Tag: Bit Digital

Tuesday, November 19, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q Results. Revenue of $22.7 million was lower than our and consensus estimate of $23.2 million and $25.9 million, respectively. The BTC halving resulted in lower revenue. Higher electricity costs, D&A, G&A, and a loss of $21.9 million on digital assets led to the reduced net loss of $38.8 million, or $0.26/sh, from our consensus estimate of a loss of $2.3 million, or $0.02/sh, and loss of $2.9 million, or $0.02/sh, respectively. Adjusted EBITDA was a negative $21.8 million compared to a negative $2.9 million last year.

Seizing Opportunity. After 3Q ended, Bit Digital entered into one term sheet agreement and two Master Services Agreements. Together, the three provide roughly $21 million in annual revenue once servers are fully deployed. Alongside this is the Boosteroid agreement, as management expects that to reach approximately 20% of the $700 million opportunity, or 10,000 GPUs, through the course of 2025, translating to $30 million of revenue annually.

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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Research News and Market Data on BTBT

NEW YORK, November 11, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York, announced today that it will release its Third Quarter 2024 results on Monday, November 18, 2024, before the stock market opens. Senior management will host a live webcast and conference call to review the results on Monday, November 18, 2024, at 10:00 a.m. ET.

To register for the earnings call, please click here. Additionally, participants can join the conference call by dialing 1-800-289-0462 (passcode: 781205).

The Company will issue a press release regarding Third Quarter 2024 earnings prior to the conference call. The press release will be posted on the Bit Digital website at www.bit-digital.com.

About Bit Digital

Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com. 

Investor Notice 

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

Safe Harbor Statement 

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Thursday, November 07, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

AI Revenue In-line. As of October 31, Bit Digital had 256 servers actively generating revenue and earned approximately $4.3 million of unaudited revenue during the month, in-line with the prior month. With the recent agreement signed with Boosteroid, we expect an uptick in revenue in the coming months.

Mining Business. The Company produced 52.2 BTC in the month, a 1.4% increase from 51.5 BTC in September. The active hash rate was 2.43 EH/s, flat with the prior month. In our view, management is continuing to take an opportunistic approach to mining, with additional miner acquisitions based on appropriate returns on invested capital.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Research News and Market Data on BTBT

NEW YORK, November 6, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York, announced its unaudited digital asset production, HPC services revenue, and corporate updates for the month of October 2024.

Corporate Highlights for October 2024

• The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of October 31, 2024. The Company earned approximately $4.3 million of unaudited revenue from this contract during the month of October 2024.
• In October 2024, the Company produced 52.2 BTC, a 1.4% increase compared to the prior month.
• The Company’s active hash rate was approximately 2.43 EH/s as of October 31, 2024
• Treasury holdings of BTC and ETH were 781.2 and 27,503.4 with a fair market value of approximately $54.8 million and $69.2 million, respectively, on October 31, 2024.
• The BTC equivalent¹ of our digital asset holdings as of October 31, 2024, was approximately 1,768.6 or approximately $124.2 million.
• The Company had cash and cash equivalents of $79.8 million and total liquidity (defined as cash and cash equivalents, USDC, and the fair market value of digital assets) of approximately $203.9 million, as of October 31, 2024.

Proof-of-Stake Highlights

• The Company had approximately 21,568 ETH actively staked in native staking protocols as of October 31, 2024.
• Bit Digital earned a blended APY of approximately 3.4% on its staked ETH position for the month of October 2024.
• The Company earned aggregate staking rewards of approximately 62.2 ETH during October 2024.

Upcoming Events

• Roth Technology Equities Conference, New York, NY on November 19-20
• NDR with H.C. Wainwright, San Francisco, CA on November 21-22
• Noble Capital Markets NobleCon20 Emerging Growth Equity Conference, Boca Raton, FL on December 3-4
• Riley Energy Convergence Conference, New York, NY on December 4

About Bit Digital

Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice 

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

Safe Harbor Statement 

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Research News and Market Data on BTBT

NEW YORK, November 4, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York, announced today that it has executed a Master Service Agreement (“MSA”) with Boosteroid Inc. (“Boosteroid”), a global cloud gaming provider and new customer of Bit Digital’s high-performance computing (“HPC”) services. Bit Digital previously announced that it had signed a binding term sheet with Boosteroid on August 19, 2024.

