Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 10

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 10
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2025, we purchased a former industrial manufacturing building together with the underlying land outside of Greensboro,
NC (the “Property”), which we intend to retrofit to create an HPC data center (“NC-1”). Pursuant to an executed
Capacity Agreement, Duke Energy agreed to use commercially reasonable efforts to achieve 24 MW (gross) of service to the Property by September
1, 2025, 40 MW (gross) by April 1, 2026 and 99 MW (gross) within four years of May 16, 2025. We estimate that the initial capacity of
24MW (gross) for the facility will be operational in March 2006. We expect this facility to begin to generate revenue in May 2026.

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For the three months ended March 31, 2025 and
the 12 months ended December 31, 2024, our cloud service business recognized revenue of $14.8 million and $45.7 million, respectively.

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 procuring GPUs and other AI equipment. To support this growth, we are in the process
of building an expanded team of leaders and dedicated employees. In addition to the Senior Management Team of Enovum, we have hired a
Head of Revenue Officer and Go-to-Market (“GTM”), Senior Account Executive, two engineers, Chief Technology Officer (“CTO”)
and Head of Marketing, with plans to further expand our workforce to include experts in technology, operations, and customer support.
This dedicated team will be crucial in executing the Company’s strategic plans and maintaining high service levels as the business
scales.

In addition to providing highly desirable HPC
data center hosting capacity to our customers, our business model integrates HPC data center infrastructure and cloud service to provide
scalable, high-performance computing solutions for enterprises, research institutions, and AI-driven businesses. Our integrated approach
aligns specialized data center operations with GPU-focused cloud services, addressing the unique requirements of AI and HPC workloads.
These workloads demand greater power density, advanced cooling solutions, and robust bandwidth to handle large-scale data transfers. By
operating our data centers, we believe we can better meet these needs and reduce the complexity associated with procuring power and connectivity
from external vendors. We can