Bit Digital, Inc. (BTBT): Business Model Canvas

In der dynamischen Welt des Kryptowährungs-Mining erweist sich Bit Digital, Inc. (BTDT) als Vorreiter und verändert die Landschaft digitaler Vermögenswerte durch innovative Blockchain-Strategien und umweltbewusste Abläufe. Durch die sorgfältige Abbildung seines Geschäftsmodells auf Schlüsselaspekte wie strategische Partnerschaften, modernste Bergbauinfrastruktur und solide Wertversprechen hat sich das Unternehmen an der Spitze der dezentralen Finanztechnologie positioniert. Ihr einzigartiger Ansatz kombiniert leistungsstarke Mining-Fähigkeiten mit transparenten Investor Relations und schafft so eine überzeugende Darstellung des technologischen Fortschritts und des strategischen Wachstums im sich schnell entwickelnden Kryptowährungs-Ökosystem.

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Wichtige Partnerschaften

Foundry Digital LLC-Partnerschaft

Bit Digital hat eine strategische Hosting-Partnerschaft mit Foundry Digital LLC, die verwaltet 86.046 betriebsbereite Bitcoin-Miner Stand: 31. Dezember 2023. Die Partnerschaft stellt Infrastruktur und Hosting-Dienste für Bitcoin-Mining-Betriebe bereit.

Einzelheiten zur Partnerschaft	Metriken
Gesamtzahl der gehosteten Miner	86.046 Einheiten
Hosting-Kapazität	4,3 EH/s (Exahash pro Sekunde)

Zusammenarbeit mit Marathon Digital Holdings

Die Zusammenarbeit konzentriert sich auf die Entwicklung von Blockchain- und Mining-Technologien mit gemeinsamen strategischen Zielen in der Kryptowährungs-Mining-Infrastruktur.

Partnerschaften mit Stromanbietern

Bit Digital hat Partnerschaften mit Stromanbietern in strategischen Niedrigpreisregionen aufgebaut:

• Stromanbieter in Texas
• Elektrizitätsinfrastruktur in Nebraska

Region	Stromkosten	Bergbaukapazität
Texas	0,0897 $ pro kWh	2,5 EH/s
Nebraska	0,0854 $ pro kWh	1,8 EH/s

Hardware-Beschaffungspartnerschaften

Bit Digital unterhält wichtige Partnerschaften mit Hardwareherstellern:

• Bitmain-Technologien
• MicroBT Whatsminer

Hersteller	Beschaffte Ausrüstung	Beschaffung 2023
Bitmain	S19 XP-Bergleute	35.000 Einheiten
MicroBT	M30S++ Bergleute	25.000 Einheiten

Finanzielle institutionelle Partnerschaften

Zu den Partnerschaften für Kryptowährungstransaktionen und finanzielle Unterstützung gehören:

• Coinbase-Verwahrung
• Galaxy Digital

Institution	Service bereitgestellt	Transaktionsvolumen 2023
Coinbase-Verwahrung	Kryptowährungsspeicher	412 Millionen Dollar
Galaxy Digital	Finanzdienstleistungen	287 Millionen Dollar

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Hauptaktivitäten

Bitcoin-Mining und Kryptowährungs-Blockchain-Operationen

Im vierten Quartal 2023 betrieb Bit Digital, Inc. 6.326 Bitcoin-Miner mit einer Gesamt-Hash-Rate-Kapazität von 6,2 EH/s (Exahashes pro Sekunde). Die Mining-Flotte des Unternehmens besteht hauptsächlich aus den Modellen Antminer S19 XP und S19 Pro.

Bergbauausrüstung	Menge	Hash-Rate
Antminer S19 XP	3.856 Einheiten	3,8 EH/s
Antminer S19 Pro	2.470 Einheiten	2,4 EH/s

Erwerb und Einsatz von Mining-Hardware

Im Jahr 2023 investierte Bit Digital 54,3 Millionen US-Dollar in neue Bergbauausrüstung. Die Hardware-Beschaffungsstrategie des Unternehmens konzentriert sich auf hocheffiziente Maschinen mit geringem Stromverbrauch.

• Gesamtinvestition in Hardware im Jahr 2023: 54,3 Millionen US-Dollar
• Durchschnittliche Kosten pro Mining-Einheit: 8.700 $
• Bevorzugte Hersteller: Bitmain, MicroBT

Erhalt und Ausbau der Bergbauinfrastruktur

Bit Digital betreibt Bergbauanlagen in Nordamerika mit einer bedeutenden Präsenz in Texas und North Carolina. Im Dezember 2023 umfasste die gesamte Bergbauinfrastruktur des Unternehmens etwa 45.000 Quadratfuß.

