Tag: BTBT

Bit Digital (BTBT) – December Production Numbers Released

Posted on by cpereira@noblefcm.com


Friday, January 10, 2025

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/AI Side. At year-end, Bit Digital had 266 servers actively generating revenue from its Bit Digital AI contracts and earned approximately USD $4.5 million of total unaudited GPU Cloud revenue during the month of December. In addition, $177k in revenue from the Boosteroid contract was recognized. The Company’s HPC data center colocation revenue was approximately CAD $757.8k (approximately USD $528.1k) and had 14 customers generating revenue at the Enovum Data Center facility as of December 31, 2024.

Mining. The Company produced 32.4 BTC in December, a 27.8% decrease from 44.9 BTC last month due to changes in the Company’s hosting portfolio, ongoing redeployment of mining assets to new sites, and the retirement of older generation miners. The active hash rate was roughly 1.8 EH/s, a decline from 2.51 EH/s last month due to the reasons mentioned earlier. During the month, 941 S21 miners were purchased for $3.2 million, with the Company selling 4,506 S19 mining units for approximately $836.6k. We expect the hash rate to climb back up as the Company redeploys its new and current miners to new sites.


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. 

Release – Bit Digital, Inc. Announces Monthly Production Update for December 2024

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on BTBT

NEW YORK, January 8, 2025 /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 December 2024.

Corporate Highlights for December 2024

  • The Company had 266 servers (2,128 GPUs) actively generating revenue from its Bit Digital AI contracts, as of December 31, 2024. The Company earned approximately $4.5 million of total unaudited GPU Cloud revenue during the month of December 2024. In addition, the Company received $177K in cash payments from its equipment leasing contract with Boosteroid during the month of December 2024.
  • Treasury holdings of BTC and ETH were 742.1 and 27,623.9 with a fair market value of approximately $69.3 million and $92.1 million, respectively, on December 31, 2024.
  • The BTC equivalent1 of our digital asset holdings as of December 31, 2024, was approximately 1,731.8 or approximately $161.8 million.
  • The Company had cash and cash equivalents of $98.6 million and total liquidity (defined as cash and cash equivalents, USDC, and the fair market value of digital assets) of approximately $260.4 million in December 2024.

Colocation Services Revenue Highlights

  • The Company had 14 customers actively generating revenue at its Tier-3 Enovum Data Center facility, as of December 31, 2024.
  • The Company’s HPC data center colocation revenue was approximately CAD $757.8k (approximately USD $528.1k) in December 2024.
  • On December 27, 2024, the Company acquired the real estate and building for a build-to-suit 5MW Tier 3 data center expansion project in Montreal, Canada. The Company purchased the site (“MTL2”) for CAD $33.5 million (approximately USD $23.3MM assuming a CAD/USD exchange rate of 0.70) excluding fees. This acquisition is part of the Company’s strategy to expand its HPC data center footprint to 32MW during 2025. This site also comprises part of Bit Digital’s 288MW proprietary pipeline announced earlier this year. The Company expects to spend approximately CAD $27.6 million (approx.USD $19.3MM) to develop the site to Tier-3 standards with an initial gross load of 5MW. The site is expected to be completed and operational by May 2025.

GPU Cloud Highlights

  • On December 31, 2024, Bit Digital AI entered into a Master Service Agreement and associated purchase order with a new customer, an AI Compute Fund managed by DNA Holdings Venture Inc. The purchase order provides for services utilizing a total of 576 H200 GPUs over a twenty-five (25) month period, terminable by either party upon at least 90 days’ written notice prior to any renewal date. It represents an aggregate revenue opportunity of approximately $20.2 million.

Digital Assets Highlights

  • In December 2024, the Company produced 32.4 BTC, a 27.8% decrease compared to the prior month. The decrease was primarily driven by a change in the Company’s hosting portfolio, ongoing redeployment of mining assets to new sites, and the retirement of older generation miners.
  • In December 2024, the Company’s active hash rate was approximately 1.8 EH/s, a 28% decrease compared to the prior month. The decrease was primarily driven by a change in the Company’s hosting portfolio, ongoing redeployment of mining assets to new sites, and the retirement of older generation miners.
  • The Company purchased 941 S21 mining units for approximately $3.2 million during the month of December 2024.
  • The Company sold 4,506 S19 mining units for approximately $836.6k during the month of December 2024.
  • The Company had approximately 21,568 ETH actively staked in native staking protocols as of December 31, 2024.
  • Bit Digital earned a blended APY of approximately 3.3% on its staked ETH position for the month of December 2024.
  • The Company earned aggregate staking rewards of approximately 60.6 ETH during December 2024.

