Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1610

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 4
Chunk 1610
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3 and engaged in fund and investment management activities. Bit Digital Investment Management Limited had
total assets of $1,155,038 and total liabilities of $nil, with net assets of $1,155,038 which is accounted for approximately 0.4% of the
unaudited consolidated net assets of the Company as of September 30, 2024. The Company recorded a loss of $979,038 from the disposal under
“other income (loss), net” in the consolidated statements of operations.

Bit Digital Innovation Master Fund SPC Limited
was incorporated on May 31, 2023 and is a segregated portfolios company. Bit Digital Innovation Master Fund SPC Limited did not have any
net assets as of September 30, 2024. The Company recorded a gain of $100 from the disposal under “other income (loss), net”
in the consolidated statements of operations.

Management believes that the disposition of Bit
Digital Investment Management Limited and Bit Digital Innovation Master Fund SPC Limited does not represent a strategic shift that has
(or will have) a major effect on the Company’s operations and financial results. The disposition is not accounted for discontinued
operations in accordance with ASC 205-20.

22. SUBSEQUENT EVENTS

In January 2025, the Company entered into a new
agreement to supply its first customer with an additional 464 GPUs for a period of eighteen months. This new agreement replaces the prior
agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs. The contract represents approximately $15
million of annualized revenue and features a two-month prepayment from the customer.

On January 6, 2025, the Company 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. The purchase order provides for services utilizing a total of 32 H200 GPUs over a minimum of six (6) month period,
representing total revenue of approximately $300,000 for the term. The deployment commenced and revenue generation began on January 8,
2025, using the Company’s existing inventory of H200 GPUs.

In January 2025, the Company entered into a Master
Services Agreement (“MSA”), along with two associated purchase orders, from a new customer. The purchase orders provide for
services utilizing a total of 24 H200 GPUs over a minimum of twelve (12) month period, representing total revenue of approximately $