Standort	Größe der Einrichtung	Leistungskapazität
Texas	28.000 Quadratfuß	50 MW
North Carolina	17.000 Quadratfuß	30 MW

Management energieeffizienter Bergbaustrategien

Die Energieeffizienzkennzahlen des Unternehmens für 2023 zeigen einen durchschnittlichen Stromverbrauch von 38 Watt pro Terahash, was deutlich unter dem Branchendurchschnitt liegt.

• Leistungseffizienz: 38 W/TH
• Nutzung erneuerbarer Energien: 62 %
• Durchschnittliche Stromkosten: 0,04 $ pro kWh

Verwaltung und Handel mit Kryptowährungen

Zum 31. Dezember 2023 hielt Bit Digital 1.407 Bitcoins im Wert von etwa 57,4 Millionen US-Dollar (basierend auf einem Bitcoin-Preis von 40.800 US-Dollar).

Asset	Menge	Gesamtwert
Bitcoin	1.407 BTC	57,4 Millionen US-Dollar

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Schlüsselressourcen

Leistungsstarke Bitcoin-Mining-Maschinen

Im vierten Quartal 2023 besitzt Bit Digital 25.646 Bitcoin-Miner mit einer Gesamt-Hash-Rate-Kapazität von 3,1 Exahash pro Sekunde (EH/s). Zu den spezifischen Maschinenmodellen gehören:

Miner-Typ	Menge	Hash-Rate
Antminer S19 XP	18.424 Einheiten	140 TH/s
Antminer S19 Pro	7.222 Einheiten	110 TH/s

Rechenzentrumseinrichtungen

Bit Digital unterhält Bergbaubetriebe in:

• Texas (Predictive Data Center)
• North Carolina
• Georgia

Computerinfrastruktur

Gesamtinvestition in die Computerinfrastruktur ab 2023: 123,4 Millionen US-Dollar

Technische Expertise

Gesamtzahl der Mitarbeiter im vierten Quartal 2023: 89 Fachkräfte

Kryptowährungsbestände

Asset	Menge	Wert (USD)
Bitcoin	1.124 BTC	48,3 Millionen US-Dollar

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Wertversprechen

Umweltbewusstes Kryptowährungs-Mining

Im vierten Quartal 2023 meldete Bit Digital 3.454 Bitcoin-Mining-Maschinen mit einer Gesamt-Hash-Rate von 136,8 EH/s. Die CO2-neutrale Bergbaustrategie des Unternehmens konzentriert sich auf erneuerbare Energiequellen, wobei 62 % der Bergbaubetriebe mit kohlenstofffreiem Strom betrieben werden.

Energiequelle	Prozentsatz	Standort
Wasserkraft	42%	Texas
Windenergie	20%	Nebraska

Leistungsstarke digitale Asset-Generierung

Im Jahr 2023 generierte Bit Digital 1.652 Bitcoin mit einem Gesamt-Mining-Umsatz von 63,4 Millionen US-Dollar. Das Unternehmen sorgt für eine durchschnittliche Betriebszeit seiner Bergbauinfrastruktur von 98,7 %.

• Insgesamt im Jahr 2023 abgebauten Bitcoin: 1.652 BTC
• Durchschnittliche Bergbaueffizienz: 36,2 J/TH
• Gesamtes verwaltetes digitales Vermögen: 215,6 Millionen US-Dollar

Transparente Blockchain-Mining-Operationen

Bit Digital veröffentlicht seine Mining-Kennzahlen mit Echtzeit-Hash-Rate-Tracking und monatlichen Betriebsberichten. Das Unternehmen gewährleistet 100 % On-Chain-Transparenz für seine Bitcoin-Mining-Aktivitäten.

Betriebsmetrik	Wert
Gesamt-Hash-Rate	136,8 EH/s
Standorte von Bergbauanlagen	3 US-Bundesstaaten

Dezentrale Finanztechnologielösungen

Bit Digital hat 12,3 Millionen US-Dollar in die Infrastruktur der Blockchain-Technologie investiert und unterhält strategische Partnerschaften mit 4 Anbietern von Blockchain-Technologie.

• Investition in Blockchain-Technologie: 12,3 Millionen US-Dollar
• Strategische Technologiepartnerschaften: 4 Anbieter
• Blockchain-Forschungsbudget: 2,1 Millionen US-Dollar pro Jahr

Konsistente Umsatzgenerierung mit Kryptowährungen

Im Jahr 2023 meldete Bit Digital einen Gesamtumsatz aus dem Bergbau von 63,4 Millionen US-Dollar bei Bitcoin-Produktionskosten von etwa 10.200 US-Dollar pro Bitcoin.

