Welcome to our dedicated page for Bit Digital news (Ticker: BTBT), a resource for investors and traders seeking the latest updates and insights on Bit Digital stock.
Bit Digital, Inc. (NASDAQ: BTBT) is an innovative company primarily engaged in the Bitcoin mining business, Ethereum staking activities, and specialized cloud-infrastructure services for artificial intelligence (AI) applications. Headquartered in New York City, Bit Digital leverages its strategic presence in the United States, Canada, and Iceland to create a sustainable and diversified platform for digital assets and AI infrastructure.
The company operates a high-performance mining platform with the goal of accumulating Bitcoin, which may be sold for fiat currency based on favorable market conditions. Their revenue streams are generated through digital asset mining and Ethereum staking, providing a robust financial foundation for the company's operations.
In 2023, Bit Digital expanded its operations into Iceland, capitalizing on the region's abundant clean energy and supportive government policies. This geographic diversification has allowed the company to enhance its sustainability efforts significantly.
Bit Digital has also made notable strides in the AI sector with the launch of its Bit Digital AI business line. This division focuses on offering specialized cloud-infrastructure services, including GPU rental services for AI applications. The AI business line has already started contributing significant revenue, demonstrating the company’s ability to adapt and thrive in emerging markets.
Bit Digital maintains a strong financial position, ending 2023 with zero debt and a significant liquidity position. The company continuously seeks to improve its fleet efficiency and reduce production costs, positioning itself strategically for future growth.
Recent updates include the release of their fiscal year 2023 results, showcasing substantial growth in bitcoin production and a doubling of their active hash rate. The company’s First Quarter 2024 results highlighted a 250% increase in revenue and a GAAP Net Income exceeding $50 million, driven by the success of their AI business and favorable bitcoin prices.
Bit Digital remains focused on its growth strategy, aiming to reach 6.0 EH/s in bitcoin mining capacity and expanding its AI business to achieve a $100 million annualized revenue run-rate by year-end 2024. The company’s commitment to sustainability, innovation, and strategic growth positions it as a leading player in the digital asset and AI infrastructure landscape.
Soluna Holdings (NASDAQ: SLNH) has expanded its partnership with Bit Digital (NASDAQ: BTBT) through a new 12-month 5.5 MW hosting contract at Project Dorothy in Texas. This expansion marks a significant growth in their collaboration, which began with a 4.4 MW deployment at Project Sophie in November 2023, increased to 6.6 MW by October 2024, and now exceeds 12 MW in total hosting capacity.
The latest expansion introduces next-generation S21 mining units and includes upgrades to the site's electrical infrastructure. This partnership enhancement aims to improve Bit Digital's efficiency, scale, and mining performance while maintaining Soluna's commitment to providing sustainable energy solutions for intensive computing applications including Bitcoin mining and AI.
Bit Digital (NASDAQ: BTBT) has announced a new five-year colocation agreement with a leading AI hardware innovator. The contract, to be executed through Bit Digital's rebranded HPC business WhiteFiber and its data center platform Enovum, involves providing 5 MW (IT load) of built-to-suit data center infrastructure.
The agreement will be fulfilled at a data center within Enovum's proprietary development pipeline, with the specific location to be announced later. The contract is expected to commence in mid-2025, marking a significant step in Bit Digital's expansion into AI infrastructure services.
Bit Digital (NASDAQ: BTBT) has released its January 2025 production update, reporting total unaudited HPC revenue of $4.9 million. The company's treasury held 768.7 BTC and 27,689.6 ETH, valued at $78.7 million and $91.3 million respectively, with total liquidity of $244.6 million including cash and cash equivalents of $74.3 million.
The company's GPU Cloud business generated $4.4 million in revenue with 268 servers (2,144 GPUs) active. A new agreement was secured for 464 Nvidia B200 GPUs, representing approximately $15 million in annualized revenue. The company's data center colocation revenue reached CAD $757.8k.
In digital asset operations, Bit Digital produced 28.7 BTC (11.4% decrease from previous month) with an active hash rate of 1.6 EH/s (11.1% decrease). The company maintained 21,568 ETH staked in protocols, earning a 3.6% APY and approximately 65.8 ETH in staking rewards.
Bit Digital (NASDAQ: BTBT) has announced the strategic rebranding of its HPC business to WhiteFiber, Inc. The rebranding encompasses the company's GPU Cloud business and HPC data center business, Enovum Data Centers. WhiteFiber represents a vertically integrated HPC solution combining data center colocation with GPU cloud services, designed for demanding AI workloads.
