Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1918

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 6
Chunk 1918
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 INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Bit Digital, Inc. (“BTBT” or the “Company”),
is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The Company is primarily engaged in the
digital asset mining business, high performance computing (“HPC”) business and Ethereum staking activities through its wholly
owned subsidiaries.

On April 17, 2023, Bit Digital Investment Management
Limited (“BT IM”) was established as the investment manager to oversee Bit Digital Innovation Master Fund SPC Limited (“BT
SPC”), a segregated portfolio company which was incorporated in May 2023. Both entities were 100% owned by Bit Digital Strategies
Limited and disposed of in July 2024.

On October 19, 2023 and August 17, 2023, WhiteFiber
AI Inc. (fka Bit Digital AI, Inc.) (“WF AI”) and WhiteFiber Iceland ehf (fka Bit Digital Iceland ehf) (“WF Iceland”)
were incorporated to support the Company’s cloud-based HPC graphics processing units (“GPU”) services, which we term
cloud services, for customers such as artificial intelligence (“AI”) and machine learning (“ML”) developers. WhiteFiber
Iceland ehf is 100% owned by WhiteFiber AI, Inc. which is 100% owned by Bit Digital, Inc.

On June 27, 2024, WhiteFiber HPC, Inc. (fka Bit
Digital HPC, Inc.) (“WF HPC”) was incorporated to support the Company’s cloud services in the United States. WhiteFiber
HPC, Inc. is 100% owned by WhiteFiber AI, Inc. which is 100% owned by Bit Digital, Inc.

On August 15, 2024, WhiteFiber, Inc. (fka Celer,
Inc.) (“WhiteFiber”) was incorporated to support the Company’s generative artificial intelligence (“AI”)
workstreams. WhiteFiber, Inc. is 100% owned by Bit Digital, Inc.

On October 11, 2024, the Company completed the
acquisition of Enovum Data Centers Corp, a Montreal-based owner, operator, and developer of HPC data centers. Enovum Data Centers Corp
is 100% owned by WhiteFiber, Inc. which