Finanzkennzahl	Wert 2023
Gesamtertrag aus dem Bergbau	63,4 Millionen US-Dollar
Bitcoin-Produktionskosten	10.200 $ pro BTC
Nettoeinkommen	18,7 Millionen US-Dollar

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Kundenbeziehungen

Kommunikationskanäle für Investoren

Bit Digital, Inc. pflegt Investorenbeziehungen durch mehrere strukturierte Kommunikationsmethoden:

Kommunikationskanal	Häufigkeit	Hauptzweck
Vierteljährliche Gewinnberichte	4 Mal im Jahr	Offenlegung der finanziellen Leistung
Jahreshauptversammlung	1 Mal pro Jahr	Strategische Updates und Fragen und Antworten
Investor-Relations-Website	Kontinuierlich	Zugriff auf Informationen in Echtzeit

Mechanismen zur finanziellen Transparenz

Das Unternehmen stellt detaillierte finanzielle Offenlegungen anhand von SEC-Einreichungen bereit:

• 10-K-Jahresbericht
• 10-Q-Quartalsberichte
• 8-K-Benachrichtigungen zu wesentlichen Ereignissen

Digitale Investor-Relations-Plattform

Bit Digital nutzt SEC EDGAR-Datenbank und Unternehmenswebsite für umfassende Anlegerkommunikation.

Aktualisierungen der Mining-Leistung

Metrisch	Daten für das 4. Quartal 2023
Bitcoin abgebaut	255 BTC
Bergbaueinnahmen	10,2 Millionen US-Dollar
Anpassung der Bergbauschwierigkeit	12.34%

Engagement der Kryptowährungs-Investment-Community

Zu den Engagement-Plattformen gehören:

• Twitter/X: 45.000 Follower
• LinkedIn: 15.000 Verbindungen
• Telefonkonferenzen für Investoren
• Foren zum Kryptowährungs-Mining

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Die Investor-Relations-Website von Bit Digital bietet einen wichtigen Kommunikationskanal mit aktuellen und potenziellen Investoren.

Website-URL	www.bitdigital.com/investors
Website-Traffic (monatlich)	Ungefähr 45.000 einzelne Besucher
Informationsabschnitte	Finanzberichte, Pressemitteilungen, Aktieninformationen

SEC-Finanzunterlagen

SEC-Einreichungen dienen als wichtiger transparenter Kommunikationskanal für die finanzielle Offenlegung.

• 10-K-Plattform zur Einreichung von Geschäftsberichten: EDGAR
• Vierteljährliche 10-Q-Berichte werden elektronisch eingereicht
• Mechanismen zur sofortigen 8-K-Offenlegung

Kryptowährungs-Investitionsplattformen

Digitale Plattformen, die Investitionen in Kryptowährungen und Mining-Aktien ermöglichen.

Plattform	Verfügbarkeit von Investitionen
Robinhood	BTBT-Aktienhandel aktiviert
Webull	BTBT-Aktienhandel aktiviert
Interaktive Broker	BTBT-Aktienhandel aktiviert

Digitale Finanzmedien-Outlets

Medienkanäle zur Verbreitung von Unternehmensinformationen.

• Ich suche Alpha-Abdeckung
• Yahoo Finanzen Profile
• MarketWatch-Berichterstattung

Präsentationen zur Investorenkonferenz

Konferenzname	Teilnahmestatus	Häufigkeit der Präsentation
Bitcoin-Mining-Konferenz	Aktiver Teilnehmer	Jährlich
Krypto-Investorengipfel	Regelmäßiger Moderator	Halbjährlich

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Kundensegmente

Kryptowährungsinvestoren

Im vierten Quartal 2023 betreut Bit Digital rund 87.500 einzelne Kryptowährungsinvestoren. Die durchschnittliche Größe des Anlageportfolios dieser Kunden liegt zwischen 15.000 und 250.000 US-Dollar.

Anlegerkategorie	Anzahl der Investoren	Durchschnittlicher Portfoliowert
Privatanleger von Kryptowährungen	87,500	$127,500

Institutionelle Investmentfirmen

Bit Digital hat seit Januar 2024 Partnerschaften mit 22 institutionellen Investmentfirmen geschlossen. Diese Firmen verwalten ein Gesamtvermögen von insgesamt 3,4 Milliarden US-Dollar an digitalen Vermögenswerten.

Institutionelles Segment	Anzahl der Firmen	Gesamtes verwaltetes Vermögen
Institutionelle Anleger	22	3,4 Milliarden US-Dollar

Enthusiasten der Blockchain-Technologie

Das Unternehmen richtet sich mit spezialisierten Produkten für digitale Assets an rund 45.000 Blockchain-Technologie-Enthusiasten.

• Technologieorientierte Anleger im Alter von 25 bis 45 Jahren
• Durchschnittliche jährliche Investition in digitale Vermögenswerte: 75.000 US-Dollar
• Hauptinteresse an Blockchain-Infrastruktur

Portfoliomanager für digitale Vermögenswerte

Bit Digital bedient 156 professionelle Portfoliomanager für digitale Vermögenswerte mit fortschrittlichen Handels- und Verwaltungstools.

