Company: BTBT
Filing Date: 2025-05-23
Form Type: 8-K
Source: 0001213900-25-047369
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Company: Bit Digital, Inc
Filing Date: 2025-05-23
Form: 8-K
Item: Item 2.01
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Item
2.01 Completion of Acquisition or Disposition of Assets.

On May 20, 2025, White Fiber, Inc., the wholly-owned HPC subsidiary
of Bit Digital, Inc. (the “ Company”) completed the previously announced acquisition (the “ Acquisition”) of an
industrial/manufacturing building together with the underlying land located in Madison, North Carolina (the “ Property”). The
Acquisition was made pursuant to an Amendment to Real Estate Purchase and Sale Agreement (the “ Agreement”) dated as of May
19, 2025 (the “ Amendment”) between Unifi Manufacturing Inc. (UMI) a wholly-owned subsidiary of Unifi Inc and Enovum NC-1 Bidco,
LLC a Delaware limited liability company and indirect subsidiary of the Company (“ Buyer”). A copy of the Amendment is filed
as Exhibit 10.2 to this Form 8-K.

Strategically located in North Carolina’s Piedmont Triad, the
Facility sits within a 115 mile radius of Charlotte, Raleigh, Winston-Salem and Greensboro, and sits approximately 13 miles from the Virginia
border. The region is home to numerous existing hyperscalers. The Company is in active negotiations with multiple potential HPC data center
tenants. Moreover, its proximity to multiple metro areas supports AI inference workloads.

Based on initial capital investment projections,
the project has been confirmed as a qualifying data center in the State of North Carolina and will therefore be eligible for certain
sales and use tax exemptions. Additionally, the Company has worked closely with local governments to negotiate a framework for local
tax incentives based on meeting certain capital investment and job creation thresholds. Throughout the site selection process, the Company
has worked closely with local and state officials, economic development agencies, and utility partners whose collaboration has been instrumental
in advancing the project.

The Company used cash on hand to close the purchase, and expects to engage in a commercial mortgage financing process for the site.

The Amendment provided that the Company’s subsidiary Enovum Data
Centers Corp., a Canadian corporation, assigned all of its right, title and interest to the Agreement to the Buyer. The Agreement
had provided that the closing (“ Closing”) of the Acquisition was conditioned upon the receipt of an Energy Study from Duke
Energy verifying that within four (4) years of the Closing, Duke Energy will be able to supply 100 MW to the Property (the “ Energy
Study Contingency”). Buyer represented that the Energy Study Contingency had not been