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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (“Annual Report”). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. 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. See “Safe Harbor Statement” below.

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.

Release – Bit Digital, Inc. Completes Transition from Foreign Private Issuer Status to Domestic Filer Status

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on BTBT

NEW YORK, January 6, 2025 /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 as of January 1, 2025, it officially transitioned to domestic issuer status under U.S. securities regulations.

The change reflects the Company’s commitment to transparency, operational growth, U.S. market expectations, and streamlines its regulatory compliance framework.

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. 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (“Annual Report”). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. 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. See “Safe Harbor Statement” below.

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.

Bit Digital (BTBT) – Executes an MSA with a New Client

Posted on by cpereira@noblefcm.com


Thursday, January 02, 2025

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 Underway. On Tuesday, Bit Digital announced the execution of an MSA with an AI Compute Fund managed by DNA Holdings Venture Inc., a new client. The MSA execution builds on the term sheet signed and disclosed on November 20, 2024. The contract provides for 576 Nvidia H200 GPUs over a two-year term and represents an aggregate revenue opportunity of roughly $20.2 million, or $10.1 million annually, and is expected to commence February 2025.

GPUs Ordered. To fulfill the contract, Bit Digital will use GPUs that are currently on order and awaiting delivery to a third-party data center in Iceland. Earlier in December, the Company ordered 130 H200 servers (or 1,040 GPUs) for approximately $30 million. Of those servers, 72 of them will be supplied to the customer, and management expects to deploy the remainder of the servers to separate customer contracts.


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. 

Release – Bit Digital, Inc. Executes MSA for 576 H200 GPU Deal with DNA AI Compute Fund

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on BTBT

NEW YORK, December 31, 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 an MSA with a new client, an AI Compute Fund managed by DNA Holdings Venture Inc., which provides for 576 Nvidia H200 GPUs over a two-year term. The contract represents an aggregate revenue opportunity of approximately $20.2 million for Bit Digital and is expected to commence in February 2025.

This announcement builds on the term sheet previously signed and disclosed on November 20, 2024. Under the terms of the deal, Bit Digital will supply the customer with 72 H200 servers (576 GPUs) for an initial two-year term. Bit Digital will fulfill the contract with GPUs that are currently on order and awaiting delivery to a third-party data center in Iceland. Earlier this month, Bit Digital placed a purchase order for 130 H200 servers (1,040 GPUs) for approximately $30 million. The Company anticipates deploying the remainder of those GPUs to separate customer contracts.

Sam Tabar, Bit Digital’s CEO, commented: “We are thrilled to formalize our partnership with DNA Fund. This strategic collaboration underscores our commitment to delivering high-performance computing solutions tailored to our clients’ evolving needs.

This contract is a meaningful step toward achieving our long-term growth objectives. While we now expect to reach our $100MM annualized revenue run-rate goal for our HPC business in early 2025, this timeline reflects a deliberate strategy to prioritize high-quality revenue opportunities and disciplined capital management. As we navigate a significant chip upgrade cycle, we have been selective about the deals we pursue, focusing on the right customers, favorable terms, and pricing. This approach enables us to mitigate residual value risk while maintaining the financial flexibility needed to support our data center expansion and next-generation GPU investments.

With a robust balance sheet and a strong pipeline of opportunities, we remain confident in our ability to achieve sustained growth and strengthen our leadership position in the HPC market.”

About DNA Fund

DNA Holdings Venture Inc. aims to spearhead the next wave of financial innovation by seamlessly integrating Web 3, cryptocurrency, artificial intelligence, and capital markets. DNA’s mission is to create a financial ecosystem that delivers cutting-edge fund management, strategic advisory services, and visionary financial solutions. By leading this technological and financial convergence, DNA Holdings empowers emerging brands to architect the future of finance, transforming the global economy and reshaping the world of capital markets. For additional information please contact investors@dna.fund or www.dna.fund.  For information on investing in DNA Funds please visit DNADealDesk.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. 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (“Annual Report”). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. 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. See “Safe Harbor Statement” below.

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.

