Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 11

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 11
---
 also design our facilities to accommodate the higher heat loads generated by modern GPUs, potentially shortening
deployment timelines for customers who require rapid expansion of their compute infrastructure. From a financial standpoint, our vertically
integrated solution allows us to capture additional margin for our cloud services business, avoiding expenses that would otherwise be
due to third-party providers.

Our cloud services business provides cutting-edge,
bespoke services involving a sophisticated array of computers and chips, including NVIDIA GPUs, servers, network equipment, and data storage
solutions. We believe we provide our cloud services customers with the highest levels of performance and reliability while offering flexibility
to scale with customer needs. Our cloud services solutions include a proprietary software layer that enables our customers to rapidly
and reliably deploy AI applications with superior performance. We currently offer our cloud services at a data center maintained by a
third-party colocation provider in Iceland (the “Iceland Data Center”) and are negotiating with third party providers to seamlessly
integrate our cloud services at data centers across key regions in Europe, North America, and Asia. In the fourth quarter of 2023, we
secured our first cloud customer through a three-year service agreement to provide services using our advanced AI equipment. For the three
months ended March 31, 2025 and 2024 our WhiteFiber cloud service business recognized revenue of $14.8 million and $8.1 million, respectively.
Such revenue, for the 12 months ended December 31, 2024 and 2023, was $45.7 million and $0, respectively. As of May 31, 2025, WhiteFiber
had approximately 3,600 NVIDIA GPUs deployed.

The digital asset business segment of the Digital
Infrastructure Business (the “Digital Asset Business Segment”) is comprised primarily of two distinct but highly complementary
operations: (i) digital asset mining (the “Digital Asset Mining Operations”); and (ii) ETH staking (the “ETH Staking
Operations”).

Cloud Services

We provide specialized cloud services to support
generative AI workstreams, especially training and inference, emphasizing cost-effective utility and tailor-made solutions for each client.
We are an authorized NVIDIA Cloud Partner (“NCP”) through 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,