Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 43

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 43
---
ase as Lessee

For the year ended December 31, 2023, the Company
entered into a capacity lease agreement for its cloud services designed to support generative AI workstreams. The initial lease term is
three years, with automatic renewals for successive twelve-month periods. The lease expense incurred in December 2023 is capitalized as
deferred cost since it is directly related to fulfilling its cloud services which commenced operations in January 2024. The capitalized
lease payment was expensed in January 2024.

On July 30, 2024, the Company entered into an
office lease agreement for its headquarters office in New York. The initial lease term is three years with automatic renewals for successive
terms equal in length to the initial term.

On August 1, 2024, the Company entered into an
additional capacity lease agreement for its cloud services. The initial lease term is three years with automatic renewals for successive
twelve-month periods.

On October 11, 2024, the Company acquired 100%
of Enovum Data Centers Corp, including a data center lease agreement in Montreal for its data center services. The remaining lease term
on the date of acquisition was twelve years with two five-year renewal options.

On December 3, 2024, the Company entered into
a lease agreement in Singapore for general and administrative purposes. The initial lease term is two years with option to renew for one
year.

On February 11, 2025, the Company, through WhiteFiber, entered into
an additional office lease agreement for its headquarters office in New York. The initial lease term is twenty-seven months with automatic
renewals on a month-to-month basis.

On March 1, 2025, the Company entered into an
additional capacity lease agreement for its cloud services. The initial lease term is three years with automatic renewals for successive
twelve-month periods.

On April 1, 2025, the Company entered into a lease
agreement for general and administrative purposes. The lease term is two years.

On April 11, 2025, the Company, through WhiteFiber,
entered into a data center lease agreement in Saint-Jérôme for its data center colocation services. The initial lease term
is for twenty years with two 5-year extension options. The transaction also includes a fixed-price purchase option exercisable until December
31, 2025.

24

As of June 30, 2025 and December