Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1120

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 1120
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 the uncertainties, risks, and
assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in
our forward-looking statements as a result of many factors, including those set forth under “Risk Factors” and elsewhere
in this report.

Overview

Bit Digital, Inc. or the “Company”,
is a global platform for high performance computing (“HPC”) infrastructure and digital asset production, with headquarters
in New York City.

HPC Business

The Company’s HPC business operates under
the WhiteFiber Inc. (“WhiteFiber”) brand. Our operations are located in the US, Canada, and Iceland. We are a leading provider
of high-performance computing (“HPC”) data centers/colocation services and cloud-based HPC graphics processing units (“GPU”)
services, which we term cloud services, for customers such as artificial intelligence (“AI”) and machine learning (“ML”)
developers. Our HPC Tier-3 data centers provide colocation services and are developed and operated by our wholly-owned subsidiary, Enovum.
Our cloud services are provided by our WhiteFiber AI, Inc subsidiary. Collectively, we refer to these offerings as our HPC Business.

On October 11, 2024, we significantly expanded
our HPC data center operations and capabilities by acquiring Enovum Data Centers Corp (“Enovum”), a Tier-3 HPC data center
platform based in Montreal, Canada. Through Enovum, we lease and operate a 4MW AI data center located in Montreal, Canada (“MTL
1”). MTL 1 is a fully operational Tier-3 data center that is designed for HPC workloads. MTL 1’s full capacity is occupied
by customers under lease agreements with an average duration of approximately 30 months. On December 27, 2024, we announced that we had
acquired the real estate and building for a build-to-suit 5MW Tier-3 data center expansion project in Montreal (“MTL 2”).
The MTL 2 data center is expected to be completed and operational by June 2025.

In addition to providing highly desirable HPC
data center hosting capacity to our customers, our business model integrates HPC data center infrastructure and cloud service to provide
scalable, high-performance computing solutions for enterprises, research institutions, and AI-driven businesses. Our integrated approach
aligns specialized data center operations with GPU-focused cloud services, addressing the unique requirements of AI