Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 63

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 63
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 authorized NVIDIA Preferred Partner through the NVIDIA Partner Network (“NPN”), an authorized
partner with SuperMicro Computer Inc.®, an authorized Communications Service Provider (“CSP”) with Dell (through
Dell’s exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise and a commercial
relationship with Quanta Computer Inc. (“QCT”). We are proud to be among the first service providers to offer H200,
B200, and GB200 servers.

We leverage a global network of data centers for
hosting capacity for our GPU business in many instances by partnering with third-party data center providers in locations across Europe,
Canada, and the U.S. Our initial data center partnership through which we lease capacity is at Blönduós Campus, Iceland, offering
a world-class operations team with certified technicians and reliable engineers. The facility has 45kW rack density and 6 MW (gross) total
capacity. We have executed contracts for 5.5 MW at the data center. The center’s energy source is 100% renewable energy, mainly
from Blanda Hydro PowerStation, the winner of an IHA Blue Planet Award in 2017.

The following summaries reflect selected GPU cloud
service agreements that we consider to be material or representative. We have entered into additional agreements that are not individually
material and are not included below.

On October 23, 2023, Bit Digital announced that
it had commenced AI operations by signing a binding term sheet with a customer (the “Initial Customer”) to support the customer’s
GPU workloads. Under the agreement, as amended, we will supply this customer with a total of 2,048 GPUs for the respective three-year
periods, amounting to total targeted revenue of approximately $150 million, or approximately $50 million on an annualized basis.

On December 12, 2023, we finalized a Master Services
and Lease Agreement (“MSA”), as amended, with our Initial Customer for the provision of cloud services from a total of 2,048
GPUs over a three-year period. To finance this operation, we entered into a sale-leaseback agreement with a third party, selling 96 AI
servers (equivalent to 768 GPUs) and leasing them back for three years. The total contract value with the Initial Customer for the aggregated
2,048 GPUs was estimated to be worth more than $50 million of annualized revenue. On January 22, 2024, approximately 192