Bit Digital Appoints Brock Pierce To Advisory Board

Rhea-AI Summary

Bit Digital (Nasdaq: BTBT), a prominent Bitcoin mining company, has appointed Brock Pierce, Chairman of the Bitcoin Foundation, to its advisory board. This move aims to enhance the company's leadership as it focuses on U.S. expansion. CEO Bryan Bullett highlighted Pierce's industry stature and valuable relationships. Pierce praised Bit Digital's operational scale and commitment to carbon neutrality. With extensive experience in Bitcoin mining, he plans to contribute to the company's ongoing success. The company, headquartered in New York, operates in the U.S., Canada, and China.

Positive

• Appointment of Brock Pierce is expected to strengthen leadership and provide valuable industry relationships.
• Pierce's commitment to carbon neutrality aligns with the company's sustainability goals.

Negative

• Concerns may arise regarding potential discontinuities in management expertise as new leadership is integrated.

NEW YORK, May 26, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), one of the largest publicly-listed Bitcoin miners globally, today announced the appointment of Brock Pierce, Chairman of the Bitcoin Foundation, to its advisory board and leadership team.

"As we continue to build our management and operational center of gravity here in the United States, we are adding exceptional talent to our leadership team," said Bryan Bullett, Bit Digital's CEO. "Brock's stature is unparalleled in our industry, and we enthusiastically welcome him as an Advisor."

"Brock is a lighthouse in the Bitcoin community, and provides us access to a vast portfolio of relationships. We value his stewardship and advice as we kick our US growth plans into high gear," said Sam Tabar, Chief Strategy Officer.

Brock Pierce stated, "I have known some of Bit Digital's team members for years, and have first-hand experience with their ability to execute successfully. Bit Digital already leads the publicly-listed mining sector in its operational scale, and I admire the Company's commitment to work rapidly towards carbon-neutral. I look forward to helping guide this Company in its ongoing success."

About Brock Pierce

Brock Pierce is an entrepreneur, artist, venture capitalist, and philanthropist with an extensive track record of founding, advising and investing in disruptive businesses.  He's credited with pioneering the market for digital assets and has raised more than $5B for companies he has founded. Pierce is Chairman of the Bitcoin Foundation and the co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). Piece has been involved in Bitcoin mining since its genesis days, acquiring a significant portion of the first batch of Avalons and ran KNC's China operation, one of the world's first large scale mining operations. He was also a seed investor in BitFury through Blockchain Capital. He also established the largest Bitcoin mining operation in Washington State in the industry's early days. Pierce has lectured at some of the nation's most prestigious institutions, the Milken Institute Global Conference, International World Congress, and has been featured by the New York Times, Wall Street Journal and Fortune.  Pierce was on the first-ever Forbes List for the "Richest People in Cryptocurrency" and was an Independent Party candidate for President of the United States in 2020.

About Bit Digital, Inc.

Bit Digital, Inc. is a Bitcoin mining company headquartered in New York with one of the highest operating hash rates (or computing power) among all US listed Bitcoin miners and expanding. The current operations are in the United States, Canada and China. For additional information, please contact Sam Tabar at sam@bit-digital.com or visit 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, 2020. 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. Additionally, all discussions of financial metrics assume mining difficulty rates as of May 2021. 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.

 

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SOURCE Bit Digital, Inc.

FAQ

What does Brock Pierce bring to Bit Digital as an advisor?

Brock Pierce brings extensive industry experience and valuable relationships that can aid Bit Digital's U.S. growth plans.

How does Brock Pierce's appointment impact Bit Digital's operations?

Pierce's appointment is expected to enhance leadership and align with the company's commitment to carbon neutrality.

When was Brock Pierce appointed to Bit Digital's advisory board?

Brock Pierce was appointed to Bit Digital's advisory board on May 26, 2021.

What is Bit Digital's focus with the new leadership change?

Bit Digital aims to expand its operations in the United States while enhancing its management structure.

What is Bit Digital's operational scale in the Bitcoin mining sector?

Bit Digital is recognized as one of the largest publicly-listed Bitcoin miners globally, with one of the highest operating hash rates.