Bit Digital, Inc. Announces Strategic Rebranding of its HPC Business to WhiteFiber

Rhea-AI Summary

Bit Digital (NASDAQ: BTBT) has announced the strategic rebranding of its HPC business to WhiteFiber, Inc. The rebranding encompasses the company's GPU Cloud business and HPC data center business, Enovum Data Centers. WhiteFiber represents a vertically integrated HPC solution combining data center colocation with GPU cloud services, designed for demanding AI workloads.

The company has significantly expanded its customer base from just 1 at the start of 2024 to more than 20 customers currently. The rebranding aims to establish a distinct identity for this venture while addressing the growing demand for data centers and sustainable HPC and AI cloud infrastructure. Bit Digital will continue to operate its bitcoin mining and ETH staking businesses under the original brand name.

Positive

• Customer base growth from 1 to over 20 customers since start of 2024
• Strategic expansion into high-demand HPC and AI infrastructure market

Negative

• None.

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NEW YORK, Feb. 6, 2025 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company") announced today that it has officially rebranded its HPC business as WhiteFiber, Inc. ("WhiteFiber"). WhiteFiber encompasses the Company's GPU Cloud business and its HPC data center business, Enovum Data Centers ("Enovum"). The new WhiteFiber website can be found at www.whitefiber.com.

Sam Tabar, CEO of Bit Digital, commented: "Rebranding our HPC business to WhiteFiber is an important step in establishing a distinct identity for this transformative venture. WhiteFiber represents the convergence of cutting-edge technology and seamless connectivity, underscoring our commitment to delivering vertically integrated HPC solutions. By combining data center colocation with GPU cloud services, we provide the high-performance infrastructure required for the most demanding AI workloads. With this rebrand, we signal to our customers, partners, and investors that we are focused on building a platform of unmatched reliability, efficiency, and innovation. Our WhiteFiber business is currently servicing more than 20 customers compared to just 1 at the start of 2024. We look forward to expanding both our customer base and existing partnerships through industry-leading performance and reliability."

This rebranding underscores Bit Digital's commitment to addressing the surging demand for data centers and sustainable, cutting-edge HPC and AI cloud infrastructure. WhiteFiber's platform is engineered to support the most demanding workloads with unparalleled performance, reliability, and efficiency, empowering industries to meet the challenges of tomorrow. The Company's bitcoin mining and ETH staking businesses will continue to operate under the Bit Digital brand.

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. 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 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 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.

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SOURCE Bit Digital, Inc.

FAQ

What is the new name for Bit Digital's (BTBT) HPC business?

Bit Digital has rebranded its HPC business as WhiteFiber, Inc., which includes both its GPU Cloud business and Enovum Data Centers.

How many customers does BTBT's WhiteFiber currently service?

WhiteFiber is currently servicing more than 20 customers, up from just 1 customer at the start of 2024.

Will BTBT continue its bitcoin mining operations under the new WhiteFiber brand?

No, Bit Digital's bitcoin mining and ETH staking businesses will continue to operate under the original Bit Digital brand.

What services does WhiteFiber offer under BTBT?

WhiteFiber offers vertically integrated HPC solutions, combining data center colocation with GPU cloud services, specifically designed for AI workloads.