Bit Digital (BTBT) Registration Filing summary

Company overview and business model

• Operates a global high-performance computing (HPC) platform and digital asset production, with data centers in the US, Canada, and Iceland.

• Provides Tier-3 HPC data center hosting, colocation, and cloud-based GPU services for AI and machine learning clients.

• Expanded HPC operations through acquisitions and new leases, including a 4MW Montreal data center and a 5MW expansion project.

• Integrates data center infrastructure and cloud services to deliver scalable, high-performance solutions for enterprises and AI-driven businesses.

• Also operates digital asset mining and ETH staking businesses, focusing on sustainability and strategic partnerships.

Financial performance and metrics

• Cloud services business recognized $45.7 million in revenue for the 12 months ended December 31, 2024.

• Secured a three-year cloud services contract worth approximately $150 million, and an additional 18-month GPU agreement targeting $15 million in annualized revenue.

• Anticipates a profit margin of approximately 78% for cloud services, driven by high utilization and stable energy costs.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including capital expenditures, acquisitions of mining and cloud services equipment, other acquisitions, and working capital.

• Management has significant discretion over capital allocation; specific uses for each offering will be detailed in future supplements.