WhiteFiber Inc., Bit Digital's AI Unit, acquires ~1,000,000 square foot North Carolina Industrial Property to Support up to 200 MW HPC Data Center Campus

Rhea-AI Summary

WhiteFiber Inc., Bit Digital's (NASDAQ: BTBT) AI subsidiary, has acquired a 96-acre industrial property in Madison, North Carolina for $45 million to develop a flagship AI data center campus. The ~1 million square foot facility has secured a 99 MW power agreement with Duke Energy, with initial 24 MW delivery expected by September 2025. The site has potential for up to 200 MW capacity and is strategically located within 100 miles of major NC cities. The company plans to invest over $1 billion in the project, creating 60+ jobs. The facility qualifies for NC state tax exemptions, and WhiteFiber is already in negotiations with potential HPC tenants, having signed one non-binding LOI. The first phase is expected to be operational by year-end 2025, with the company planning to pursue commercial mortgage financing for the site.

Positive

• Strategic acquisition of large-scale facility (96 acres, ~1M sq ft) with immediate power availability
• Secured power agreement with Duke Energy for 99 MW with potential expansion to 200 MW
• Project qualifies for North Carolina sales and use tax exemptions
• Already signed non-binding LOI with one potential client
• Prime location within 100-mile radius of major NC cities and close to Virginia border
• Expected creation of over 60 jobs and planned investment exceeding $1 billion

Negative

• Significant capital expenditure required with $45 million purchase price and over $1 billion total investment needed
• Commercial mortgage financing still needs to be secured
• 200 MW capacity expansion subject to additional agreements and conditions with Duke Energy
• Current power agreement covers only 24 MW of the initial 99 MW capacity

News Market Reaction

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+0.85% News Effect

On the day this news was published, BTBT gained 0.85%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, June 2, 2025 /PRNewswire/ -- WhiteFiber Inc., the wholly-owned HPC subsidiary of Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), announced today that it has completed the acquisition of a 96-acre, ~1 million square foot industrial property in Madison, North Carolina.

The Company will retrofit the facility into a flagship AI data center campus ("Facility").

The Facility has immediately available power. The Company has entered into a capacity agreement with the utility, Duke Energy, for 99 MW, of which 24 MW are expected to be delivered on or about September 1, 2025. The Company expects to complete this first phase of HPC data center development and be online and operational by 2025 year-end. The utility's preliminary feasibility study supports capacity up to 200 MW over time, subject to obtaining Electricity Service Agreements from Duke Energy and certain other conditions.

Strategically located in NC's Piedmont Triad, the Facility sits within a 100-mile radius of Charlotte, Raleigh, Winston-Salem and Greensboro, and approximately 13 miles from the Virginia border. The region is home to numerous existing hyperscalers. The Company is in active negotiations with multiple potential HPC data center tenants and has already signed one non-binding LOI with a client. Moreover, its proximity to multiple metro areas supports AI inference workloads.

Based on initial capital investment projections, the project has been confirmed as a qualifying data center in the State of North Carolina and will therefore be eligible for certain sales and use tax exemptions. The Company has been working closely with local and state officials, economic development agencies, and utility partners whose collaboration has been instrumental in advancing the project.

"North Carolina's leadership in high performance computing started decades ago with our research universities, the Research Triangle, and our focus on the future," said North Carolina Governor Josh Stein. "WhiteFiber's decision to join our state's IT community will help bring the next generation of computing excellence to North Carolina."

"Securing this site is a meaningful step in scaling our AI infrastructure platform," said Sam Tabar, CEO of Bit Digital. "The location, size, and power profile make it a rare asset, which we believe will be foundational to meet accelerating demand from AI customers and pursue long-term value creation for shareholders. We acted decisively to secure what we believe will be a cornerstone asset for our Company."

"We are thrilled to welcome WhiteFiber to our community," said Kevin Berger, Chair of the Rockingham County Board of Commissioners. "Their planned investment of over $1 billion^[1] and creation of more than 60 jobs is a tremendous boost for our region."

"The Town of Madison is excited to have WhiteFiber invest in our community," remarked Madison Mayor William Phillips. "Transforming the former Unifi facility into a state-of-the-art AI data center campus is a remarkable step forward for our local economy."

The Company is using cash on hand to fund the $45 million purchase. The Company previously utilized its at-the-market equity program to reserve cash on its balance sheet in anticipation of closing. The Company intends to engage in a commercial mortgage financing process for the site.

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. The Company's HPC business operates under the WhiteFiber Inc. ("WhiteFiber") brand. Our 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 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (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.

[1] The "over $1 billion" figure is based on the anticipated receipt of up to 200MW of power over an extended period of time from Duke Energy, current infrastructure costs to build data centers and is subject to the availability of financing and project execution milestones.

 

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SOURCE Bit Digital, Inc.

FAQ

What is the size and location of WhiteFiber's new data center facility?

The facility is a 96-acre, ~1 million square foot industrial property located in Madison, North Carolina, within 100 miles of Charlotte, Raleigh, Winston-Salem and Greensboro.

How much power capacity will BTBT's new data center have?

The facility has secured 99 MW initially, with 24 MW expected by September 2025, and potential expansion up to 200 MW over time, subject to agreements with Duke Energy.

What is the total investment planned for Bit Digital's North Carolina facility?

The company plans to invest over $1 billion in the project, with an initial purchase price of $45 million for the property.

When will WhiteFiber's North Carolina data center be operational?

The first phase of the HPC data center development is expected to be online and operational by the end of 2025.

How many jobs will Bit Digital's new data center create in North Carolina?

The project is expected to create more than 60 jobs in the Madison, North Carolina area.