Company: BTBT
Filing Date: 2025-06-25
Form Type: 8-K
Source: 0001213900-25-057420
Chunk: 1

Company: Bit Digital, Inc
Filing Date: 2025-06-25
Form: 8-K
Item: Item 1.01
Chunk 1
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 interest rate ranging from RBP plus 0.75% to CORRA
(“ Canadian Overnight Repo Rate Average”) plus 250 bps. Payment of principal and interest is due 30 days after drawdown and
is repayable in full on the last day of the three-year term.

The Revolver is being provided
by RBC by way of Letters of Credit and Letters of Guaranty with fees to be determined on a transaction by transaction basis. This facility
will be available for the 36 month term subject to the issuance of the EDC (Export and Development Canada) Performance Security Guaranty
in the amount of USD $5.8 million (based on the CAD/U. S.$ rate of exchange of CAD1.00/U. S.$0.7308, as reported by Bloomberg on June 18,
2025) and other related supporting documents.

Enovum agreed to certain financial
covenants included maintaining on a combined basis between MTL-1 and MTL-2: fixed charge coverage of not less than 1.20:1 and a ratio
of Net Funded Debt to EBITDA of not greater than 4.25:1 and decreasing to 3.50:1 from December 31, 2027.

The foregoing is a summary
of the material terms and conditions of the Facility and not a complete discussion of the document. Accordingly, the foregoing is qualified
in its entirety by reference to the full text of the Facility which will be filed with the Company’s Quarterly Report
on Form 10-Q for the quarter ending June 30, 2025.

The buildout of MTL-2 is expected
to be completed and MTL-2 is expected to be operational in the fourth quarter of 2025. In addition, WhiteFiber’s leased data center
site in Saint-Jérôme, Québec (“ MTL-3”) is being retrofitted to Tier-3 data center standards and, subject
to receipt of all required permits, is expected to be operational in the fourth quarter of 2025. WhiteFiber is aggressively pursuing its
development pipeline and expects to add 12 MW (gross) of capacity, inclusive of the MTL-2 and MTL-3 sites, for total capacity of approximately
16 MW (gross), by the end of 2025. Furthermore, WhiteFiber is retrofitting its recently acquired former industrial facility located outside
of Greensboro, NC (“ NC-1”) to