Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 135

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 135
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. 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 Team of Enovum,
we have already hired a Head of Revenue Officer and Go-to-Market (“GTM”), Senior Account Executive, two engineers, Chief Technology
Officer (“CTO”) and Head of Marketing, with plans to further expand our workforce to include experts in technology, operations,
and customer support. This dedicated team will be crucial in executing the Company’s strategic plans and maintaining high service
levels as the business scales. See “Management – Senior Management”.

HPC Data Centers

We design, develop, and operate
HPC data centers, through which we offer our hosting and colocation services. Our data centers meet the requirements of the Tier-3 standard,
including power redundancy, concurrent maintainability, multiple power feeds, uninterruptible power supply, highly reliable cooling systems,
and strict monitoring and management systems. We acquired Enovum on October 11, 2024. The transaction included the lease to MTL 1, a fully
operational and fully leased to customers 4MW Tier-3 datacenter headquartered in Montreal, Canada. MTL 1 is currently hosting over 5,000
GPUs, including NVIDIA H200s and H100s, on behalf of 14 customers across a variety of end markets.

On December 27, 2024, we acquired
the real estate and building for a build-to-suit 5MW Tier-3 data center expansion project near Montreal, Canada. MTL 2, a 160,000 square
feet site that was previously used as an encapsulation manufacturing facility, is located in Pointe-Claire, QC. We initially funded the
purchase with cash on hand and are in the process of securing mortgage financing for both the site acquisition and subsequent infrastructure
capex. We expect to invest approximately $19.3 million to develop the site to Tier-3 standards with an initial gross load of 5MW. The
site is expected to be completed and operational by June 2025. We plan to retrofit the site with advanced cooling technology, including
direct-to-chip liquid cooling, which enhances energy efficiency and supports AI and other high-performance workloads with 150kW rack density.
We are collaborating with third parties to implement a heat reject