# EDGAR Filing Document

**Accession Number:** 0002042022
**File Stem:** 0001213900-25-073289
**Filing Date:** 2025-8
**Character Count:** 56161
**Document Hash:** b626c4a1aea952b2f0d8d6686a56e6bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-073289.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001213900-25-073289

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WhiteFiber, Inc.
- **CENTRAL INDEX KEY:** 0002042022
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289397
- **FILM NUMBER:** 251196120

**BUSINESS ADDRESS:**
- **STREET 1:** 31 HUDSON YARDS
- **STREET 2:** FLOOR 11
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-463-5121

**MAIL ADDRESS:**
- **STREET 1:** 31 HUDSON YARDS
- **STREET 2:** FLOOR 11
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** White Fiber, Inc.
- **DATE OF NAME CHANGE:** 20241021

As filed with the Securities and Exchange Commission on August 8, 2025

Registration No. 333-

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**WHITEFIBER, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **61-2222606** |
| (State or other jurisdiction of <br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |

---

**31 Hudson Yards, 11<sup>th</sup> Floor, Suite 30,** 

**New York, New York 10001**

(Address of Principal Executive Offices) (Zip Code)

**2025 Omnibus Equity Incentive Plan**

(Full title of the plan)

**Sam Tabar**

**Chief Executive Officer**

**31 Hudson Yards, Floor 11, Suite 30**

**New York, New York 10001**

(Name and address of agent for service)

**(646) 801-0779**

(Telephone number, including area code, of agent for service)

Copies to:

---

| | | |
|:---|:---|:---|
| **Laura Katherine Mann**<br> **Bryson Manning**<br> **White & Case LLP**<br> **609 Main Street**<br> **Houston, TX 77002**<br> **Telephone: (713) 496-9700** | **Pratin Vallabhaneni**<br> **Erica Hogan**<br> **White & Case LLP**<br> **1221 Avenue of the Americas**<br> **New York, NY 10020**<br> **Telephone: (212) 819-8200** | &nbsp;&nbsp; **Elliot H. Lutzker, Esq.**<br> **Davidoff Hutcher & Citron LLP<br> 605 Third Avenue, 34<sup>th</sup> Floor<br> New York, NY 10158<br> Telephone: (646) 428-3210** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," a "smaller reporting company" or an "emerging growth company" in Rule 12b-2 of the Exchange Act.

(Check one):

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging Growth Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This registration statement on Form S-8 is being filed by WhiteFiber, Inc., a Cayman Islands exempted company (the "Company" or the "registrant") to register four million (4,000,000) ordinary shares of the Company with a par value per share of $0.01 (the "Ordinary Shares") under the Company's 2025 Omnibus Equity Incentive Plan (the "Plan"). The purpose of the Plan is to advance the interests of the Company and its shareholders by providing a means of attracting and retaining employees, corporate officers, non-employee directors and consultants employed or retained by the Company and its subsidiaries and affiliates.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. Plan Information\***

**Item 2. Registrant Information and Employee Plan Annual Information\***

\* The information specified in Items 1 and 2 of Part I of Form S-8 is omitted from this registration statement in accordance with the provisions of Rule 428 under the Securities Act of 1933 (the "Securities Act") and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of this Registration Statement will be sent or given to each plan participant, as applicable, as required by Rule 428(b) under the Securities Act. Such documents are not required to be and are not being filed with the Securities and Exchange Commission (the "SEC"), either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE<br> REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference**

The following documents filed with the SEC by the Company are incorporated by reference in this registration statement:

1. The prospectus filed by the registrant with the SEC pursuant to Rule 424(b)
under the Securities Act, dated August 8, 2025, relating to the Registration Statement on Form S-1, as amended (File No. [333-288650](http://www.sec.gov/Archives/edgar/data/2042022/000121390025070709/ea0249945-04.htm)),
which contains the registrant's audited financial statements for the last fiscal year for which such statements have been filed;
and

2. The description of the registrant's Ordinary Shares contained in the registrant's Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/2042022/000121390025071367/ea0250952-8a12b_whitefiber.htm) (File No. 001-42780), filed by the registrant with the SEC under Section 12(b) of the Exchange Act, on August 4, 2025, including any amendments or report filed for the purpose of updating such description.