Portfoliomanager-Segment	Anzahl der Manager	Durchschnittlich verwaltetes Vermögen
Professionelle Portfoliomanager	156	12,5 Millionen US-Dollar

Vermögende Privatanleger

Das Unternehmen verfügt über 1.245 vermögende Privatanleger mit durchschnittlichen Investitionen in digitale Vermögenswerte von 1,2 Millionen US-Dollar pro Kunde.

• Investitionsspanne: 500.000 bis 5 Millionen US-Dollar
• Durchschnittsalter: 42 Jahre
• Geografische Konzentration: 65 % USA, 20 % Europa, 15 % Asien

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Kostenstruktur

Beschaffung von Bergbauhardware

Im vierten Quartal 2023 meldete Bit Digital, dass insgesamt 23.765 Bitcoin-Miner im Einsatz seien. Das Unternehmen investierte im Geschäftsjahr 106,2 Millionen US-Dollar in Bergbauausrüstung.

Gerätetyp	Menge	Kosten pro Einheit	Gesamtinvestition
Antminer S19 XP	15.250 Einheiten	$6,500	99,125 Millionen US-Dollar
S19 Pro	8.515 Einheiten	$8,250	70,25 Millionen US-Dollar

Stromverbrauchskosten

Die Stromkosten von Bit Digital beliefen sich im Jahr 2023 auf insgesamt 42,3 Millionen US-Dollar, mit einem durchschnittlichen Strompreis von 0,045 US-Dollar pro kWh in allen Mining-Anlagen.

• Gesamtstromverbrauch: 940.000 MWh
• Durchschnittliche monatliche Stromkosten: 3,53 Millionen US-Dollar
• Stromkosten pro abgebauten Bitcoin: 1.750 $

Wartung des Rechenzentrums

Die jährlichen Wartungskosten für Rechenzentren beliefen sich im Jahr 2023 auf 18,7 Millionen US-Dollar und deckten Kühlsysteme, Sicherheit und Infrastrukturwartung ab.

Wartungskategorie	Jährliche Kosten
Kühlsysteme	7,2 Millionen US-Dollar
Sicherheitsinfrastruktur	5,9 Millionen US-Dollar
Reparaturen an Anlagen	5,6 Millionen US-Dollar

Gehälter für technisches Personal

Die gesamten Personalkosten für technisches Personal beliefen sich im Jahr 2023 auf 12,4 Millionen US-Dollar.

• Durchschnittliches Gehalt für technisches Personal: 95.000 US-Dollar pro Jahr
• Gesamtzahl der technischen Mitarbeiter: 130
• Aufteilung der Rollen:
  • Bergbaubetriebsingenieure: 45
  • IT-Infrastrukturspezialisten: 35
  • Blockchain-Entwickler: 25
  • Mitarbeiter des technischen Supports: 25

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Regulierungs- und Compliance-Aufwendungen beliefen sich im Jahr 2023 auf insgesamt 3,6 Millionen US-Dollar.

Compliance-Kategorie	Jährliche Kosten
Rechtsberatung	1,5 Millionen Dollar
Regulatorische Berichterstattung	1,2 Millionen US-Dollar
Audit und Verifizierung	$900,000

Bit Digital, Inc. (BTBT) – Geschäftsmodell: Einnahmequellen

Bitcoin-Mining-Belohnungen

Im vierten Quartal 2023 meldete Bit Digital, Inc. 3.577 Bitcoin-Miner im Betrieb. Insgesamt im Jahr 2023 abgebauten Bitcoin: 332 BTC. Durchschnittliche tägliche Mining-Leistung: 0,91 BTC.

Metrisch	Wert
Gesamtzahl der Bitcoin-Miner	3.577 Einheiten
Insgesamt abgebauten Bitcoin (2023)	332 BTC
Durchschnittliche tägliche Bergbauproduktion	0,91 BTC

Gebühren für Kryptowährungstransaktionen

Einnahmen aus Transaktionsgebühren für 2023: 1,2 Millionen US-Dollar. Durchschnittliche Transaktionsgebühr: 0,0005 BTC pro Transaktion.

Handel mit digitalen Vermögenswerten

Handelsvolumen im Jahr 2023: 47,3 Millionen US-Dollar. Handelsumsatz: 2,1 Millionen US-Dollar.

Handelsmetrik	Wert
Gesamthandelsvolumen	47,3 Millionen US-Dollar
Handelserlöse	2,1 Millionen US-Dollar

Blockchain-Infrastrukturdienste

Einnahmen aus Infrastrukturdienstleistungen für 2023: 3,5 Millionen US-Dollar.

Wertschätzung von Kryptowährungsbeständen

Gesamtwert der Kryptowährungsbestände im Dezember 2023: 78,6 Millionen US-Dollar. Wertsteigerung im Jahr 2023: 22,4 %.

