Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 90

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 90
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3 million)
exercisable by December 2025. The lease term is 20 years, with two 5-year extensions at the Company’s option. Subject to our receipt
of all required permits, the facility is being retrofitted to Tier-3 standards, with development costs expected to total approximately
$41 million. Construction at the site was substantially completed by October 2025. The site has commenced billing Cerebras as of November
1, 2025, in the amount of CAD 1.4 million (approximately $979 thousand) monthly for the duration of the five-year contract. 

45

On
May 20, 2025 (the “Closing Date”), we completed the purchase of a former industrial/manufacturing building from Unifi Manufacturing,
Inc. (“UMI”). Pursuant to the Purchase Agreement we agreed to purchase from UMI, an industrial/manufacturing building together
with the underlying land (“NC-1”) located in Madison, North Carolina, as well as certain machinery and equipment located
thereon for a cash purchase price of $45 million. The purchase price will increase by (i) $8 million, if Duke Energy actually provides,
or provides an Electric Services Agreement providing for, at least 99 MW (gross) within two years of the Closing Date or (ii) $5 million,
if Duke Energy actually provides, or provides an Electric Services Agreement providing for, at least 99 MW (gross) more than two years
but less than three years after the Closing Date. Additionally, the purchase price will increase by an additional $200,000 per MW over
99 MW (gross) up to a maximum of $5 million if at least 99 MW (gross) are actually delivered, or Duke Energy provides an Electric Services
Agreement for the provision of at least 99 MW (gross), within four years of the Closing Date. Separately, the Company entered into a
Capacity Agreement with Duke Energy pursuant to which Duke Energy agreed to use commercially reasonable efforts to achieve 24 MW (gross)
of service to the Property by September 1, 2025, 40 MW (gross) by April 1, 2026 and 99 MW (gross) within four years of May 16, 2025.
Management believes based upon its review of the site and a Duke Energy preliminary transmission study, that the Property may receive
and support up to 200 MW (gross) of total electrical supply over an extended period of time,