Bit Digital (BTBT) – A Tier-3 Data Center Site Acquired

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, December 31, 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 Site. Yesterday, Bit Digital announced the acquisition of real estate and a building for a “build-to-suit” 5MW Tier-3 data center in Montreal, Canada. The 160,000 square feet site was purchased for CAD $33.5 million (or $23.3 million assuming a CAD/USD exchange rate of 0.70) and closed on December 27, 2024. The Company funded the purchase with cash on hand and is in the process of securing mortgage financing for the site acquisition and subsequent infrastructure capex. A new customer is expected to fill the capacity with new-generation Nvidia GPUs.

Building the Site Up. Bit Digital expects to spend roughly CAD $27.6 million (or $19.3 million) to develop the site to meet Tier-3 standards. The initial gross load for the site is at 5MW, which has the potential to expand, allowing scalability by market demand. In our view, the potential allows for the expansion of an owned site with an average cost per MW of $8 million, below market rates. Development is expected to be completed and operational by May 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. 

Release – Bit Digital, Inc. Acquires Another Metropolitan Site for Tier-3 Data Center Expansion

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on BTBT

NEW YORK, December 30, 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 is has acquired the real estate and building for a build-to-suit 5MW Tier-3 data center expansion project in Montreal, Canada. This acquisition is part of Bit Digital’s strategy to expand its HPC data center footprint to 32MW during 2025. This site also comprises part of Bit Digital’s 288MW proprietary pipeline announced earlier this year.

Bit Digital purchased the site (“MTL2”) for CAD $33.5 million (approximately USD $23.3MM assuming a CAD/USD exchange rate of 0.70) excluding fees. The acquisition closed on December 27, 2024. Bit Digital initially funded the purchase with cash on hand and is in the process of securing mortgage financing for both the site acquisition and subsequent infrastructure capex.

The Company expects to spend approximately CAD $27.6 million (approx. USD $19.3MM) to develop the site to Tier-3 standards with an initial gross load of 5MW. The site is expected to be completed and operational by May 2025.

MTL2, a 160,000 square feet site that was previously used as an encapsulation manufacturing facility, is located in Pointe-Claire, QC. Bit Digital plans to retrofit the site with advanced cooling technology, including direct-to-chip liquid cooling, which enhances energy efficiency and supports AI and other high-performance workloads with 150kW rack density. The Company is collaborating with third parties to implement a heat reject loop to further enhance the sustainability profile of the datacenter. The facility will be powered by 100% renewable hydroelectricity provided by Hydro-Quebec. Additionally, the site offers the potential to expand, enabling scalable growth aligned with market demand.

Sam Tabar, Bit Digital’s CEO, commented: “This site acquisition marks an important step forward in our data center growth plans. This site is a Class A industrial property that was a former encapsulation manufacturing facility that included premium infrastructure specifications. It is located in one of the most desirable commercial real estate locations in Montreal. By leveraging the existing infrastructure, including over CAD $750 thousand worth of advanced HVAC equipment included in the purchase, we are able to lower our development costs and accelerate our time to market – a key advantage and core tenet of our development strategy. The development timeline aligns with the demands of a new customer that intends to fill the capacity with new generation Nvidia GPUs.

We are in the process of securing cost-effective mortgage financing for this project which we intend to announce upon finalization. We believe this will ultimately showcase Bit Digital’s ability to cost-effectively finance its data center buildout in a non-dilutive manner.”

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. 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (“Annual Report”). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. 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. See “Safe Harbor Statement” below.

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.

Bit Digital (BTBT) – November Production Numbers Are In

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 09, 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 and AI. As of November 30, 2024, Bit Digital had 266 servers actively generating revenue and earned approximately $4.3 million of total unaudited GPU Cloud revenue during the month. At Enovum’s data center, the Company had 13 customers actively generating revenue with colocation revenue of approximately $503,500. We believe the Boosteroid agreement, along with the two MSAs signed in the third quarter should expand revenue in the coming months.

Mining Side. The Company produced 44.9 BTC in the month, a 14.0% decrease from 52.2 BTC in October. The active hash rate was 2.51 EH/s, a slight increase from 2.43 EH/s last month. Bit Digital’s hosting provider, Coinmint, being acquired resulted in the termination of hosting contracts. Management has signed term sheets for the lost hosting capacity and is replacing energy inefficient miners, with a 3.0 EH/s active hash rate expected by the first half of 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. 

Bit Digital (BTBT) – Results Below Expectations, but Pipeline Being Realized

Posted on by cpereira@noblefcm.com


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.


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. 

Release – Bit Digital, Inc. Announces Third Quarter of Fiscal Year 2024 Financial Results

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on BTBT

NEW YORK, November 18, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York, today announced its unaudited financial results for the Third Quarter ended September 30, 2024.