Bit Digital has finalized a purchase order for the starting quantity of GPUs. The initial order of 300 GPUs is expected to generate approximately $4.6 million in revenue to Bit Digital over the five-year term, or approximately $0.9 million per year. The initial purchase will include GPU-servers based on AMD EPYC 4th Gen CPUs and RX7900XT GPUs, customized by ASUSTeK Computer Inc. (“ASUS”) and AMD for Boosteroid. Bit Digital expects the GPUs to be delivered to respective data centers across the U.S and begin earning revenue by the end of November 2024. The agreement provides Boosteroid with the option to expand in increments of 100 servers, up to 50,000 servers, representing a potential $700 million revenue opportunity for Bit Digital over the five-year term, contingent on deployment plans and market conditions.

Sam Tabar, Bit Digital’s CEO, commented: “We are thrilled to solidify our partnership with Boosteroid and embark on what we see as a substantial growth opportunity for both companies. Our team is committed to delivering high-quality service in the initial phase, laying the groundwork for significant expansion in 2025.”

About Boosteroid

Boosteroid is the world’s third-largest cloud gaming provider, following Microsoft and Nvidia. With a GPU-based infrastructure network spanning 22 data centers and 10 more expected to launch by the end of 2024, Boosteroid serves over 5.7 million users across Europe, North America, and South America. It partners with major brands like Google for cloud gaming on Chrome OS, and collaborates with Microsoft, Samsung, LG, Hisense, Philips, Sharp, etc. Boosteroid uses custom hardware solutions designed by ASUS, AMD, and other companies tailored specifically for their platform.

About Bit Digital

Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice 

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

Safe Harbor Statement 

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Tuesday, November 05, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

MSA Signed. Yesterday, Bit Digital announced that the Company executed its Master Service Agreement (MSA) with Boosteroid Inc. This follows the previously signed binding term sheet with Boosteroid in August 2024. Importantly, the MSA is a five-year term and the Company has placed an initial purchase order of 300 GPUs for its servers.

Performance Impact. The purchase order translates to approximately $4.6 million over five years, or $0.9 million annualized. Management noted that the GPUs are expected to be delivered and begin earning revenue by the end of November. The GPUs will be installed in U.S. datacenters, with management noting there are another 600 GPUs in the pipeline for European datacenters. With the Enovum datacenter fully leased, the machines will go into third party locations, at least in the short-term.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Friday, October 18, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Management Comments. We had an opportunity to speak with management to further refine our go forward projections following the Enovum acquisition announcement. Management noted the mining business continues to be impacted post halving with reduced BTC production. Bit Digital mined 165.5 BTC in 3Q24, down from 244.2 BTC in 2Q24 and 410.7 BTC in 1Q24. For its GPU Cloud Services, management provided no new update on the Boosteroids contract or on its key customer and has seen roughly steady income throughout the third quarter. We had anticipated additional deployments under the key customer contract in 2024.

New Estimates. With the comments made from management, we refined our estimates to reflect the operating environment on both the segments. The lower BTC production results in a drop in 3Q24 mining revenue to $10.3 million from a prior $13.5 million, while our GPU segment revenue falls to $12.5 from a prior $18 million. For the third quarter, we now estimate total revenue of $23.2 million from our prior model of $31.9 million. Net loss is now $2.5 million or a loss of $0.02/sh from a prior estimate of net income of $1.5 million or $0.01/sh. Adj. EBITDA is now $6.7 million down from $10.6 million. For the year, we estimate total revenue of $120.5 million, down from our prior $133.2 million, net income of $37.5 million or EPS of $0.30, down from $42.1 million or $0.33, and adj. EBITDA of $78.7 million, down from $82.8 million.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Wednesday, October 16, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Service. Bit Digital’s acquisition of Enovum provides a new vertical within the HPC business in AI/HPC colocation services. As noted in our previous report, the new business will vertically integrate Bit Digital’s HPC business and complement the current GPU Cloud service segment.

