Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 58

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 58
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 a cash purchase
price of $53.2 million (the “Purchase Price”). An earnest money deposit of $2.25 million was deposited in escrow pursuant
to the terms of the Purchase Agreement, of which $1.25 million is non-refundable to us. The closing of the transaction contemplated by
the Purchase Agreement is subject to various closing conditions of which there can be no assurance and is currently expected to occur
on or about May 19, 2025.

On April 11, 2025, the Company announced that
it has secured the rights to a new data center site in Saint-Jérôme, Québec (“MTL-3”), which is under
development and will support the 5MW colocation agreement with Cerebras Systems (“Cerebras”). 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 a fixed-price purchase option exercisable
within 12 months. The lease term is 20 years, with two 5-year extension options. The facility is being retrofitted to Tier 3 standards,
with a targeted go-live date of July 2025.

Subsequent to March 31, 2025, the Company sold
24,754,699 shares of common stock for aggregate proceeds of approximately $47.8 million pursuant to the at-the-market offering agreement
with H.C. Wainwright & Co., LLC. The Company received net proceeds of $46.7 million, net of offering costs.  

In
April 2025, the Company signed two additional cloud services agreements with DNA Holdings Venture Inc. (“DNA Fund”). The
first agreement, commencing in early May, includes 104 NVIDIA H200 GPUs under a 23-month term. The second, commencing mid-May, includes
512 H200 GPUs under a 24-month term. With these additions, DNA Fund’s total contracted deployment increased to 1,192 GPUs. Combined,
the agreements represent approximately $20.9 million of annualized revenue.

On April 29, 2025, the Company filed a registration statement on Form
S-3 (No. 333-286841) to register up to $500,000.00 of its Ordinary Shares pursuant to an at-the-market offering with H.C. Wainwright &
Co., LLC. Upon the effectiveness of