Company: BTBT
Filing Date: 2025-07-14
Form Type: 424B5
Source: 0001213900-25-063777
Chunk: 7

Company: Bit Digital, Inc
Filing Date: 2025-07-14
Form: 424B5
Chunk 7
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-owned HPC subsidiary, WhiteFiber, has confidentially submitted a draft registration statement on Form S-1 with
the SEC relating to the proposed initial public offering of WhiteFiber’s ordinary shares. The number of ordinary shares
of WhiteFiber to be offered and the price range for the proposed offering have not yet been determined.

In connection with the proposed
initial public offering, we expect to enter into a transition services agreement with WhiteFiber, pursuant to which we will provide certain
services on a transitional basis for up two years following the consummation of the offering, including certain services provided by Sam
Tabar, our Chief Executive Officer, and Erke Huang, our Chief Financial Officer and a Director. During such transition period, Messrs.
Tabar and Huang will continue to hold the same position with the Company and are expected to provide certain services, representing not
more than approximately 30% of their working time, in respect of its operations. In addition, we expect to enter into a contribution agreement
pursuant to which we will contribute our HPC business through the transfer of 100% of the capital shares of our cloud services subsidiary,
WhiteFiber AI, Inc. and its wholly-owned subsidiaries WhiteFiber HPC, Inc. and WhiteFiber Iceland, ehf, to WhiteFiber prior to the consummation
of the proposed initial public offering.

The initial public
offering is expected to commence after the SEC completes its review process, subject to market and other conditions.

Restricted Share Unit Grants

In June 2025, we issued an
aggregate of 2,815,963 restricted share units to seven persons, including senior management of Enovum Data Centers Corp. in connection
with the completion of the purchases of WhiteFiber’s data centers in Pointe-Claire (Montreal), Quebec and outside of Greensboro,
North Carolina and other employees of the Company.

Smaller Reporting Company

We qualify as a “smaller
reporting company” as defined in Rule 12b-2 of the Exchange Act. Smaller reporting companies may take advantage of certain
reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain
a smaller reporting company until the last day of the fiscal year in which we fail to meet the following criteria: (i) the market value
of our ordinary shares held by non-affiliates does not exceed $250 million as of the end of that fiscal year’s