Financial Highlights for the Third Quarter of 2024

  • Total revenue was $22.7 million for the Third Quarter of 2024, a 96% increase compared to the Third Quarter of 2023. The increase was primarily driven by the commencement of our high performance computing services (“HPC”) business.
  • Revenue from bitcoin mining was $10.1 million for the Third Quarter of 2024, an 11% decrease compared to the prior year’s quarter. The Company’s HPC recognized $12.2 million of revenue during the quarter compared to nil the prior year.
  • The Company had cash, cash equivalents and restricted cash of $105.6 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $223.6 million1, as of September 30, 2024.
  • Total assets were $376.0 million and Shareholders’ Equity amounted to $315.0 million as of September 30, 2024.
  • Adjusted EBITDA2 was $(21.8) million for the Third Quarter of 2024 compared to $(2.9) million for the Third Quarter of 2023. Adjusted EBITDA includes a $21.9 million unrealized loss on digital assets.
  • GAAP loss per share was $0.26 on a fully diluted basis for the Third Quarter of 2024 compared to a loss per share of $0.08 for the Third Quarter of 2023.

Operational Highlights for the Third Quarter 2024

  • The Company earned 165.4 bitcoins during the Third Quarter of 2024, a 59% decrease from the prior year. The decline was primarily driven by a reduction in block rewards following the halving event in April 2024 and by an increase in network difficulty, and partially offset by a 104% increase in the Company’s operational hash rate.
  • The Company paid approximately $0.057 per kilowatt hour to its hosting partners for electricity consumed during the Third Quarter of 2024.
  • The average fleet efficiency for the active fleet was approximately 27.8 J/TH as of September 30, 2024.
  • The Company earned 161.9 ETH from native staking in the Third Quarter of 2024.
  • Treasury holdings of BTC and ETH were 731.1 and 27,388.1, respectively, with a fair market value of approximately $46.3 million and $71.3 million on September 30, 2024, respectively.
  • The BTC equivalent3 of our digital asset holdings as of September 30, 2024 (defined as if all ETH and USDC holdings were converted into BTC as of that date) was approximately 1,863 BTC4, or approximately $118.0 million.
  • As of September 30, 2024, we had 50,044 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 4.3 EH/s.
  • The Company’s active hash rate of its bitcoin mining fleet was approximately 2.4 EH/s as of September 30, 2024.
  • Approximately 88% of our fleet’s run-rate electricity consumption was generated from carbon-free energy sources as of September 30, 2024. These figures are based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.
  • The Company had approximately 21,568 ETH actively staked in native staking protocols as of September 30, 2024.
  • On August 19, 2024, Bit Digital announced that it had signed a binding term sheet with Boosteroid Inc. (“Boosteroid”), the world’s third-largest cloud gaming provider. Upon signing a Master Service and Lease Agreement (“MSA”), Boosteroid will place an initial purchase for a starting quantity of GPU servers with a five-year service duration. Bit Digital will provide Boosteroid with options to draw down additional servers in multiples of 100, up to a total of 50,000 GPU servers within five years after signing the MSA, depending on their deployment plans and subject to market conditions. The entire 50,000 GPU deployment represents an aggregate revenue opportunity to Bit Digital in excess of $700 million over the five-year term. Bit Digital announced it had executed the MSA with Boosteroid on November 4, 2024. The Company finalized an initial purchase order with Boosteroid for a starting quantity of 300 GPUs that are expected to generate approximately $4.6 million of revenue over the five-year term. The Company anticipates additional deployments through the end of 2024 and throughout 2025.
  • September 5, 2024, the Company received a 90-days notice of non-renewal of colocation mining services agreement from Coinmint, which informed the Company of its intent not to renew 27 MW of the 36 MW total contracted capacity at its Massena, New York site, effective December 7, 2024. Subsequently, on October 29, 2024, the Company received an additional 90-days notice of non-renewal of colocation mining services agreement from Coinmint, which informed the Company of its intent to not renew the remaining 9 MW of the 36 MW total contracted capacity at its Massena, New York site, effective January 28, 2024. Following the termination, Coinmint will continue to provide approximately 10 MW of capacity at their Plattsburgh, New York facility. As of September 30, 2024, Coinmint provided approximately 46.0 MW of capacity for our miners at their facilities. The Company is currently assessing options for replacing this capacity and plans to high-grade the portion of its fleet composed of older generation miners hosted at the Coinmint locations.