The company has significantly expanded its customer base from just 1 at the start of 2024 to more than 20 customers currently. The rebranding aims to establish a distinct identity for this venture while addressing the growing demand for data centers and sustainable HPC and AI cloud infrastructure. Bit Digital will continue to operate its bitcoin mining and ETH staking businesses under the original brand name.
Bit Digital (NASDAQ: BTBT) has secured a new agreement to provide 464 Nvidia B200 GPUs to a key customer, replacing a previous agreement for 2,048 H100 GPUs. The contract, valued at approximately $15 million in annualized revenue, involves deploying 58 Nvidia B200 servers in Iceland for an eighteen-month period starting June 30th, 2025.
The agreement includes a two-month prepayment provision, with the customer able to deduct service fees from a previously paid $30 million non-refundable deposit. Bit Digital has ordered the servers for approximately $21 million, planning to finance the purchase with cash and customer deposits while maintaining full ownership of the hardware. The company notes this contract offers improved margins compared to the original plan and continues to explore additional GPU contracts with this customer for 2025.
Bit Digital (BTBT) has released its December 2024 production update, highlighting significant operations across multiple segments. The company's GPU Cloud division generated approximately $4.5 million in unaudited revenue, with 266 servers (2,128 GPUs) actively operating. Treasury holdings included 742.1 BTC and 27,623.9 ETH, valued at $69.3 million and $92.1 million respectively.
The company reported total liquidity of $260.4 million, including $98.6 million in cash and cash equivalents. In HPC operations, Bit Digital acquired a new site in Montreal for CAD $33.5 million for a 5MW Tier 3 data center expansion project. The company secured a significant contract with DNA Holdings Venture Inc. for 576 H200 GPUs, representing potential revenue of $20.2 million over 25 months.
In mining operations, Bit Digital produced 32.4 BTC (down 27.8% from November) with an active hash rate of 1.8 EH/s. The company purchased 941 S21 miners for $3.2 million and sold 4,506 S19 units for $836.6k. Additionally, 21,568 ETH were actively staked, earning a 3.3% APY and generating 60.6 ETH in staking rewards.
Bit Digital (NASDAQ: BTBT), a New York-based global platform for high-performance computing infrastructure and digital asset production, has announced its transition from foreign private issuer to domestic issuer status under U.S. securities regulations, effective January 1, 2025. This strategic change demonstrates the company's dedication to transparency, operational growth, and alignment with U.S. market expectations while simplifying its regulatory compliance framework.
Bit Digital (NASDAQ: BTBT) has executed a Master Service Agreement with DNA AI Compute Fund for 576 Nvidia H200 GPUs over a two-year term. The contract, valued at approximately $20.2 million, is expected to begin in February 2025. Bit Digital will provide 72 H200 servers to be deployed at a data center in Iceland.
The company recently ordered 130 H200 servers (1,040 GPUs) for about $30 million, with the remaining GPUs planned for separate customer contracts. This agreement advances Bit Digital's goal of reaching a $100 million annualized revenue run-rate for its HPC business in early 2025, reflecting their strategy of prioritizing quality revenue opportunities and disciplined capital management.
Bit Digital (NASDAQ: BTBT) has acquired a property in Montreal, Canada for CAD $33.5 million (USD $23.3MM) to develop a 5MW Tier-3 data center. The 160,000 square feet site, known as MTL2, is located in Pointe-Claire, QC, and was previously an encapsulation manufacturing facility. The company plans to invest approximately CAD $27.6 million (USD $19.3MM) in development costs.
The facility will be powered by 100% renewable hydroelectricity and feature advanced cooling technology, including direct-to-chip liquid cooling supporting AI workloads with 150kW rack density. Expected to be operational by May 2025, this acquisition is part of Bit Digital's strategy to expand its HPC data center footprint to 32MW during 2025 and its 288MW proprietary pipeline.
Bit Digital reported its November 2024 performance with $4.3 million in unaudited GPU Cloud revenue. The company operated 266 servers with 2,128 GPUs for AI contracts. Treasury holdings included 813.0 BTC ($78.4M) and 27,563.3 ETH ($102.1M), with total liquidity of $332.5M including cash and equivalents of $151.3M.
The company secured new GPU contracts, including a 512 H200 GPU deal worth $5.0M and a 576 H200 GPU agreement valued at $10.1M. Their HPC data center generated CAD $705.2k in colocation revenue. Digital asset production included 44.9 BTC (14% decrease from October) with a hash rate of 2.51 EH/s. Additionally, 21,568 ETH were staked, earning a 3.4% APY with rewards of 59.9 ETH.
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