Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 166

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 166
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 an authorized partner with SuperMicro
Computer Inc.®, an authorized Communications Service Provider (“CSP”) with Dell (through Dell’s exclusive distributor
in Iceland, Advania), an official partnership with Hewlett Packard Enterprise and a commercial relationship with Quanta Computer Inc.
(“QCT”). Based on Management’s knowledge of the industry, we are proud to be among the first service providers to offer
H200, B200, and GB200 servers. We provide a high-standard service lease with an Uptime percentage > 99.5%.

44

We expect to leverage a global network of data
centers for hosting capacity for our GPU business, in many instances, by negotiating with third-party providers to seamlessly integrate
our cloud services at data centers across key regions in Europe, North America and Asia. Our initial data center partnership through which
we lease capacity is at Blönduós Campus, Iceland, offering a world-class operations team with certified technicians and reliable
engineers. The facility has 45kW rack density and 6 MW (gross) total capacity. We have executed contracts for 5.5 MW at the data center.
The center’s energy source is 100% renewable energy, mainly from Blanda Hydro PowerStation, the winner of an IHA Blue Planet Award
in 2017.

The following summaries reflect selected GPU cloud
service agreements that we consider to be material or representative. We have entered into additional agreements that are not individually
material and are not included below.

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 from a total of 2,048 GPUs over a three-year period. To
finance this operation, we entered into a sale-leaseback agreement with a third party, selling 96 AI servers (equivalent to 768
GPUs) and leasing them back for three years. The total contract value with the Initial Customer for the aggregated 2,048 GPUs was
estimated to be worth more than $50 million of annualized revenue. On January 22, 2024, approximately 192 servers (equivalent to
1,536 GPUs) were deployed at a specialized data center and began generating revenue, and