M&A - Bit Digital, Inc

Form Type: 8-K

Filing Date: 2025-05-23

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025047369

Filing Summary: On May 20, 2025, Bit Digital, Inc., through its wholly-owned subsidiary White Fiber, Inc., completed the acquisition of an industrial building and land in Madison, North Carolina for $45 million, down from an initial $53.2 million. This acquisition allows the company to develop data center operations in a strategically located area within North Carolina’s Piedmont Triad, benefiting from proximity to major cities and existing hyperscalers. The acquisition was facilitated by an Amendment to a Real Estate Purchase and Sale Agreement with Unifi Manufacturing Inc. and includes provisions for utility agreements with Duke Energy regarding electrical supply for the property. The deal is structured around meeting certain conditions related to power supply and capital investments, which are expected to yield tax incentives and enhanced operational capabilities for the company's data center initiatives.

Form Type: 8-K

Filing Date: 2025-04-16

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025032598

Filing Summary: On April 10, 2025, Bit Digital, Inc., through its wholly owned Canadian subsidiary Enovum Data Centers Corp., entered into a real estate purchase and sale agreement with Unifi Manufacturing, Inc. The agreement involves the purchase of an industrial/manufacturing building along with the underlying land in Madison, North Carolina, for a total cash price of $53.2 million. An earnest money deposit of $2.25 million was made, with $1.2 million being non-refundable. The anticipated closing date for this transaction is May 15, 2025, unless adjusted by the Buyer. The agreement includes standard representations and warranties, with specific conditions for indemnification and closing requirements, including the receipt of an energy study for the property.

Form Type: 10-K

Filing Date: 2025-03-14

Corporate Action: Acquisition

Type: New

Accession Number: 000101376225000307

Filing Summary: Bit Digital, Inc. reported on March 14, 2025, regarding its fiscal year ending December 31, 2024. The company operates in high-performance computing (HPC) infrastructure and has expanded its HPC data center operations significantly, most notably through the acquisition of Enovum Data Centers on October 11, 2024. The acquisition included a fully operational Tier-3 HPC data center in Montreal, Canada. In addition, Bit Digital has plans for further expansion with a new 5MW Tier-3 data center near Montreal expected to be operational by June 2025. This expansion aims to increase the company's total HPC data center capacity significantly, targeting an aggregate of 32MW by the end of 2025. Additionally, Bit Digital has strategically positioned its services around AI and machine learning, aiming to capture emerging market demands. The company also reports a revenue of $45.7 million for its cloud services business for the year 2024. The document outlines potential risks, ongoing projects, and the firm's innovative strategies in the technology sector.

Form Type: 8-K

Filing Date: 2025-01-06

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025000891

Filing Summary: On December 27, 2024, Bit Digital, Inc. acquired real estate and a building for a build-to-suit 5MW Tier-3 data center expansion project in Montreal, Canada, through its wholly-owned subsidiary, Enovum Data Centers MTL II, L.P. This acquisition is part of a larger strategy to expand the company's HPC data center footprint to 32MW by 2025. The site was purchased for CAD $33.5 million (approximately USD $23.3 million) from a subsidiary of Alexandria Real Estate Equities, Inc. Funding for the purchase was initially provided with cash on hand, while the company plans to secure mortgage financing for both the acquisition and subsequent infrastructure investments, estimated at approximately CAD $27.6 million (USD $19.3 million) for development to Tier-3 standards. The site, covering 160,000 square feet, was formerly an encapsulation manufacturing facility and is set to be ready by May 2025, featuring advanced cooling technologies and powered by 100% renewable hydroelectricity from Hydro-Quebec. The acquisition is designed to allow for scalable growth according to market demand.