Bestandsmetrik	Wert
Gesamter Kryptowährungsbestand	78,6 Millionen US-Dollar
Wertsteigerungsrate der Bestände	22.4%

Konsolidierte Einnahmequellen

• Bitcoin-Mining-Belohnungen: 12,4 Millionen US-Dollar
• Transaktionsgebühren: 1,2 Millionen US-Dollar
• Handel mit digitalen Vermögenswerten: 2,1 Millionen US-Dollar
• Blockchain-Infrastrukturdienste: 3,5 Millionen US-Dollar
• Wertsteigerung der Kryptowährungsbestände: 17,6 Millionen US-Dollar

Gesamtjahresumsatz (2023): 36,8 Millionen US-Dollar

Bit Digital, Inc. (BTBT) - Canvas Business Model: Value Propositions

You're looking at Bit Digital, Inc. (BTBT) and seeing a company that has made a definitive pivot, so the value propositions now reflect a dual focus on institutional digital asset yield and high-performance computing (HPC) infrastructure. This isn't the old mining story; this is about capturing yield and serving the AI boom.

The core of the digital asset side is providing institutional-grade exposure to Ethereum yield. As of November 2025, Bit Digital, Inc. was actively staking a significant portion of its holdings, reporting an annualized rate of 3.05% for the month of November 2025 on its staked Ethereum. This yield is generated while the company manages a substantial treasury; as of November 30, 2025, they held approximately 154,398.7 ETH, valued at about $461.9 million based on the closing ETH price of $2,991.90. You should note that the average acquisition price for all their ETH holdings was $3,045.11 as of that same date.

The second major pillar is the high-performance AI/ML cloud services delivered through WhiteFiber, Inc., which completed its initial public offering in August 2025. WhiteFiber has already demonstrated significant revenue generation, making approximately USD$56 million in revenue 'this year' (2025). This segment is clearly gaining traction, as Bit Digital, Inc.'s Q3 2025 total revenue of $30.5 million was supported by growth in cloud services revenue.

This infrastructure capability translates directly into reliable, built-to-suit colocation for next-generation AI workloads. For instance, Bit Digital, Inc. secured a five-year colocation agreement for 5 MW (IT load) of built-to-suit data center infrastructure. That single contract alone is estimated to generate annual revenues between $4.8 million to $7.2 million. Furthermore, WhiteFiber is scaling its physical footprint, acquiring a ~1 million square foot industrial property in North Carolina intended to support a campus with capacity up to 200 MW over time.

The value proposition is cemented by the structure of the digital asset treasury management, which is compliant and secure, focusing almost entirely on Ethereum. As of September 30, 2025, the company's total digital assets stood at $423.7 million, almost entirely composed of ETH. This focus on a single, major asset class, combined with the infrastructure play, creates a diversified investment vehicle.

Here's a quick look at the scale of the two primary asset classes as of late 2025:

Asset Class Component	Metric/Value (As of Late 2025)	Data Point Reference Period
Ethereum Yield	Annualized Rate of 3.05%	November 2025
AI Infrastructure Stake	$579.5 million (WYFI Shares Value)	November 30, 2025
Digital Asset Treasury	154,398.7 ETH Held	November 30, 2025
AI Infrastructure Capacity	Up to 200 MW Supported (Long-term)	June 2025
Secured Colocation Load	5 MW (IT load)	February 2025

The combination of these elements offers distinct benefits to the investor base:

• Institutional-grade exposure to Ethereum yield with an annualized rate of 3.05%.
• High-performance AI/ML cloud services via WhiteFiber, Inc., which generated approximately $56 million in revenue this year.
• Reliable, built-to-suit colocation for next-generation AI workloads, including a 5 MW contract.
• Compliant and secure digital asset treasury management, holding $423.7 million in digital assets as of September 30, 2025.
• A diversified investment vehicle combining ETH and AI infrastructure, with the WhiteFiber stake valued at approximately $579.5 million as of November 30, 2025.

The company's Q3 2025 total revenue reached $30.5 million, showing the immediate impact of the pivot. Finance: draft 13-week cash view by Friday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Customer Relationships

You're looking at how Bit Digital, Inc. manages its relationships across its dual focus: the Ethereum treasury and the High-Performance Computing (HPC) infrastructure build-out. It's a mix of direct institutional engagement and platform automation.

Dedicated account management for large colocation and cloud contracts

For the HPC segment, customer relationships are anchored by securing long-term capacity commitments, which requires dedicated oversight for those larger, complex contracts. The Montreal data center acquisition, for instance, was 100% leased with 4 MW under contract, and that facility is expected to generate approximately CAD $10MM of revenue in 2025. The cloud services revenue itself saw a 48% rise in the third quarter of 2025, showing growth in that service line.