Colocation Expansion and Synergies. The new service offers longer contract terms (4-12 years versus 2-5) and higher gross margin (70-80% versus 65-75%) than the current GPU Cloud service. With a potential 8MW expansion, annualized EBITDA can climb to $13 million, and the additional 20MW expansion can further climb it to $45 million. The data centers also can be extended to its GPU Cloud service through storing procured GPUs, offering capacity to customers on a just-in-time basis, or to boost margins instead of hosting third party GPUs. We believe the scalability and potential synergies present an exciting vertical now and in the future.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Tuesday, October 15, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

HPC Business Integrated. Bit Digital announced the acquisition of Enovum Data Centers for approximately CAD $62.8 million (USD $46 million), consisting of CAD$56 million in cash and 1.62 million shares being issued to Enovum’s management. The transaction will vertically integrate the Company’s HPC business with a Tier 3 datacenter and a pipeline of expansion site opportunities. In addition to vertically integrating and potential expansion, the acquisition provides Bit Digital with potential synergies for margin expansion and operational flexibility.

Who is Enovum? Enovum is an owner, operator, and developer of HPC datacenters based in Montreal, Canada. The company has a 4MW Tier 3 datacenter in Montreal powered by renewable hydroelectricity, a benefit to Bit Digital’s carbon-free strategy. The site is leased through 2036 with two five-year extension options, and is fully leased to more than a dozen customers with it expected to generate CAD$10 million of revenue in 2025.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Monday, October 07, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

AI Services. Bit Digital had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of September 30, 2024, and earned approximately $4.2 million of unaudited revenue from this contract during the month.

Mining Side. The Company produced 51.5 BTC in September, a 3.6% decrease from last month’s 53.4 BTC. The active hash rate was 2.43 EH/s, flat with the previous month. Management will continue to be opportunistic with miner purchases dependent upon the returns, in our view.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Monday, September 23, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Two New Hires. Last Friday, Bit Digital announced the hiring of its new Head of Revenue, Benjamin Lamson,, and Chief Technology Officer, Tom Sanfilippo. Both of the hires will be critical to Bit Digital’s high-performance computing (HPC) segment. Alongside the two key hires, management also hired additional headcount across sales and AI/ML engineering roles in the segment.

Mr. Lamson’s Background. Mr. Lamson brings experience as the Head of Revenue through his previous position at DigitalOcean, in which he was Head of Paperspace Revenue from July 2023 to August 2024 following DigitalOcean’s acquisition of Paperspace. Prior to that, he was CFO of Paperspace and led the company to a 350% increase in revenue over 18 months.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Research News and Market Data on BTBT

NEW YORK, September 20, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced today that the Company has appointed Benjamin Lamson as Head of Revenue and Tom Sanfilippo as Chief Technology Officer (“CTO”). Both executives will report directly to CEO Sam Tabar and play critical roles in the growth and development of Bit Digital’s high-performance computing (“HPC”) business. The Company has also added additional headcount across sales and AI/ML engineering roles in an effort to scale its HPC business.

Benjamin Lamson joins Bit Digital as Head of Revenue, bringing a proven track record in scaling revenue and driving growth. Most recently, he served as Head of Paperspace Revenue at DigitalOcean from July 2023 to August 2024, following DigitalOcean’s acquisition of Paperspace. As Chief Revenue Officer at Paperspace, he led a transformative go-to-market strategy that resulted in a 350% increase in topline revenue over 18 months. Prior to Paperspace, Benjamin co-founded WeDidIt, which was later acquired by Allegiance Group, where he continued to lead as Vice President of Sales. His entrepreneurial mindset, combined with leadership roles in sales and customer success, positions him to drive significant impact as Bit Digital expands into high-performance computing. He holds a BA in Communications from American University.