All other reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference into this registration statement and to be a part of this registration statement from the date of filing of such reports and documents. Notwithstanding the foregoing, no information is incorporated by reference in this registration statement where such information under applicable forms and regulations of the SEC is not deemed to be "filed" under Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, unless the report or filing containing such information indicates that the information therein is to be considered "filed" under the Exchange Act or is to be incorporated by reference in this registration statement.

Any statement contained in a previously filed document incorporated by reference in this registration statement shall be deemed to be modified or superseded for purposes of this registration statement to the extent that a statement in this registration statement modifies or supersedes such previous statement and any statement contained in this registration statement shall be deemed to be modified or superseded to the extent that a statement in any document subsequently filed, which is incorporated by reference in this registration statement, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.

You should rely only on the information provided or incorporated by reference in this registration statement or any related prospectus. The registrant has not authorized anyone to provide you with different information. You should not assume that the information in this registration statement or any related prospectus is accurate as of any date other than the date on the front of the document.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

(A) The registrant's authority to indemnify its officers and directors is governed by the provisions of the registrant's Amended and Restated Memorandum and Articles of Association.

(B) The Amended and Restated Memorandum and Articles of Association of the registrant provides as follows:

To the extent permitted by law, the Company shall indemnify each existing or former Director (including alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former
Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business or affairs or in
the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or Officer's
duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former Director (including
alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative
proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the
Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty, willful default or fraud.

To the extent permitted by the Companies Act (Revised) of the Cayman Islands, the Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary or Officer of the Company in respect of any matter identified above on condition that the Director (including alternate Director), Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director (including alternate Director), Secretary or that Officer for those legal costs.

(C) The Board of Directors of the registrant authorized the registrant to enter into indemnity agreements with officers and directors of the registrant when and as determined by the Board of Directors. Pursuant to the foregoing authority, the registrant has entered into indemnity agreements with each of its directors and certain of its officers.

The indemnity agreements obligate the registrant to provide the maximum protection allowed under the Cayman Law. The indemnity agreements supplement and increase the protection afforded to officers and directors under the Certificate of Incorporation in the following respects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indemnitee (as defined in such indemnity agreement) shall be entitled to indemnification if the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as defined in such indemnity agreement) other than a Proceeding by or in the right of the Company. The Indemnitees shall be indemnified against all expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitees reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indemnitees shall be entitled to indemnification if the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company, provided the Indemnitees acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that if applicable law so provides, no indemnification against such Expenses (as defined in such indemnity agreement) shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitees shall have been adjudged to be liable to the Company unless and to the extent that a court of competent jurisdiction shall determine that such indemnification may be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that an Indemnitee is a party to and is successful, on the merits or otherwise, in any proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him, or on his behalf, in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him, or on his behalf, in connection with each successfully resolved claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not indemnification is available, in respect of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment and the Company waived and relinquished any right of contribution it may have against Indemnitee.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to officers and directors pursuant to the provisions described above or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits**

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 4.1 | [Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-1 (File No. 333-288650), filed on July 11, 2025).](http://www.sec.gov/Archives/edgar/data/2042022/000121390025063338/ea024838201ex3-1_white.htm) |
| 4.2 | [Form of Amended and Restated Memorandum and Articles of Association of WhiteFiber, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-288650), filed on July 11, 2025).](http://www.sec.gov/Archives/edgar/data/2042022/000121390025063338/ea024838201ex3-2_white.htm) |
| 4.3 | [WhiteFiber, Inc. 2025 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Registration Statement on Form S-1 (File No. 333-288650), filed on July 29, 2025).](http://www.sec.gov/Archives/edgar/data/2042022/000121390025063338/ea024838201ex10-1_white.htm) |
| 4.4 | [Form of Restricted Stock Unit Award Agreement.](ea025180301ex4-4_whitefiber.htm) |
| 5.1 | [Opinion of Ogier (Cayman) LLP](ea025180301ex5-1_whitefiber.htm) |
| 23.1 | [Consent of Ogier (Cayman) LLP (contained in the opinion at Exhibit 5.1)](ea025180301ex5-1_whitefiber.htm) |
| 23.2 | [Consent of Audit Alliance LLP](ea025180301ex23-2_whitefiber.htm) |
| 24.1 | [Power of attorney of officers and directors of the Registrant (included on the signature page hereto)](#poa_001) |
| 107 | [Filing Fee Table](ea025180301ex-fee_whitefiber.htm) |

---

**Item 9. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of
the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change
in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration
statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement;

 

*provided, however,* that paragraphs (a)1(i) and (a)(1)(ii) of above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York, on August 8, 2025.

