Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 170

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 170
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 $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. Between April and July 2025, the Company signed four additional agreements on a month-to-month
basis for a total of 184 H200 GPUs including one purchase order for 32 GPUs that was terminated in August 2025.

46

In March 2025, we entered a strategic partnership
with Shadeform, Inc., the premier multi-cloud GPU marketplaces, to bring on-demand NVIDIA B200 GPUs to customers beginning in May 2025.

In
April 2025, we received our first shipment of NVIDIA GB200 Grace Blackwell Superchip powered NVIDIA GB200 NVL72 system chips, from Quanta
Cloud Technology, a leading provider of data center solutions. We believe that support with proof of concept (POC) access from Quanta
will enable us to meet and exceed expectations around delivery and timeline, performance and reliability.  

Digital Asset Business

The digital asset business is 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”).

In June of 2025, the Company announced that it
had initiated a strategic transition to become a pure play ETH staking and treasury company. In connection with the transition, the Company
intends to convert its BTC holdings into ETH over time and has commenced a strategic alternatives process for its bitcoin mining
operations, which is expected to result in a sale or wind-down, with any net proceeds to be re-deployed into ETH.

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.
Our miners use application specific integrated circuit (“ASIC”) chips. These chips enable the miners to apply high computational
power, expressed as “hash rate”, to provide transaction verification services (generally known as “solving a block”)
which helps support the blockchain. For every block added, the blockchain provides an award equal