Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 84

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 84
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 Agreement for at least 99MW is provided, or the property receives 99MW of power within three years, the Company may instead be required to make a contingent payment of $5 million.

●If an Electric Service Agreement is provided, or the property receives more than 99MW of power within four years, the Company may be required to make an additional payment of $200,000 per MW in excess of 99MW, up to a maximum of $5 million.

41

Royal
Bank of Canada Facility Agreement

On
June 18, 2025, the Company entered into a definitive credit agreement with the Royal Bank of Canada (“RBC”), to finance its
data center business. The credit agreement provides for an aggregate amount of up to approximately USD $43.8 million of financing. The
agreement is non-recourse and comprised of three separate facilities:

●Non-revolving three year lease facility in the amount of USD $18.5 million. The lease facility provides for straight-line amortization of six years and capital moratorium of six months after disbursement is complete.

●Non-revolving term loan facility in the amount of USD $19.6 million to refinance the Company’s purchase of MTL-2. 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.

●Revolver 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 in the amount of USD $5.8 million.

The
Company agreed to certain financial covenants that are not yet in effect. The facilities have not yet been authorized for use by the
lender, as certain conditions precedent have not yet been satisfied. Accordingly, no amounts were drawn, and no borrowings were available
under the facility as of the reporting date.

Electric
Service Agreement with Duke Energy

An existing Electric Service Agreement (“ESA”)
with Duke Energy Carolinas, LLC (“Duke Energy”) for the provision of electric power to the facility located at 805 Island
Drive, Madison, North Carolina was assigned to the Company’s wholly owned subsidiary, Enovum NC-1 Bidco LLC, from Unifi as of August
4, 2025.

The
ESA establishes a minimum monthly bill for electric service, based on Duke Energy’s Rate of $8,754, irrespective of actual usage
levels.