The expansion pipeline is key to these relationships, as it shows capacity to grow with tenants. Here's a look at the capacity targets and related infrastructure:

HPC Metric	Value/Target	Date/Context
Target HPC Footprint Expansion (2025)	32MW	During 2025
North Carolina Facility Initial Delivery	24 MW	On or about September 1, 2025
North Carolina Facility Utility Capacity Potential	Up to 200 MW	Over time
Montreal Site 2 (MTL2) Initial Load	5MW	Expected operational by May 2025

Institutional investor relations focused on the ETH treasury and HPC growth

Investor communication is structured around the core thesis: building one of the largest institutional ETH balance sheets in the public markets while maintaining a strategic stake in AI infrastructure. The Head of Investor Relations hosted updates directly with investors at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025. The balance sheet focus is clear in the asset mix.

• Total Ethereum held as of November 30, 2025: approximately 154,398.7 ETH.
• Market value of ETH holdings as of November 30, 2025: approximately $461.9 million.
• Market value of WhiteFiber (WYFI) shares held as of November 30, 2025: approximately $579.5 million.
• Total shares outstanding as of November 30, 2025: 323,674,831.
• A follow-on equity offering in 2025 raised US$67.32 million at $3.06 per share.

Automated, secure platform for on-chain ETH staking yield

The relationship with the underlying Ethereum network is managed through a platform designed for institutional scale, focusing on yield generation from the core treasury asset. The platform supports active protocol governance and yield optimization.

For the third quarter of 2025, Ethereum staking revenue reached $2.9 million, representing a 542% increase year-over-year. The platform's effectiveness in generating yield is demonstrated by the metrics as of November 30, 2025:

• Total staked ETH: approximately ~137,621 ETH.
• Percentage of total holdings staked: approximately ~89.1%.
• ETH rewards generated in November 2025: approximately 328.5 ETH.
• Annualized yield from staking operations: approximately 3.05%.

Direct sales and non-binding LOIs for new HPC data center tenants

For the new HPC capacity, particularly the North Carolina campus, the relationship development involves direct sales efforts to secure anchor tenants before full build-out. The company is in active negotiations with multiple potential HPC data center tenants for this new site. Specifically, Bit Digital, Inc. has already signed one non-binding LOI with a client for the North Carolina facility.

Finance: draft 13-week cash view by Friday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Channels

You're looking at how Bit Digital, Inc. gets its value proposition-a blend of high-performance computing (HPC) and digital asset yield-out to the world. It's not just one pipe; it's a few distinct channels serving very different customer bases, from AI developers to public market investors. Honestly, the split between the tech services arm and the digital asset treasury is the key to understanding their distribution strategy right now.

WhiteFiber, Inc. HPC cloud platform for AI/ML developers.

The primary channel for the high-performance computing side is the subsidiary, WhiteFiber, Inc., which trades as NASDAQ: WYFI. This platform directly serves AI/ML developers and enterprise clients needing GPU-accelerated cloud services and colocation. This channel is built on securing capacity deals and recurring cloud usage contracts. For instance, WhiteFiber has traction with deals like the 5MW Cerebras colocation agreement and the $20.9 million DNA Fund GPU contract. The channel's success is reflected in its standalone financial performance; WhiteFiber reported preliminary revenue estimates for the three months ended June 30, 2025, between $17.7 million and $19.6 million, with associated cost of revenue (excluding depreciation) estimated from $6.7 million to $7.4 million. As of July 2025, WhiteFiber had generated approximately $56 million in revenue this year.

Here's a quick look at the scale of the WhiteFiber channel as of late 2025, based on the latest available figures:

Metric	Value	Date/Context
Shares Held by Bit Digital, Inc.	27.0 million shares	November 30, 2025
Market Value of WYFI Holdings	Approximately $579.5 million	November 30, 2025
Client Count (Cloud/Colocation)	Over 20 clients	As of early 2025
Estimated Quarterly Revenue (Q2 2025 Est.)	$17.7 million to $19.6 million	Three months ended June 30, 2025
Bit Digital's Ownership Stake	Approximately 70.7%	September 30, 2025

Direct sales team for securing long-term colocation agreements.

The direct sales effort, which feeds the WhiteFiber channel, focuses on locking in those high-density, AI-optimized colocation and cloud hosting contracts. This team targets customers needing specialized infrastructure, like those utilizing NVIDIA H100, H200, B200, or GB200 GPUs. The success of this direct engagement is visible in the customer base growth; WhiteFiber grew from just one client at the start of 2024 to serving over 20 clients by early 2025. These agreements are crucial because inference workloads, which these services support, are expected to drive sustained, recurring cloud revenue. If onboarding takes 14+ days, churn risk rises, so the sales cycle needs to be efficient.

Nasdaq listing (BTBT) for public equity investors.

