Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 88

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 88
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 in their entirety
by these factors. Other than as required under the securities laws, the company does not assume a duty to update these forward-looking
statements.

44

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The
following discussion should be read in conjunction with our interim Condensed Consolidated Financial Statements and the related notes
and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q for the period ended September 30, 2025 as
well as Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Form 10-K for the
year ended December 31, 2024 (“Form 10-K”).

Overview

Bit
Digital, Inc. or the “Company”, is a global platform for high performance computing (“HPC”) business including
cloud services and HPC data center services and digital asset business, including Ethereum (ETH) staking business, with headquarters
in New York City. On June 25, 2025, the Company announced that it has initiated a strategic transition to become a pure play Ethereum
staking and treasury company. The Company began accumulating ETH and operating staking infrastructure in 2022 and has steadily increased
its holdings since that time.

HPC
Business

We
believe we are a leading provider of artificial intelligence (“AI”) infrastructure solutions. We own high-performance computing
(“HPC”) data centers and provide cloud-based HPC graphics processing units (“GPU”) services, which we term cloud
services, for customers such as AI application and machine learning (“ML”) developers (the “HPC Business”). Our
Tier-3 data centers provide hosting and colocation services. Our cloud services support generative AI workstreams, especially training
and inference.

Colocation/Data
center services

We
design, develop, and operate data centers, through which we offer our hosting and colocation services. Our operational data centers meet
the requirements of the Tier-3 standard, including N+1 redundancy architecture, concurrent maintainability, uninterruptible power supply,
advanced and highly reliable cooling systems, strict monitoring and management systems, 9.982% uptime and no more than 1.6 hours of downtime
annually, service organization control, SOC 2 Type 2, differentiated software supporting AI workloads, high density and robust bandwidth,
and infrastructure to support AI workloads.

On
July 30, 2025, we entered into a Contribution Agreement with WhiteFiber,