Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 9

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 9
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 and machine learning (“ML”) developers. Our HPC
Tier-3 data centers provide hosting and colocation services and are developed and operated by our wholly-owned subsidiary, Enovum Data
Centers Corp. (“Enovum”). Our cloud services are provided by our WhiteFiber AI, Inc subsidiary. Collectively, we refer to
these offerings as our HPC Business.

On October 11, 2024, we significantly expanded
our HPC data center operations and capabilities by acquiring Enovum, a Tier-3 HPC data center platform based in Montreal, Canada. Through
Enovum, we lease and operate a 4MW AI data center located in Montreal, Canada (“MTL-1”). MTL-1 is a fully operational Tier-3
data center that is designed for HPC workloads. MTL-1 ’s full capacity is occupied by customers under lease agreements with an average
duration of approximately 30 months as of May 31, 2025. On December 27, 2024, we announced that we had acquired the real estate and building
for a build-to-suit 5MW Tier-3 data center expansion project in Montreal (“MTL-2”). The MTL-2 data center is expected to be
completed and operational in the fourth quarter of 2025 with a one-month delay until we begin to generate revenue.

On April 10, 2025, we entered into 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,