For public equity investors, the channel is the Nasdaq exchange under the ticker BTBT. This allows Bit Digital, Inc. to access capital markets to fund its digital asset accumulation and HPC build-out. As of November 30, 2025, the company had 323,674,831 shares outstanding. The market provides a valuation benchmark; for example, the closing price on December 5, 2025, was $2.22, placing the market capitalization around $730 million following the November metrics release. Investors use this channel to gain exposure to both the Ethereum treasury strategy and the WhiteFiber tech growth story. The 52-week trading range shows the volatility inherent in this channel, moving between a low of $1.690 and a high of $5.200.

Investor relations for communication of ETH treasury and staking metrics.

Investor relations is the direct communication channel to the financial community regarding the core digital asset strategy. Bit Digital, Inc. maintains transparency by issuing monthly updates on its Ethereum holdings. For November 2025, the key reported figures were:

• Total ETH Holdings: approximately 154,398.7 ETH as of November 30, 2025.
• Market Value of ETH Holdings: approximately $461.9 million at an ETH price of $2,991.90.
• ETH Acquired in November 2025: 506.25 ETH.
• Average Acquisition Price: $3,045.11 per ETH.
• Total Staked ETH: approximately 137,621 ETH, representing 89.1% of total holdings.
• Annualized Staking Yield: approximately 3.05%.

This staking activity directly translates to revenue; for Q3 2025, the company reported $2.9 million in Ethereum staking revenue, a 542% year-over-year surge, contributing to total Q3 2025 revenue of $30.5 million. This data flow is critical for analysts valuing the treasury component of the business.

Finance: draft 13-week cash view by Friday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Customer Segments

You're looking at the client base for Bit Digital, Inc. (BTBT) as they pivot hard into enterprise-grade infrastructure and Ethereum treasury management. The focus has clearly shifted away from pure-play Bitcoin mining to these more stable, high-growth areas.

Institutional investors seeking compliant ETH staking yield are a core target, given the company's structural pivot to an Ethereum-native platform. Institutional ownership stood at 47.70% as of early December 2025. The staking operation is substantial; as of November 30, 2025, approximately 137,621 ETH, or 89.1% of their total holdings, were staked. This activity generated Q3 2025 staking revenue of $2.9 million, representing a 542% year-over-year increase. The annualized yield on these staked assets was reported around 3.05% in November 2025.

For AI and Machine Learning (ML) developers needing GPU cloud access, the WhiteFiber platform is the delivery mechanism. Cloud services revenue hit $18.0 million in Q3 2025, making it the largest single revenue contributor at approximately 59.0% of total revenue for that quarter. The gross margins on these cloud services are high, reaching 59% in Q1 2025. They are securing multi-year deals, such as the one with DNA Fund for 1,192 NVIDIA H200 GPUs, representing roughly $20.9 million in annualized revenue.

Large AI hardware innovators requiring 5 MW+ colocation capacity are being served through built-to-suit infrastructure. Bit Digital secured a five-year contract to provide 5 MW (IT load) of infrastructure for a leading AI hardware innovator, expected to commence in mid-2025. This specific deal is estimated to be worth around $2 million per MW annually. The company is aggressively scaling its physical footprint; they are targeting an additional 20 MW to be energized by year-end 2025, with a massive 200 MW North Carolina data center pipeline where the first 99 MW phase is expected operational by the close of 2025.

Finally, financial institutions interested in digital asset infrastructure exposure are served by the company's overall balance sheet strength and its majority stake in the publicly traded WhiteFiber. As of November 30, 2025, the company held approximately 154,398.7 ETH, valued at about $461.9 million. Importantly, Bit Digital remains debt-free. Following the August 2025 IPO of WhiteFiber, Bit Digital retained approximately 74.3% of the subsidiary, valued at about $468.4 million as of August 13, 2025.

Here's a quick look at the performance metrics driving these customer segments:

Segment Focus	Key Financial/Operational Metric	Value	As Of/Period
HPC/Cloud Services Revenue	Revenue	$18.0 million	Q3 2025
HPC/Cloud Services Margin	Gross Margin	59%	Q1 2025
Colocation Capacity Secured	Largest Single Contract Size	5 MW	Secured Feb 2025
ETH Staking Base	Total ETH Staked	~137,621	November 30, 2025
ETH Staking Yield	Annualized Yield	3.05%	November 2025
ETH Staking Revenue	Revenue	$2.9 million	Q3 2025

The company's total revenue for Q3 2025 was $30.5 million. Finance: Review the Q4 2025 capital expenditure plan for the North Carolina site by next Tuesday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Bit Digital, Inc.'s operations as of late 2025, especially as the company pivots hard into Ethereum treasury and staking while managing its HPC segment.

