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 ...

NEW YORK, Nov. 6, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York, announced its unaudited digital asset production, HPC services revenue, and corporate updates for the month of October 2024.Corporate Highlights for October 2024 The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of October 31, ...

The market expects Bit Digital, Inc. (BTBT) to deliver flat earnings compared to the year-ago quarter on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other h ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Bit Digital Inc (NASDAQ:BTBT) CEO Sam Tabar talked with Proactive about the company’s recent acquisition of Enovum Data Centers, a high-performance computing (HPC) facility operator based in Montreal. This acquisition marks a major step in Bit Digital’s strategic expansion, positioning it as a diversified player in data center operations, GPU cloud services, and digital assets. Proactive: Exciting news from the company. Enovum is a new company you have acquired. Tell me a little bit about this. Sam Tabar: C ...

The latest trading session saw Bit Digital, Inc. (BTBT) ending at $3.88, denoting a -0.26% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily loss of 0.02%. Meanwhile, the Dow experienced a rise of 0.38%, and the technology-dominated Nasdaq saw an increase of 0.04%. The company's stock has climbed by 35.54% in the past month, exceeding the Business Services sector's gain of 3.66% and the S&P 500's gain of 3.77%. The investment community will be closely monitoring t ...

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, ...

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 ...