Subsequent Events

  • On October 14, 2024, Bit Digital announced the acquisition of Enovum Data Centers (“Enovum”) for a total consideration of CAD $62.8MM (approximately USD $46MM based on a CAD/USD exchange rate of 0.73). The acquisition was completed on a debt-free basis, with a normalized level of working capital acquired, funded by approximately CAD $56 million of cash and approximately 1.62 million share equivalents issued solely to key management who rolled-over a significant portion of their existing ownership in Enovum. The transaction closed on October 11, 2024. The acquisition vertically integrated Bit Digital’s HPC operations with a 4MW Tier 3 datacenter in Montreal that is fully leased to a plurality of colocation customers. It also provided Bit Digital with an expansion pipeline of over 280MW and an experienced team to lead the development process. Immediate term plans include bringing approximately 8MW online by the end of 2Q 2025 for approximately USD $50MM of capex. The Company expects run-rate, colocation EBITDA for the Enovum business to exit 2Q25 at approximately USD $13MM based on that development schedule. Bit Digital may also place its own GPUs at those sites, which could significantly increase EBITDA per MW. The Company is tentatively planning to bring an additional 20MW online by year-end 2025. However, development plans will be contingent on firm customer demand and financing options.
  • In October 2024, Bit Digital purchased 42 H200 GPU servers (336 GPUs) for approximately $9.7 million. Those servers were subsequently deployed in Iceland for internal purposes and future client deployments.
  • On November 14, 2024, Bit Digital executed term sheets with two new customers. The first deal provides for Bit Digital to supply the customer with 512 H200 GPUs for a period of at least six months, representing an approximate $5.0 million contract value for Bit Digital over the initial six-month term. The MSA has been executed with this client and an initial two server purchase order has been fulfilled and revenue generation has begun on those units. The remainder of the deployment is expected prior to year-end 2024. Under the second deal, Bit Digital will supply a separate customer with 576 H200 GPUs for a twelve-month period, representing a total contract value of approximately $10.1 million over the term. The Company will provide additional details on the deployment schedule upon the execution of MSAs and purchase orders.
  • On November 14, 2024, Bit Digital executed an MSA with a new customer. The contract provides for 64 H200 GPUs on a month-to-month basis. The contract represents annual revenue of approximately $1.2 million. The deployment commenced and began revenue generation on November 15, 2024. Bit Digital fulfilled the deployment using on-hand inventory of H200 GPUs.

Management Commentary

“The maturation of our HPC business was a defining theme this quarter. We expanded our GPU cloud client base with the addition of Boosteroid and strengthened our team with critical hires, including a new CTO, Head of Revenue, and key talent in sales and engineering. In October, we closed the acquisition of Enovum, further enhancing our HPC capabilities and positioning us to scale quickly to meet growing demand. We believe these investments lay a strong foundation for sustainable growth and set the stage for a robust future.

Our mining business faced anticipated headwinds during the first full quarter post-April halving. Record-low hash prices and seasonal electricity rate increases resulted in compressed mining margins. We intentionally refrained from capital investments to upgrade our fleet to date in 2024, and the impact from legacy miners operating during the third quarter was a drag on our results. The upcoming conclusion of a hosting contract, along with legacy mining rigs at that site, presents an ideal opportunity to replace older units with newer models to reduce our production costs. While we will continue to evaluate mining investment on a case-by-case basis, our primary focus remains on scaling our HPC business, which we believe offers the greatest potential for long-term value creation.

We are committed to expanding our client base, growing our data center footprint, and developing a comprehensive software stack to enhance customer acquisition, retention, and margin growth. We are confident that this strategy will drive sustained value and better serve our long-term goals compared to short-term hash rate growth. With these strategic moves, we are more confident than ever in our direction and excited for the transformative growth that lies ahead. We continue to expect to reach our $100 million run-rate revenue target for our HPC business by the end of 2024.”

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. 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (“Annual Report”). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. 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. See “Safe Harbor Statement” below.

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.

Release – Bit Digital, Inc. Announces Date for Third Quarter 2024 Financial Results and Conference Call

Posted on by dburczyk@noblecapitalmarkets.com

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.

Bit Digital (BTBT) – Steady Production in October

Posted on by cpereira@noblefcm.com


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.


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Release – Bit Digital, Inc. Announces Monthly Production Update for October 2024

Posted on by dburczyk@noblecapitalmarkets.com

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.