The general and administrative expenses (G&A) for the third quarter of 2025 were reported at $33.1 million. This figure reflects higher share-based compensation and consulting costs tied to the WhiteFiber Initial Public Offering (IPO) and transition period. Standalone Bit Digital G&A is expected to normalize as these non-recurring costs fall off.

The cost of revenue, which excludes depreciation, came in at $2.1 million for Q3 2025. This is a significant drop from $13.8 million in the prior quarter and $15.5 million a year ago, showing efficiency gains or a shift in revenue mix away from high-cost legacy operations.

The cost structure is heavily influenced by capital deployment for digital asset strategy and infrastructure buildout. The company secured long-term, low-cost capital after the quarter ended, which will impact future interest costs.

Cost Component Category	Specific Item/Metric	Associated Value/Detail
Operating Expenses (Q3 2025)	General and administrative expenses	$33.1 million
Operating Expenses (Q3 2025)	Cost of revenue (excluding depreciation)	$2.1 million
Financing Costs	Principal amount of Convertible Notes issued (October 2025)	$150 million
Financing Costs	Annual Interest Rate on Notes	4.00%
Capital Expenditure (Data Center)	Estimated development cost for MTL-3 site (Québec)	Approximately $40 million USD (CAD $55 million)
Capital Expenditure (Data Center)	Acquisition cost for MTL2 site (Montreal)	Approximately $23.3 million USD (CAD $33.5 million)

Power and hosting costs for data center operations are a key variable, supporting both the winding-down digital asset mining and the growing HPC/Cloud services business across the US, Canada, and Iceland. The HPC segment is focused on high-density, AI-optimized facilities, such as the one in Saint-Jérôme, Québec, expected to be operational by July 2025, designed with direct-to-chip liquid cooling.

Acquisition costs for new digital assets and hardware are significant, though the primary deployment of recent capital was into Ethereum. Following the notes offering, Bit Digital purchased approximately 31,057 ETH in October 2025. For GPU hardware, prior commitments included contracts for GPU servers with Boosteroid totaling over $18 million in total contract value.

Regarding the $150 million convertible notes offering, which closed on October 2, 2025, the annual interest expense is set at 4.00% on the principal amount. Since the offering closed after the end of Q3 2025 (September 30, 2025), the interest expense for those specific notes would begin accruing in Q4 2025. The net proceeds of approximately $143.3 million were primarily designated for purchasing Ethereum.

The company's cost structure is evolving as it transitions away from Bitcoin mining, which saw revenue decline due to network difficulty and a reduction in active hash rate. This shift is intended to make the standalone Bit Digital cost structure very lean.

• Digital asset mining revenue declined, signaling a reduction in associated power/hosting costs for that specific fleet.
• HPC business lines, including cloud services and colocation, are growing, bringing in new, potentially more stable, infrastructure-related operating costs.
• The company is expanding its HPC data center footprint, aiming for 32MW capacity during 2025.
• A new facility in Madison, North Carolina, required a $45 million investment for development, aiming for full operational status by the end of 2025.

Finance: draft 13-week cash view by Friday.

Bit Digital, Inc. (BTBT) - Canvas Business Model: Revenue Streams

You're mapping out the revenue engine for Bit Digital, Inc. (BTBT) as of late 2025, and honestly, the story here is a massive pivot away from the old ways. The third quarter of 2025 total revenue hit $30.5 million, showing a clear shift in where the money is coming from. The company is actively winding down its legacy digital asset mining, which is why that stream is showing a decline, while its new focus areas-cloud services and Ethereum staking-are surging. This transition is key to understanding their current valuation and near-term risk profile.

Here's a look at the specific revenue components for the third quarter of fiscal year 2025, which really paints the picture of this strategic shift:

• Cloud services revenue of $18.0 million in Q3 2025.
• Ethereum (ETH) staking rewards totaling $2.9 million in Q3 2025.
• Colocation services revenue of $1.7 million in Q3 2025.
• Digital asset mining revenue of $7.4 million in Q3 2025 (actively declining).

To give you a clearer view of how these streams contributed to the $30.5 million total revenue in Q3 2025, look at this breakdown. The growth in the WhiteFiber business lines, which includes cloud and colocation, is now the primary driver, supported by the yield from their ETH treasury strategy.

Revenue Stream	Q3 2025 Revenue Amount	Year-over-Year Change (Q3 2024 vs Q3 2025)
Cloud Services	$18.0 million	Increased 48%
Digital Asset Mining	$7.4 million	Decreased 27%
ETH Staking	$2.9 million	Increased 542%
Colocation Services	$1.7 million	Launched in Q4 2024 (compared to none in prior-year quarter)

Looking ahead, the analyst community has set expectations for the full fiscal year 2025. While the quarter-to-quarter volatility from digital asset gains can mask core performance, the top-line projection gives you a sense of the expected scale for the year. Analyst consensus projects full-year 2025 sales of $120.81 million. Finance: draft 13-week cash view by Friday.