our operations on a going-forward basis
will rely significantly on the revenue earned from our high performance computing business, as well as our ability to earn ETH rewards
from ETH staking business and the spot or market price of ETH.

On October 23, 2023, Bit Digital announced that
it had commenced AI operations by signing a binding term sheet with a customer (the “Initial Customer”) to support the customer’s
GPU workloads. On December 12, 2023, we finalized a Master Services and Lease Agreement (“MSA”), as amended, with our Initial
Customer for the provision of cloud services