Company: BTBT
Filing Date: 2025-04-15
Form Type: 8-K
Source: 0001213900-25-032132
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Company: Bit Digital, Inc
Filing Date: 2025-04-15
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement

On April 11, 2025, Bit Digital, Inc. (the “ Company”)
announced that through an affiliate of its wholly-owned Canadian subsidiary Enovum Data Centers Corp. (“ Enovum”), 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 previously announced 5MW colocation agreement with Cerebras Systems (“ Cerebras”), a leader in generative
AI infrastructure. The facility is being retrofitted to Tier 3 standards, with development costs expected to total approximately CAD $55
million (approximately USD $40MM), and a targeted go-live date of July 2025.

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 “ Property”). The transaction was executed under a lease-to-own structure, (the “ MTL-3 Lease Agreement”).
The lease term is 20 years, with two 5-year extension options. The annual base rent ranges from approximately $2.4 million for year 1
to approximately $3.8 million for year 20. In addition to the base rent, tenant is bound to pay additional rent, including real estate
taxes, insurance costs, business taxes and other sums pursuant to the agreement. The lease includes a fixed-price purchase option exercisable
at any time within 12 months, for a purchase price of $24,240,000.

Enovum may cease operating and occupying the Property
at any time during the term of the lease, and such in and of itself will not constitute a Default, provided however that tenant: (i)
will remain obligated to fulfill all of the terms of lease on the part of tenant (including the payment of all rent due); (ii) will, as
soon as reasonably possible, notify landlord in writing that it intends to cease operating and occupying the Property and the period for
which it intends to so do; and (iii) comply, at its sole cost with all requirements imposed by tenant’s insurance company and/or
landlord’s insurance company resulting from tenant’s election to cease operating and occupying the Property.

The agreement also provides standard provisions related
to use of the property, improvement and alterations of the property by tenant, right of landlord’s inspection and access