Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 142

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 142
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, 120, and 279 GPUs, totaling approximately $10.4 million in contracted value over a five-year term.

On
December 30, 2024, we entered into a Master Services Agreement (“MSA”) with a minimum purchase commitment of 32 GPUs, along
with an associated purchase order, from a new customer, an AI Compute Fund managed by DNA Holdings Venture Inc. (“DNA Fund”).
The purchase order provides for services utilizing a total of 576 H200 GPUs over a 25 month period, terminable by either party upon at
least 90 days’ written notice prior to any renewal date. It represents an aggregate revenue opportunity of approximately $20.2
million. Concurrently, we placed a purchase order for 130 H200 servers for approximately $30 million. The deployment commenced in February
2025. In April 2025, the Company signed two additional cloud services agreements with DNA Fund. The first agreement, commencing in early
May, includes 104 NVIDIA H200 GPUs under a 23-month term. The second, commencing mid-May, includes 512 H200 GPUs under a 24-month term.
With these additions, DNA Fund’s total contracted deployment increased to 1,192 GPUs. Combined, the agreements represent approximately
$41.6 million of annualized revenue.

In
October 2025, we entered into a service order with a new customer to provide services utilizing a total of 48 H200 GPUs. The service
order has an initial term of 36 months, representing total contracted value of approximately $2.2 million, after which it automatically
renews for successive one-month periods unless terminated by either party. The deployment commenced and revenue generation began on October
21, 2025. 

Regardless
of our ability to generate revenue from our high performance computing business, or our Ethereum staking business, we may need to raise
additional capital in the form of equity or debt to fund our operations and pursue our business strategy. The ability to raise funds
such as equity, debt or conversion of digital assets to maintain our operations is subject to many risks and uncertainties and, even
if we are successful, future equity issuances would result in dilution to our existing stockholders and any future debt or debt securities
may contain covenants that limit our operations or ability to enter into certain transactions. Our ability to realize revenue through
conversion of digital assets into cash or fund overhead with digital assets is subject to a number of risks, including