Company: BTBT
Filing Date: 2025-07-03
Form Type: S-8 POS
Source: 0001213900-25-061371
Chunk: 10

Company: Bit Digital, Inc
Filing Date: 2025-07-03
Form: S-8 POS
Chunk 10
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 a lease for a new data center
site in Saint-Jerome, Quebec, a suburb of Montreal, (MTL-3). The facility spans approximately 202,000 square feet on 7.7 acres and is
being developed to support current contracted capacity, with future expansion potential subject to utility approvals. The transaction
was executed under a lease-to-own structure, which includes an exclusive fixed-price purchase option of CAD $24.2 million (approximately
USD $17.3 million) exercisable by December 2025. The lease term is 20 years, with two 5-year extension options. The facility is being
retrofitted to Tier-3 standards, with development costs expected to total approximately CAD $55 million (approximately USD $40MM), and
is expected to be operational in the fourth quarter of 2025. MTL-3 will support the previously announced 5.5 MW (IT Load) colocation
agreement with Cerebras Wafer Scale ULC Systems. On May 20, 2025, we purchased a former industrial manufacturing building together with
the underlying land outside of Greensboro, NC (the “Property”), which we intend to retrofit to create an HPC data center
(“NC-1”). Pursuant to an executed Capacity Agreement, 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. We estimate that the initial capacity of 24MW (gross) for the facility will be operational in the first quarter of 2026. We expect this
facility to begin to generate revenue in May 2026.

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For the three months ended March 31, 2025 and
the 12 months ended December 31, 2024, our cloud service business recognized revenue of $14.8 million and $45.7 million, respectively.

We believe our HPC business is positioned for
significant growth, driven by the increasing demand for advanced computing and AI services. This planned expansion will involve developing
additional HPC data centers at an accelerating pace and procuring GPUs and other AI equipment. To support this growth, we are in the process
of building an expanded team of leaders and dedicated employees. In addition to the Senior Management