Financial Data and Key Metrics Changes - Total revenue for 2024 was $108 million, a 141% increase from 2023 [48] - Adjusted EBITDA reached $73 million, compared to $12.4 million in 2023 [53] - Gross profit was $45.7 million, nearly threefold increase from 2023, with gross margins expanding approximately 500 basis points to 42.3% [51] Business Line Data and Key Metrics Changes - HPC revenue made up over 40% of full-year revenue and more than half of Q4 revenue, with cloud services generating $45.7 million in its first year of operations [7][49] - Colocation services contributed $1.4 million from October 12 through the year-end [49] - Bitcoin mining revenue was $58.6 million, up 32% year-over-year, but accounted for only 54% of total revenue in 2024, down from 98% in 2023 [41][48] Market Data and Key Metrics Changes - The company has seen significant demand for high-performance computing (HPC) infrastructure, exceeding current capacity [56] - The demand for GPUs is surging, with a strong customer pipeline and contracts representing nine-figure annual revenue [19][23] Company Strategy and Development Direction - The acquisition of Enovum vertically integrated data center operations and expanded customer base, enhancing infrastructure scaling capabilities [8][25] - The company is focused on a disciplined approach to GPU procurement and capital deployment to avoid excess inventory risk [20] - The strategic focus is on expanding both cloud services and colocation services to create a durable and diversified cash flow [59] Management's Comments on Operating Environment and Future Outlook - Management believes the current market sentiment does not accurately reflect the company's growth potential, particularly in HPC [57] - The company is actively exploring financing options for its HPC business to support growth without diluting equity [61][151] - Future demand for AI compute is expected to be driven by inference, with strategic developments in metropolitan areas to meet customer needs [40] Other Important Information - The company is debt-free and has approximately $98.9 million in cash and restricted cash as of December 31, 2024 [54] - Capital expenditures for 2024 totaled $94 million, primarily for GPU purchases and the acquisition of Montreal 2 [54] Q&A Session Summary Question: What is the current run rate for cloud services? - The current run rate is approximately $72 million with the addition of DNA Funds as a customer [66][67] Question: What is the expected revenue contribution from new GPU deployments? - The B200s are expected to start generating revenue in April, while the H200s' timeline is uncertain due to ongoing R&D [75] Question: What was the fourth-quarter revenue for the colocation business? - The colocation revenue recognized was $1.4 million from the date of acquisition [78] Question: Can you provide details on the 100-megawatt site under LOI? - The site has 24 megawatts of power available, with a path to 48 megawatts and discussions for an additional 100 megawatts by the end of 2025 [87] Question: How confident is the company in sourcing infrastructure equipment? - The equipment for upcoming deployments has been secured, with a large portion already delivered [115] Question: What is the company's strategy regarding Bitcoin mining? - The focus remains on optimizing the fleet and maintaining Bitcoin exposure in a capital-efficient manner, rather than expanding for growth's sake [45][124]

As filed with the U.S. Securities and Exchange Commission on February 7, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________ Digital Asset Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________ (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) ___________________ Jeff Tude ...

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As filed with the Securities and Exchange Commission on April 30, 2024 Registration Statement No. 333-278207 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ Amendment No.1 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 __________________________________________ BITFUFU INC. (Exact name of Registrant as specified in its charter) __________________________________________ Cayman Islands 6770 Not Applicable (Primary Standar ...

__________________________________________ BITFUFU INC. (Exact name of Registrant as specified in its charter) __________________________________________ As filed with the Securities and Exchange Commission on March 25, 2024 Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Copies of communications to: Jessica Zhou White & Case 16 th Floor, York House The Landmark 15 Queen's Road Central Ce ...

(Amendment No. 1) As filed with the Securities and Exchange Commission on September 14, 2023 Registration No. 333-274098 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) Delaware 6770 93-1358026 (I.R.S. Employer Identification Number) 1185 Avenue of the Americas, Suite 301 New York, NY 10036 Telephone: (212) 612-1400 (Exact name of registrant as specified in ...