---

| | |
|:---|:---|
| **WHITE FIBER, INC.** | **WHITE FIBER, INC.** |
| **/**S**/** Sam Tabar | **/**S**/** Sam Tabar |
| By: | Sam Tabar |
| Title: | Chief Executive Officer |

---

**KNOW ALL MEN BY THESE PRESENTS**, that each person whose signature below constitutes an appoints Sam Tabar and Erke Huang, and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and revocation, for him and in his name, place and stead, in any and all capacities (until revoked in writing), to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agents full power and authority to do and perform each and every act and thing requisites and necessary to be done as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. This power-of-attorney does not revoke any earlier powers-of-attorney.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/ Sam Tabar | Chief Executive Officer | August 8, 2025 |
| Sam Tabar | (Principal Executive Officer) |  |
| /s/ Erke Huang | Chief Financial Officer and Director | August 8, 2025 |
| Erke Huang | (Principal Financial & Accounting Officer) |  |
| /s/ Justin Zhu | Senior Vice President of Finance and Chief Accounting Officer | August 8, 2025 |
| Justin Zhu |  |  |
| /s/ David Andre | Director | August 8, 2025 |
| David Andre |  |  |
| /s/ Ichi Shih | Director | August 8, 2025 |
| Ichi Shih |  |  |
| /s/ Jishu (Bill) Xiong | Director | August 8, 2025 |
| Jiashu (Bill) Xiong |  |  |
| /s/ Pruitt Hall | Director | August 8, 2025 |
| Pruitt Hall |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Registration on Form S-8, solely in the capacity of the duly authorized representative of WhiteFiber, Inc. in the United States, on August 8, 2025.

---

| | |
|:---|:---|
| **WHITEFIBER, INC.** | **WHITEFIBER, INC.** |
| By: | /s/ Sam Tabar |
| Name: | Sam Tabar, CEO |
| Title: | Authorized Signatory |

---

## Exhibit 4.4

**Exhibit 4.4**

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

**WHITEFIBER, INC.**

This Restricted Stock Unit Award Agreement (the "<u>Award Agreement</u>"), dated as of the "<u>Award Date</u>" set forth in the attached <u>Exhibit A</u>, is entered into between WhiteFiber, Inc., an exempted company limited by shares and incorporated under the laws of the Cayman Islands (the "<u>Company</u>"), and Ichi Shih (the "<u>Awardee</u>"). Capitalized terms used but not otherwise defined herein shall have the meanings as set forth in the WhiteFiber, Inc. 2025 Omnibus Equity Incentive Plan (the "<u>Plan</u>").

WHEREAS, in consideration of Awardee's continued employment with or service to the Company or a Subsidiary, the Company desires to provide the Awardee an incentive to participate in the success and growth of the Company through the opportunity to earn a proprietary interest in the Company; and

WHEREAS, to give effect to the foregoing intention, the Company desires to award the Awardee Restricted Share Units pursuant to the Plan;

