Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 603

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 603
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275 million, or $92 million on an annualized basis. In late July, at the customer’s request,
the Company and the customer agreed to temporarily delay the purchase order so the customer could evaluate an upgrade to newer generation
Nvidia GPUs. Consequently, the Company and manufacturer postponed the purchase order. In early August 2024, the customer made a non-refundable
prepayment of $30.0 million for the services to be rendered under this agreement.

In January 2025, the Company entered into a new
agreement to supply its first customer for an additional 464 GPUs for a period of eighteen months. This new agreement replaces the prior
agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs. The contract represents approximately $15
million of annualized revenue and features a two-month prepayment from the customer.

On November 4, 2024, the Company announced it
had executed a Master Services and Lease Agreement (“MSA”) with Boosteroid Inc. (“Boosteroid”), a global cloud
gaming provider and new customer of WhiteFiber’s HPC Services Business Segment. Bit Digital previously announced that it had signed
a binding term sheet with Boosteroid on August 19, 2024. Bit Digital had finalized a purchase order for the starting quantity of GPUs.
The initial order of 300 GPUs is expected to generate approximately $4.6 million in revenue to Bit Digital over the five-year term, or
approximately $0.9 million per year. Bit Digital expects the GPUs to be delivered to respective data centers across the U.S. and begin
earning revenue by the end of November 2024. The MSA provides Boosteroid with the option to expand in increments of 100 servers, up to
50,000 servers, representing a potential $700 million revenue opportunity for Bit Digital over the five-year term, contingent on deployment
plans and market conditions.

On December 30, 2024, we entered into a Master
Services Agreement (“MSA”) with a minimum purchase commitment of 32 GPUs, along with an associated purchase order, from a
new customer, an AI Compute Fund managed by DNA Holdings Venture Inc. The purchase order provides for services utilizing a total of 576
H200 GPUs over a twenty-five month period, terminable by either party upon at least 90 days’ written notice prior to any renewal
date. It represents an aggregate revenue opportunity of approximately $20.2 million. Concurrently