Bit Digital, Inc. Announces Monthly Production Update for January 2025
Rhea-AI Summary
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.
Positive
- Total monthly revenue of $4.9 million from HPC operations
- Secured new GPU contract worth $15 million in annualized revenue
- Strong liquidity position of $244.6 million
- Substantial crypto holdings valued at $170.3 million BTC equivalent
- Active staking operations generating 3.6% APY on 21,568 ETH
Negative
- 11.4% decrease in monthly BTC production
- 11.1% decrease in active hash rate
- Reduction in mining operations due to portfolio changes and retirement of older miners
News Market Reaction
On the day this news was published, BTBT declined 0.97%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Corporate Highlights for January 2025
- The Company earned approximately
$4.9 million - Treasury holdings of BTC and ETH were 768.7 and 27,689.6 with a fair market value of approximately
$78.7 million $91.3 million - The BTC equivalent[2] of our digital asset holdings as of January 31, 2025, was approximately 1,663.0 or approximately
$170.3 million - The Company had cash and cash equivalents of
$74.3 million $244.6 million
Colocation Services Revenue Highlights
- The Company had 14 customers actively generating revenue at its Tier-3 Enovum Data Center facility, as of January 31, 2025.
- The Company's HPC data center colocation revenue was approximately CAD
$757.8 k$522.9 k
GPU Cloud Highlights
- The Company had 268 servers (2,144 GPUs) actively generating revenue from its Bit Digital AI contracts, as of January 31, 2025. The Company earned approximately
$4.4 million $131 K - On January 22, Bit Digital entered into a new agreement with a key customer for 464 Nvidia B200 GPUs, expanding its GPU Cloud business. This new agreement replaces a prior agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs and the Company continues to explore additional GPU contracts with this customer for 2025. Under the terms of the agreement, Bit Digital will provide the customer with 58 Nvidia B200 servers (464 GPUs) for a period of eighteen months. The contract represents approximately
$15 million
Digital Assets Highlights
- In January 2025, the Company produced 28.7 BTC, an
11.4% decrease compared to the prior month. The decrease was primarily driven by a change in the Company's hosting portfolio, ongoing redeployment of mining assets to new sites, and the retirement of older generation miners. - In January 2025, the Company's active hash rate was approximately 1.6 EH/s, an
11.1% decrease compared to the prior month. The decrease was primarily driven by a change in the Company's hosting portfolio, ongoing redeployment of mining assets to new sites, and the retirement of older generation miners. - 191 Bitmain Antminer S21 mining units were delivered to a new hosting site in the month of January 2025.
- The Company had approximately 21,568 ETH actively staked in native staking protocols as of January 31, 2025.
- Bit Digital earned a blended APY of approximately
3.6% on its staked ETH position for the month of January 2025. - The Company earned aggregate staking rewards of approximately 65.8 ETH during January 2025.
Other Highlights
- As of January 1, 2025, the Company officially transitioned to domestic issuer status under
U.S. securities regulations.
Upcoming Events
- Fireside Chat with H.C. Wainwright on February 12.
About Bit Digital
Bit Digital, Inc. is a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in
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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023 ("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
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] Total HPC Revenue includes GPU Cloud revenue and Colocation services revenue. This figure excludes revenue from signed contracts that have not yet commenced. Cash payments from its equipment leasing contract with Boosteroid are also not included in Total HPC Revenue for accounting reasons. |
[2] "BTC equivalent" is a hypothetical illustration of the value of our digital asset treasury holdings in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, and USDC, were converted into BTC as of January 31, 2025, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. Our digital asset portfolio excludes digital assets invested in a third-party managed fund. |
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SOURCE Bit Digital, Inc.
FAQ
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