NOW, THEREFORE, in consideration of the foregoing, the following provisions apply to this Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Award</u>. The Company hereby awards the Awardee the number of Restricted Share Units under the Plan (each an "<u>RSU</u>" and collectively the "<u>RSUs</u>") set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Vesting; Settlement</u>. The RSUs shall vest in accordance with the vesting terms set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Settlement</u>. For each RSU that becomes vested in accordance with the terms and conditions set forth on <u>Exhibit A</u>, on or within ten (10) days after becoming vested, the Company shall issue and deliver to Awardee, one Ordinary Share, $0.01 par value (the "<u>Shares</u>"). Notwithstanding the foregoing, if requested by Awardee, the Company shall withhold such number of Shares as the Awardee reasonably requires in order to cover Awardee's federal, state income and employment tax obligations incurred or expected to be incurred by Awardee as a result of the vesting and settlement of the RSUs. The Company shall be solely responsible for remitting tax withholdings to appropriate governmental bodies and agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Dividend Equivalent Units</u>. If and to the extent that the Company pays a cash dividend with respect to the Shares, the Awardee shall be credited with an additional number of RSUs ("<u>Dividend Equivalent Units</u>"), including a fractional Dividend Equivalent Unit if applicable, equal to (i) the amount of such dividends as would have been paid with respect to the Awardee's outstanding RSUs on the record date of such dividend (the "<u>record date</u>") had each such outstanding RSU been an issued and outstanding Share on such record date, divided by (ii) the Fair Market Value of a Share on such record date. Dividend Equivalent Units shall be subject to the same vesting terms and conditions as the RSUs to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Rights as Shareholder</u>. The Awardee shall not be entitled to any of the rights of a shareholder with respect to any Share following vesting of an RSU until such Share is issued and delivered to the Awardee. Without limitation of the foregoing, the Awardee shall not have the right to vote any Share to which an RSU relates and shall not be entitled to receive any dividend attributable to such Share for any period prior to the issuance and delivery of such Share to Awardee (but Awardee shall have dividend equivalent rights as provided in Section 4 above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>RSU Transfer Restrictions</u>. Neither this Award Agreement nor the RSUs may be sold, assigned, pledged or otherwise transferred or encumbered without the prior written consent of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Share Transfers</u>. The Company and the Board shall take all necessary measures to ensure that all Shares deliverable by the Company to Awardee upon vesting of the RSUs shall (i) not contain any legends (except, if required by law, if Awardee is a control person), and (ii) shall be freely transferable (including in publicly traded open market transactions) by Awardee upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Investment Purpose</u>. Any and all Shares acquired by the Awardee under this Award Agreement will be acquired for investment for the Awardee's own account and not with a view to resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Each notice or other communication relating to this Agreement shall be in writing and delivered in person or by registered mail to the Grantor at its office, 31 Hudson Yards, 11<sup>th</sup> Floor, Suite 30, New York, New York 10001, to the attention of the Corporate Secretary. All notices to the Awardee or other person or persons then entitled to exercies any right pursuant to this Agreement shall be delivered to the Awardee or such other person or persons at the Awardee's address specified below the Awardee's signature to this Agreement or at such other address as the Award or such other person may specify in writing to the Grantor by a notice delivered in accordance with this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Entire Agreement; Governing Law</u>. This Award Agreement constitutes the entire agreement with respect to the subject matter hereof and supersedes all prior undertakings and agreements of the Company and the Awardee with respect to the subject matter hereof, and may not be modified except by means of a writing signed by the Company and the Awardee. In the event of any conflict between this Award Agreement and the Plan, this Award Agreement shall be controlling. This Award Agreement shall be construed under the laws of the State of New York, without giving effect to the conflict of laws (rules) or choice of laws (rules) thereof. The exclusive venue for all suits or proceedings arising from or related to this Award Agreement shall be in a court of competent jurisdiction located in New York City, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Binding Effect</u>. This Award Agreement shall be binding upon and inure to the benefit of the Company and the Awardee and their respective permitted successors, assigns, heirs, beneficiaries and representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. RESERVE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Section 409A</u>. This Award Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and will be construed and administered in accordance with Section 409A of the Code. Any payments under this Award Agreement that may be excluded from Section 409A of the Code either as separation pay due to an involuntary separation from service, as a short-term deferral or otherwise will be excluded from Section 409A of the Code to the maximum extent possible. For purposes of Section 409A of the Code, any installment payments provided under this Award Agreement will each be treated as a separate payment.

<u>***[Signature Page Follows]***</u>

IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the Award Date set forth in <u>Exhibit A</u>.

---

| | |
|:---|:---|
| WHITEFIBER, INC. | WHITEFIBER, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| AWARDEE | AWARDEE |

---

  <br> Name: <br> Awardee Address:

**<u>EXHIBIT A</u>**

**WHITEFIBER, INC.**

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

Capitalized terms used but not otherwise defined in this Exhibit shall have the meanings as set forth in the Award Agreement to which this Exhibit relates.

