Company: BTBT
Filing Date: 2025-07-03
Form Type: S-8 POS
Source: 0001213900-25-061371
Chunk: 13

Company: Bit Digital, Inc
Filing Date: 2025-07-03
Form: S-8 POS
Chunk 13
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 and reliability,
we believe that we will be positioned to maximize customer retention while pricing our services at a premium to those offered by our competitors.

We leverage a global network of data center resources by partnering
with eight third-party data center providers to achieve high autonomy in locations across Europe, Canada, and the U.S. Our initial HPC
data center partnership through which we lease capacity is at BlöndUos Campus, Iceland, offering a world-class operations team with
certified technicians and reliable engineers. The facility has 45kW rack density and 6MW (gross) total capacity. Its energy source is
100% renewable energy, mainly from Blanda Hydro PowerStation, the winner of IHA Blue Planet Awards in 2017. On October 23, 2023, Bit Digital
announced that we had commenced AI operations by signing a binding term sheet with a customer (the “Initial Customer”) to
support their GPU workloads. In January 2025, we executed a new agreement with this client to provide 464 B200 GPUs for an 18-month term
beginning on June 30, 2025, with approximately $15 million of target annualized revenue assuming the customer utilizes the GPUs at full
capacity for the duration of the contract. The initial customer elected to defer the commencement date until August 20, 2025, which is
the latest date under the agreement.

Digital Asset Business Segment

The digital asset business segment of the Digital
Infrastructure Business (the “Digital Asset Business Segment”) is currently 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”). On June 25, 2025, Bit Digital announced that the Digital Asset Business Segment had initiated
a strategic transition to become a pure-play ETH staking and treasury company. The Company began accumulating ETH and operating staking
infrastructure in 2022 and has steadily increased its holdings since that time.

Digital Asset Mining Business

We commenced our bitcoin (“BTC”) mining
business in February 2020. We initiated limited Ethereum mining operations in January 2022, however discontinued the operations by September
2022 due to Ethereum blockchain switching from proof-of-work (“PoW”) consensus mechanism to proof-of-stake (“PoS”)
validation. Our mining operations, hosted by third-party providers, use specialized computers, known as miners, to generate digital assets.