Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1713

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 5
Chunk 1713
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 of offering costs.

In the first quarter of 2024, the Company sold
an aggregate of 12,871,934 ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $38.7 million,
net of offering costs.

In the second quarter of 2024, the Company sold
an aggregate of 16,237,292 ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $41.6 million,
net of offering costs.

In the third quarter of 2024, the Company sold
an aggregate of 14,025,827 ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $51.4 million,
net of offering costs.

In the fourth quarter of 2024, the Company sold
an aggregate of 24,111,575 ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $111.1
million, net of offering costs.

On October 11, 2024, the Company acquired all
of the issued and outstanding capital stock of Enovum Data Centers Corp. in a transaction valued at approximately CAD 62.8 million (approximately
$46.0 million).

Revenue from Operations

Funding our operations on a going-forward basis
will rely significantly on the revenue earned from our high performance computing business, our ability to continue to mine digital assets
and the spot or market price of the digital assets we mine, as well as our ability to earn ETH rewards from ETH staking business and the
spot or market price of ETH.

In November 2023, as amended on December 12, 2023,
the Company finalized a service agreement to supply its initial cloud services customer with services over a three-year period. On January
10, 2024, the Company announced it had increased the size of its contract for up to an aggregate of 2,048 GPUs worth more than $50 million
of annualized revenues to the Company. On January 23, 2024 the Company announced that its WhiteFiber AI business commenced generating
revenue.

On June 25, 2024, the Company announced that it
had finalized an agreement to supply its first customer with an additional 2,048 GPUs over a three-year term commencing upon deployment.
With this agreement, the Company will supply this customer with a total of 4,096 GPUs for the respective three-year periods, amounting
to total revenue of