---

| | |
|:---|:---|
| (a). | **Awardee's Name**: |

---

---

| | |
|:---|:---|
| (b). | **Award Date**: |

---

---

| | |
|:---|:---|
| (c). | **Number of Restricted Stock Units ("RSUs") Granted**: |

---

---

| | |
|:---|:---|
| (d). | **Vesting Schedule/Conditions**: |

---

______ (Initials)

Awardee

________ (Initials)

Company Signatory

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| WhiteFiber, Inc.<br> c/o Ogier Global (Cayman) Limited<br> 89 Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands | **D +1 345 815 1877** |
| WhiteFiber, Inc.<br> c/o Ogier Global (Cayman) Limited<br> 89 Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands | **E Bradley.Kruger@ogier.com** |
| WhiteFiber, Inc.<br> c/o Ogier Global (Cayman) Limited<br> 89 Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands |  |
| WhiteFiber, Inc.<br> c/o Ogier Global (Cayman) Limited<br> 89 Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands | Reference: 427611.00002/BKR |
| WhiteFiber, Inc.<br> c/o Ogier Global (Cayman) Limited<br> 89 Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands |  |
|  | 8 August 2025 |

---

**WhiteFiber, Inc. (the Company)** 

We have been requested to provide you with an opinion on matters of Cayman Islands law in connection with the Company's registration statement on Form S-8, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Act**), as amended, (including its exhibits, the **Registration Statement**) related to the registration by the Company of up to 4,000,000 ordinary shares of the Company with a par value of US$0.01 each (the **Shares**) pursuant to the Company's 2025 Omnibus Equity Incentive Plan (the **Incentive Plan**).

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in Schedule 1. A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

1 Documents examined

For the purposes of giving this opinion, we have examined the corporate and other documents and conducted the searches listed in Schedule 1. We have not made any searches or enquiries concerning, and have not examined any documents entered into by or affecting the Company or any other person, save for the searches, enquiries and examinations expressly referred to in Schedule 1.

---

| | |
|:---|:---|
| **Ogier (Cayman) LLP** |  |
| 89 Nexus Way |  |
| Camana Bay |  |
| Grand Cayman, KY1-9009 |  |
| Cayman Islands |  |
| T +1 345 949 9876 |  |
| F +1 305 513 5888 |  |
| **ogier.com** | A list of Partners may be inspected on our website |

---

**WhiteFiber, Inc.**

8 August 2025

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in Schedule 2 without having carried out any independent investigation or verification in respect of those assumptions.

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examinations and assumptions referred to above and subject to the qualifications set forth in Schedule 3 and the limitations set forth below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has been duly incorporated as an exempted company with limited liability and is validly
 existing and in good standing with the Registrar of Companies of the Cayman Islands (the **Registrar**) .

**Corporate power**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company has all requisite power under its Memorandum and Articles of Association to issue
 the Shares (including the issuance of the Shares upon the conversion or exercise of Awards
 (as defined in the Incentive Plan) in accordance with the terms of the Incentive Plan.

**Corporate authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has taken all requisite corporate action to approve the Incentive Plan.

**Issuance of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Shares to be offered and issued by the Company as contemplated by the Registration Statement
 (including the issuance of the Shares upon conversion or exercise of any Award) shall be
 validly issued, fully paid and non-assessable when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 board of directors of the Company (the **Board**) has taken all necessary corporate actions
 to approve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 form, terms, execution and delivery of the relevant Award Agreements (as defined in the Incentive
 Plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 issuance and allotment of the Shares (including the issuance of the Shares upon the conversion
 or exercise of any Award) in accordance with the Incentive Plan and the relevant Award Agreements
 (together, the **Incentive Documents**); and

**WhiteFiber, Inc.**

8 August 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all
 related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 provisions of the Incentive Documents approved by the Board have been satisfied and payment
 of the consideration specified therein (being not less than the par value of the Shares)
 has been made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if
 such Shares are issuable upon conversion, exchange, redemption, repurchase or exercise of
 any other Award, the terms of such Award, the Memorandum and Articles of Association or the
 instrument governing such Award, as approved by the Board, have been satisfied and the consideration
 approved by the Board (being not less than the par value of the Shares) received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) valid
 entry has been made in the register of members of the Company reflecting such issuance of
 Shares, in each case in accordance with the Memorandum and Articles.

4 Matters not covered

We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to any laws other than the laws of the Cayman Islands, and we have not, for the purposes
 of this opinion, made any investigation of the laws of any other jurisdiction, and we express
 no opinion as to the meaning, validity, or effect of references in the Incentive Plan or
 the Registration Statement to statutes, rules, regulations, codes or judicial authority of
 any jurisdiction other than the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except
 to the extent that this opinion expressly provides otherwise, as to the commercial terms
 of, or the validity, enforceability or effect of the documents reviewed (or as to how the
 commercial terms of such documents reflect the intentions of the parties), the accuracy of
 representations, the fulfilment of warranties or conditions, the occurrence of events of
 default or terminating events or the existence of any conflicts or inconsistencies among
 the documents and any other agreements into which the Company may have entered or any other
 documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as
 to whether the acceptance, execution or performance of the Company's obligations under
 the documents reviewed by us will result in the breach of or infringe any other agreement,
 deed or document (other than, to the extent expressly provided herein, the Company's
 Memorandum and Articles of Association or the A&R Articles) entered into by or binding
 on the Company.

