Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 20

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 20
---
 addition to joint ventures, we may rely on local third-party partners in
foreign jurisdiction, as we do in Iceland, to provide various services in support of our cloud services and HPC data center businesses,
including installation, service and technical support, as well as the provision of equipment and personnel. If a local partner is unwilling
or unable to deliver its services for any reason including, but not limited to, a dispute with us, the deterioration of its financial
condition or a loss of personnel, we may be unable to engage an alternative partner or subcontractors to perform the same services, or
on terms substantially similar to those with our existing partners. The failure to do so may cause us to breach the terms of existing
contracts, impede our ability to complete orders, and/or result in damage to our customer relationships in that jurisdiction, any of which
may damage our reputation and have a material adverse effect on our business in the impacted jurisdiction.

If one of our customers were to obtain exclusive rights to open source technologies that we employ across our businesses, our ability to realize significant operating efficiencies could be jeopardized.

Our business model leverages
our ability to share significant open source technological innovations across cloud services, our data centers and customers. If one of
our customers were to obtain exclusive rights to what are now open source technologies we employ across our businesses, we could be limited
in obtaining essential supplies at competitive costs and sharing research and development costs across our businesses. As a result, our
ability to realize significant operating efficiencies by modifying our existing or new data centers utilizing these technologies and our
ability to serve all our customers could be jeopardized, which could materially adversely affect our business, results of operations and
future prospects.

The loss of any member of our management team, our inability to execute an effective succession plan, or our inability to attract and retain qualified personnel could adversely affect our business.

Our success and future growth
will depend to a significant degree on the skills and services of our management team, including Mr. Sam Tabar, our Chief Executive Officer,
and Mr. Erke Huang, our Chief Financial Officer. We have recently hired several key members of senior management of Enovum, including
Billy Krassakopoulos, CEO of Enovum, who is President of WhiteFiber and Thomas Sanfilippo, Chief Technology Officer of Enovum, in order
to grow WhiteFiber’s business. We will need to continue to grow our management in order to alleviate pressure on our existing team
and in order to