Tom Sanfilippo brings decades of experience in systems programming and software development to Bit Digital. Before joining the Company, he was with DigitalOcean, following its acquisition of Paperspace in 2023. At Paperspace, where he served as Chief Technology Officer from 2016 to 2023, Mr. Sanfilippo led the development of the Core GPU Compute Cloud and Gradient AI/ML Platform. His extensive expertise also includes a nearly a decade at Microsoft, where he led one of the largest development teams in the Microsoft Office group working on the precursor to OneDrive. He also held senior technical roles at Groove Networks and was a Research Scientist at the OSF Research Institute. Earlier in his career, Mr. Sanfilippo was the Chief Technology Officer at The Ohio State University, where he directed technology initiatives across the campus, and in collaboration with the Big Ten, after holding various technical positions since 1985. Mr. Sanfilippo also studied Physics, Mathematics, and Philosophy at The Ohio State University. His deep expertise in cloud computing, AI/ML platforms, and software development will be pivotal in advancing Bit Digital’s high-performance computing initiatives.

Benjamin Lamson, Head of Revenue at Bit Digital, added: “I’m excited to lead Bit Digital’s new HPC division as we enter the AI/ML space with a fresh approach. With no legacy constraints, we’re focused on delivering high-performance, reliable, and affordable solutions that truly meet customer needs. I look forward to building a go-to-market team that drives meaningful impact.”

Tom Sanfilippo, Bit Digital’s CTO, remarked: “Bit Digital understands the intersection of HPC technology and the needs of AI innovators and customers with new accelerated compute applications. These innovators need the latest advances in HPC in a production-ready form, at scale, as quickly as possible. I am thrilled to be joining a team that shares this insight and a company that is so well is equipped to deliver on it.”

Sam Tabar, Bit Digital’s CEO, commented: “We are thrilled to welcome Benjamin Lamson and Tom Sanfilippo to Bit Digital. Their combined expertise in technology and go-to-market strategy will be instrumental in accelerating the growth of our HPC business. Tom’s deep experience in cloud computing and AI/ML platforms, alongside Ben’s proven track record in driving revenue and market expansion, will enable us to unlock new opportunities and enhance our service offerings. Their leadership comes at a pivotal time as we position Bit Digital as a major player in the HPC industry.”

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Research News and Market Data on BTBT

NEW YORK, September 5, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced its unaudited digital asset production, HPC services revenue, and corporate updates for the month of August 2024.

Corporate Highlights for August 2024

• The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of August 31, 2024. The Company earned approximately $4.3 million of unaudited revenue from this contract during the month of August 2024. A service credit of $579k related to the downtime experienced during an equipment upgrade was issued to the client in August for the period of February to June 2024.
• In August 2024, the Company produced 53.4 BTC, an 11.7% decrease compared to the prior month.
• The Company’s active hash rate was approximately 2.43 EH/s as of August 31, 2024
• Treasury holdings of BTC and ETH were 682.4 and 27,331.0 with a fair market value of approximately $40.2 million and $68.7 million, respectively, on August 31, 2024.
• The BTC equivalent¹ of our digital asset holdings as of August 31, 2024, was approximately 1,858.3 or approximately $109.6 million.
• The Company had cash and cash equivalents of $106.9 million and total liquidity (defined as cash and cash equivalents, USDC, and the fair market value of digital assets) of approximately $216.5 million, as of August 31, 2024.

Proof-of-Stake Highlights

• The Company had approximately 21,568 ETH actively staked in native staking protocols as of August 31, 2024.
• Bit Digital earned a blended APY of approximately 3.1% on its staked ETH position for the month of August 2024.
• The Company earned aggregate staking rewards of approximately 56.6 ETH during August 2024.

Upcoming Events

• 2024 Annual Gateway Conference, San Francisco, CA on September 4-5
• H.C. Wainwright 26^th Annual Global Investment Conference, New York, NY on September 11-12

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has established a business line, Bit Digital AI, that offers specialized cloud-infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice 

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

Safe Harbor Statement 

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.