**WhiteFiber, Inc.**

8 August 2025

5 Governing law of this opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 This
 opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed
 by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited
 to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined
 to, and given on the basis of, the laws and practice in the Cayman Islands at the date of
 this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Unless
 otherwise indicated, a reference to any specific Cayman Islands legislation is a reference
 to that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Consent |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In the giving of our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.

Yours faithfully

**/s/ Ogier (Cayman) LLP** 

**Ogier (Cayman) LLP**

**WhiteFiber, Inc.**

8 August 2025

**Schedule 1**

Documents examined

Corporate and other documents

---

| | |
|:---|:---|
| 1 | The Certificate of Incorporation of the Company dated 15 August 2024 and the Certificates of Incorporation on Change of Name dated 18 October 2024 and 6 February 2025, each issued by the Registrar (the **Certificates of Incorporation**). |

---

---

| | |
|:---|:---|
| 2.0 | The amended and restated memorandum of association of the Company adopted by special resolution passed on 6 February 2025 (the **Memorandum**). |
| 3.0 | The amended and restated articles of association of the Company adopted by special resolution passed on 7 August 2025 (the **Articles of Association**). |

---

---

| | |
|:---|:---|
| 4 | A Certificate of Good Standing dated 6 August 2025 (the **Good Standing Certificate**) issued by the Registrar in respect of the Company. |

---

---

| | |
|:---|:---|
| 5 | A certificate dated on the date hereof as to certain matters of fact signed by a director of the Company in the form annexed hereto (the **Director's Certificate**), having attached to it a copy of the written resolutions of the directors of the Company passed on 6 February 2025 and 28 July 2025 (the **Resolutions**). |

---

---

| | |
|:---|:---|
| 6 | The Register of Writs at the office of the Clerk of Courts in the Cayman Islands as inspected by us on 7 August 2025 (the **Register of Writs**). |

---

7 The Registration Statement.

8 The Incentive Plan.

**WhiteFiber, Inc.**

8 August 2025

**Schedule 2**

Assumptions

**Assumptions of general application**

1 All original documents examined by us are authentic and complete.

2 All copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals and those originals are authentic and complete.

3 All signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine.

4 Each of the Good Standing Certificate and the Director's Certificate is accurate and complete as at the date of this opinion.

---

| | |
|:---|:---|
| 5 | Where the Incentive Plan or Registration Statement has been provided to us in draft or undated form, that document has been executed by all parties and approved in materially the form provided to us and, where we have been provided with successive drafts of a document marked to show changes from a previous draft, all such changes have been accurately marked. |

---

6 There will be no intervening circumstance relevant to this opinion between the date hereof and the date upon which the Shares are issued.

7 There is nothing in any law (other than the laws of the Cayman Islands) that would or might affect the opinions herein.

**Status, authorisation and execution**

8 Each of the parties to the Award Agreements other than the Company is duly incorporated, formed or organised (as applicable), validly existing and in good standing under all relevant laws.

9 The form and terms of the Award Agreements approved by the directors of the Company shall comply with all applicable laws, the Memorandum and Articles of Association and the Incentive Plan.

**WhiteFiber, Inc.**

8 August 2025

---

| | |
|:---|:---|
| 10 | Each Award Agreement will be duly authorised, executed and unconditionally delivered by or on behalf of all parties to it in accordance with all applicable laws, the Memorandum and Articles of Association and the Incentive Plan. |

---

---

| | |
|:---|:---|
| 11 | In authorising the execution and delivery of the Award Agreements by the Company, the issue and allotment of the Shares, and the exercise of its rights and performance of its obligations under the Incentive Documents, each of the directors of the Company has acted and will act in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her. |

---

**Enforceability**

---

| | |
|:---|:---|
| 12 | None of the opinions expressed herein will be adversely affected by the laws or public policies of any jurisdiction other than the Cayman Islands. In particular, but without limitation to the previous sentence: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 laws or public policies of any jurisdiction other than the Cayman Islands will not adversely
 affect the capacity or authority of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither
 the execution or delivery of the Incentive Documents nor the exercise by any party to the
 Incentive Documents of its rights or the performance of its obligations under them contravene
 those laws or public policies.

