Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 684

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 684
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27, 2025, using the Company’s existing inventory
of H200 GPUs.

On January 30, 2025, the Company entered into
a Master Services Agreement (“MSA”) with a minimum purchase commitment of 40 GPUs, along with an associated purchase order,
from a new customer. The purchase orders provide for services utilizing a total of 40 H200 GPUs over a minimum of twelve (12) month period,
representing total revenue of approximately $750,000 for the term. The deployment commenced and revenue generation began on January 24,
2025, using the Company’s existing inventory of H200 GPUs.

In February 2025, we entered into two hosting
services agreements with A.R.T. Digital Holdings Corp (“KaboomRacks”) for a term of nine (9) months and a term of three (3)
years automatically renewing on an annual basis unless terminated by either party. Pursuant to the terms of the agreement, KaboomRacks
provides maintenance and operation services to Bit Digital to support 19 total MW of capacity. KaboomRacks shall also be entitled to between
19.75% to 40% of the net profit generated by the miners. Deployment is expected to begin in the first quarter of 2025.

Subsequent to December 31, 2024, the Company sold
2,829,984 shares of common stock for aggregate proceeds of approximately $9.7 million pursuant to the at-the-market offering agreement
with H.C. Wainwright & Co., LLC. The Company received net proceeds of $9.4 million, net of offering costs. 

F-44

Forward Looking Statements

The discussion and analysis of our financial
condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere
in this report. Except for the statements of historical fact, this report contains “forward-looking information” and “forward-looking
statements reflecting our current expectations that involve risks and uncertainties (collectively, “forward-looking information”)
that is based on expectations, estimates and projections as at the date of this report. Actual results and the timing of events in this
report includes information about hash rate expansion, diversification of operations, potential further improvements to profitability
and efficiency across mining operations, potential for the Company’s long-term growth, and the business goals and objectives of
the Company. Factors that could cause actual results, performance or achievements to differ materially from those discussed in our such
forward-looking