Company: BTBT
Filing Date: 2025-06-11
Form Type: S-3/A
Source: 0001213900-25-053489
Chunk: 11

Company: Bit Digital, Inc
Filing Date: 2025-06-11
Form: S-3/A
Chunk 11
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 learning (“ML”) developers.
Our HPC Tier-3 data centers provide hosting and 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 early in the fourth quarter of 2025.

On April 10, 2025, we entered into a lease for
a new data center site in Saint-Jerome, Quebec, a suburb of Montreal, MTL 3. The facility spans approximately 202,000 square feet on
7.7 acres and is being developed to support current contracted capacity, 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 exercisable within 12 months.
The lease term is 20 years, with two 5-year extension options. The facility is being retrofitted to Tier-3 standards, with development
costs expected to total approximately CAD $55 million (approximately USD $40MM), and is expected to operational by the end of 2025. MTL
3 will support the previously announced 5MW colocation agreement with Cerebras.

For the 12 months ended December 31, 2024, our
cloud service business recognized revenue of $45.7 million.

We believe our HPC business is positioned for
significant growth, driven by the increasing demand for advanced computing and AI services. This planned expansion will involve developing
additional HPC data centers at an accelerating pace and