Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 206

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 206
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 Inc. and its wholly-owned subsidiaries WhiteFiber
HPC, Inc., WhiteFiber Canada, Inc., WhiteFiber Japan G.K. and WhiteFiber Iceland, ehf, to WhiteFiber, upon the effectiveness of WhiteFiber’s
registration statement on Form S-1,  as amended (File No. 333-288650) (the “Registration Statement”) on August 6, 2025
in connection with WhiteFiber’s initial public offering (the “IPO”).

We
acquired Enovum Data Centers Corp (“Enovum”) on October 11, 2024. The transaction included the lease to MTL-1, a fully operational
and fully leased to customers 4 MW (gross) Tier-3 data center headquartered in Montreal, Canada.

On
December 27, 2024, we acquired the real estate and building for a build-to-suit 5 MW (gross) Tier-3 data center (“MTL-2”)
expansion project near Montreal, Canada which we refer to as MTL-2. MTL-2 is a 160,000 square foot site that was previously used as an
encapsulation manufacturing facility, is located in Pointe-Claire, Quebec. We initially funded the purchase of CAD $33.5 million (approximately
USD $23.3) million with cash on hand. We expect to invest approximately USD $23.6 million to develop the site to Tier-3 standards with
an initial load of 5 MW (gross). However, we have prioritized other builds and preserved capital for more time sensitive projects.

On
April 11, 2025, we entered into a lease for a new data center site in Saint-Jerome, Quebec, a suburb of Montreal, MTL-3. The MTL-3 facility
spans approximately 202,000 square feet on 7.7 acres and is being developed as a 7 MW (gross) Tier-3 data center. It will support current
contracted capacity, with Cerebras (5 MW IT Load), with future expansion potential subject to utility approvals. The transaction was
executed under a lease-to-own structure, which includes a fixed-price purchase option of CAD 24.2 million (approximately $17.3 million)
exercisable by December 2025. The lease term is 20 years, with two 5-year extensions at the Company’s option. Subject to