About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Core Viewpoint - Bit Digital has acquired Enovum Data Centers for approximately CAD $62.8 million (USD $46 million), enhancing its high-performance computing (HPC) operations and expanding its service offerings in the digital asset and AI infrastructure sectors [1][2][3]. Transaction Overview - The acquisition was completed on a debt-free, cash-free basis, funded by approximately CAD $56 million in cash and 1.62 million share equivalents issued to key management [2]. - The transaction closed on October 11, 2024 [2]. Strategic Rationale - The acquisition vertically integrates Bit Digital's HPC business into the colocation services sector, allowing for potential synergies and increased margins from HPC customers [3]. - It enhances competitive positioning by enabling the offering of an integrated GPU cloud solution [3]. - Greater operational flexibility is achieved by colocating owned GPU inventory in Enovum datacenters, which is crucial for meeting customer demand promptly [3]. Expansion Pipeline - Enovum has a development pipeline of 288 MW, with 93 MW currently under Letter of Intent (LOI) [4]. - Immediate plans include bringing approximately 8 MW online by the end of Q2 2025, with an expected run-rate colocation EBITDA of approximately USD $13 million [4]. - Additional 20 MW is tentatively planned to be brought online by the end of 2025, contingent on customer demand and financing [4]. Financing Alternatives - Bit Digital is pursuing debt financing alternatives to fund Enovum's expansion and GPU server procurement [5]. - The acquisition has been structured to optimize tax outcomes and allow for a potential future Real Estate Investment Trust (REIT) election [5]. Enovum Overview - Enovum operates a 4 MW Tier 3 datacenter in Montreal, powered by renewable hydroelectricity, and is expected to generate approximately CAD $10 million in revenue in 2025 [6][10]. - The datacenter is fully leased to over a dozen colocation customers, indicating strong demand for its services [6]. Experienced Team - Bit Digital will retain key employees from Enovum to ensure operational continuity and leverage their extensive experience in managing and developing Tier 3 data centers [7]. Management Commentary - The CEO of Bit Digital expressed enthusiasm about the acquisition, highlighting its strategic importance and the advantages of acquiring an operational facility at an attractive price [8]. - The existing site and near-term expansion sites are located in major metropolitan areas, which is vital for latency-sensitive applications [8]. Advisors - B. Riley Securities is acting as the exclusive financial advisor, while Davies Ward Phillips & Vineberg LLP and White & Case LLP are serving as legal advisors to Bit Digital [8]. Conference Call - A conference call to discuss the acquisition is scheduled for October 15, 2024, at 9 AM ET [9].

Bit Digital, Inc. (BTBT) ended the recent trading session at $2.96, demonstrating a -1% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.21%. On the other hand, the Dow registered a loss of 0.14%, and the technology-centric Nasdaq decreased by 0.05%.Coming into today, shares of the company had gained 10.33% in the past month. In that same time, the Business Services sector gained 4%, while the S&P 500 gained 5.94%.Investors will be eagerly watching for the perfo ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

NEW YORK, Oct. 4, 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 September 2024.Corporate Highlights for September 2024The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of September 30, 2024 ...

Bit Digital, Inc. (BTBT) ended the recent trading session at $3.35, demonstrating a +1.82% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.17% loss on the day. Elsewhere, the Dow lost 0.44%, while the tech-heavy Nasdaq lost 0.04%.The company's shares have seen an increase of 18.34% over the last month, surpassing the Business Services sector's gain of 1.44% and the S&P 500's gain of 1.25%.Investors will be eagerly watching for the performance of Bit Digital, Inc. in its up ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Bit Digital, Inc. (BTBT) .Bit Digital currently has an average brokerage recommendation (ABR) o ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

NEW YORK, Sept. 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 compu ...