**Share Issuance**

13 The Shares to be issued shall be issued at an issue price in excess of the par value thereof.

**Register of Writs**

---

| | |
|:---|:---|
| 14 | The Register of Writs constitutes a complete and accurate record of the proceedings affecting the Company before the Grand Court of the Cayman Islands as at the time we conducted our investigation of such register. |

---

**WhiteFiber, Inc.**

8 August 2025

**Schedule 3**

Qualifications

**Good Standing**

---

| | |
|:---|:---|
| 1 | Under the Companies Act (Revised) of the Cayman Islands (**Companies Act**) annual returns in respect of the Company must be filed with the Registrar, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the Cayman Islands. |

---

---

| | |
|:---|:---|
| 2 | **In good standing** means only that as of the date of the Good Standing Certificate the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar. We have made no enquiries into the Company's good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act. |

---

**Limited Liability**

---

| | |
|:---|:---|
| 3 | We are not aware of any Cayman Islands authority as to when the courts would set aside the limited liability of a shareholder in a Cayman Islands company. Our opinion on the subject is based on the Companies Act and English common law authorities, the latter of which are persuasive but not binding in the courts of the Cayman Islands. Under English authorities, circumstances in which a court would attribute personal liability to a shareholder are very limited, and include: (a) such shareholder expressly assuming direct liability (such as a guarantee); (b) the company acting as the agent of such shareholder; and (c) the company being incorporated by or at the behest of such shareholder for the purpose of committing or furthering such shareholder's fraud, or for a sham transaction otherwise carried out by such shareholder. In the absence of these circumstances, we are of the opinion that a Cayman Islands' court would have no grounds to set aside the limited liability of a shareholder. |

---

**Non-Assessable**

---

| | |
|:---|:---|
| 4 | In this opinion, the phrase "non-assessable" means, with respect to the Shares in the Company, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on the Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstance in which a court may be prepared to pierce or lift the corporate veil). |

---

**Register of Writs**

5 Our examination of the Register of Writs cannot conclusively reveal whether or not there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 current or pending litigation in the Cayman Islands against the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 application for the winding up or dissolution of the Company or the appointment of any liquidator,
 trustee in bankruptcy or restructuring officer in respect of the Company or any of its assets,

as notice of these matters might not be entered on the Register of Writs immediately or updated expeditiously or the court file associated with the matter or the matter itself may not be publicly available (for example, due to sealing orders having been made). Furthermore, we have not conducted a search of the summary court. Claims in the summary court are limited to a maximum of CI $20,000.

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of WhiteFiber, Inc. (the "Company") of our reports dated May 5, 2025, relating to the financial statements of WhiteFiber Business of Bit Digital, Inc. and the financial statements of Enovum Data Centers Corp., which appear in the Registration Statement on Amendment No. 3 to Form S-1 filed by Company with the Securities and Exchange Commission on August 1, 2025.

/s/ Audit Alliance LLP

August 8, 2025

Singapore

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**WhiteFiber, Inc.**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary Shares, par value $0.01 per share | (1) | Other | 4000000 | $| $68000000.00 | 0.0001531 | $10410.80 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $68000000.00 |  | 10410.80 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $10410.80 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents an aggregate of 4,000,000 Ordinary Shares issuable pursuant to stock options, restricted stock awards, or other awards granted, or to be granted pursuant to the WhiteFiber, Inc. 2025 Omnibus Equity Incentive Plan (the "Plan"). Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement also includes an indeterminable number of Ordinary Shares which may become issuable pursuant to the anti-dilution provisions of the Plan. Any Ordinary Shares covered by an option or certain awards granted under the Plan that is forfeited, canceled or expires (whether voluntarily or involuntarily) will be deemed not to have been issued for purposes of determining the maximum aggregate number of Ordinary Shares that may be issued under the Plan. The offering price per unit and in the aggregate are estimated in accordance with Rule 457(h) under the Securities Act solely for the purpose of calculating the registration fee. The price of $17.00 per share represents the initial public offering price.