Bit Digital, Inc. (BTBT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería de criptomonedas, Bit Digital, Inc. (BTDT) emerge como una fuerza pionera, transformando el panorama de activos digitales a través de estrategias innovadoras de blockchain y operaciones ambientalmente conscientes. Al mapear meticulosamente su modelo de negocio en dimensiones clave como asociaciones estratégicas, infraestructura minera de vanguardia y propuestas de valor sólidas, la compañía se ha posicionado a la vanguardia de la tecnología financiera descentralizada. Su enfoque único combina capacidades mineras de alto rendimiento con las relaciones transparentes de los inversores, creando una narración convincente del avance tecnológico y el crecimiento estratégico en el ecosistema de criptomonedas en rápida evolución.

Bit Digital, Inc. (BTBT) - Modelo de negocios: asociaciones clave

Foundry Digital LLC Partnership

Bit Digital tiene una asociación de alojamiento estratégico con Foundry Digital LLC, que administra 86,046 mineros operativos de bitcoins Al 31 de diciembre de 2023. La asociación proporciona servicios de infraestructura y alojamiento para operaciones mineras de Bitcoin.

Detalles de la asociación	Métrica
Mineros alojados totales	86,046 unidades
Capacidad de alojamiento	4.3 eh/s (exahash por segundo)

Marathon Digital Holdings Colaboración

La colaboración se centra en el desarrollo de tecnología de blockchain y minería, con objetivos estratégicos compartidos en la infraestructura minera de criptomonedas.

Asociaciones de proveedores de electricidad

Bit Digital ha establecido asociaciones con proveedores de electricidad en regiones estratégicas de bajo costo:

• Proveedores de electricidad de Texas
• Infraestructura de electricidad de Nebraska

Región	Costo de electricidad	Capacidad minera
Texas	$ 0.0897 por kWh	2.5 eh/s
Nebraska	$ 0.0854 por kWh	1.8 eh/s

Asociaciones de adquisición de hardware

Bit Digital mantiene asociaciones críticas con fabricantes de hardware:

• BitMain Technologies
• Microbt WhatsMiner

Fabricante	Equipo adquirido	2023 Adquisiciones
Bitmain	Mineros S19 XP	35,000 unidades
Microbt	M30S ++ mineros	25,000 unidades

Asociaciones institucionales financieras

La transacción de criptomonedas y las asociaciones de apoyo financiero incluyen:

• Custodia de coinbase
• Galaxy Digital

Institución	Servicio proporcionado	Volumen de transacción 2023
Custodia de coinbase	Almacenamiento de criptomonedas	$ 412 millones
Galaxy Digital	Servicios financieros	$ 287 millones

Bit Digital, Inc. (BTBT) - Modelo de negocio: actividades clave

Operaciones de Minería de Bitcoin y criptomonedas

A partir del cuarto trimestre de 2023, Bit Digital, Inc. operaba 6.326 mineros de bitcoin con una capacidad de tasa de hash total de 6.2 eh/s (exahashes por segundo). La flota minera de la compañía consiste principalmente en modelos Antminer S19 XP y S19 Pro.

Equipo minero	Cantidad	Tasa de hash
Antminer S19 XP	3,856 unidades	3.8 eh/s
Antminer S19 Pro	2,470 unidades	2.4 eh/s

Adquisición y implementación de hardware minero

En 2023, Bit Digital invirtió $ 54.3 millones en nuevos equipos mineros. La estrategia de adquisición de hardware de la compañía se centra en máquinas de alta eficiencia con bajo consumo de energía.

• Inversión total de hardware en 2023: $ 54.3 millones
• Costo promedio por unidad minera: $ 8,700
• Fabricantes preferidos: Bitmain, Microbt

Mantener y expandir la infraestructura minera

Bit Digital opera instalaciones mineras en América del Norte, con una presencia significativa en Texas y Carolina del Norte. A diciembre de 2023, la infraestructura minera total de la compañía cubre aproximadamente 45,000 pies cuadrados.

Ubicación	Tamaño de la instalación	Capacidad de potencia
Texas	28,000 pies cuadrados	50 MW
Carolina del Norte	17,000 pies cuadrados	30 MW

Gestión de estrategias mineras de eficiencia energética

Las métricas de eficiencia energética de la compañía para 2023 muestran un consumo promedio de energía de 38 vatios por Terahash, significativamente por debajo del promedio de la industria.

• Eficiencia energética: 38 w/th
• Uso de energía renovable: 62%
• Costo promedio de electricidad: $ 0.04 por kWh

Gestión y comercio de activos de criptomonedas

Al 31 de diciembre de 2023, Bit Digital tenía 1,407 bitcoin en su tesoro, valorado en aproximadamente $ 57.4 millones (basado en un precio de Bitcoin de $ 40,800).

Asset	Cantidad	Valor total
Bitcoin	1,407 BTC	$ 57.4 millones

Bit Digital, Inc. (BTBT) - Modelo de negocio: recursos clave

Máquinas mineras de bitcoin de alto rendimiento

A partir del cuarto trimestre de 2023, Bit Digital posee 25,646 mineros de bitcoin, con una capacidad de tasa de hash total de 3.1 Exahash por segundo (EH/S). Los modelos de máquina específicos incluyen:

Tipo minero	Cantidad	Tasa de hash
Antminer S19 XP	18,424 unidades	140 th/s
Antminer S19 Pro	7.222 unidades	110 th/s

Instalaciones del centro de datos

Bit digital mantiene operaciones mineras en:

• Texas (centro de datos predictivo)
• Carolina del Norte
• Georgia

Infraestructura informática

Inversión total en infraestructura informática a partir de 2023: $ 123.4 millones

Experiencia técnica

Total de empleados a partir del cuarto trimestre 2023: 89 profesionales

Tenencias de criptomonedas

Asset	Cantidad	Valor (USD)
Bitcoin	1.124 BTC	$ 48.3 millones

Bit Digital, Inc. (BTBT) - Modelo de negocio: propuestas de valor

Minería de criptomonedas con consciente ambiental

A partir del cuarto trimestre de 2023, Bit Digital reportó 3.454 máquinas mineras de bitcoin con una tasa de hash total de 136.8 eh/s. La estrategia minera neutral en carbono de la compañía se centra en fuentes de energía renovables, con el 62% de las operaciones mineras impulsadas por la electricidad sin carbono.

Fuente de energía	Porcentaje	Ubicación
Energía hidroeléctrica	42%	Texas
Energía eólica	20%	Nebraska

Generación de activos digitales de alto rendimiento

En 2023, Bit Digital generó 1,652 bitcoin, con un ingreso minero total de $ 63.4 millones. La compañía mantiene un tiempo de actividad operativo promedio del 98.7% para su infraestructura minera.

• Bitcoin total extraído en 2023: 1,652 BTC
• Eficiencia de minería promedio: 36.2 j/th
• Activos digitales totales bajo administración: $ 215.6 millones

Operaciones de minería de blockchain transparentes

Bit Digital revela públicamente sus métricas mineras, con un seguimiento de tarifas hash en tiempo real e informes operativos mensuales. La compañía mantiene el 100% de transparencia en la cadena para sus actividades mineras de bitcoin.

Métrica operacional	Valor
Tasa de hash total	136.8 eh/s
Ubicaciones de instalaciones mineras	3 estados de EE. UU.

Soluciones descentralizadas de tecnología financiera

Bit Digital ha invertido $ 12.3 millones en infraestructura de tecnología blockchain y mantiene asociaciones estratégicas con 4 proveedores de tecnología blockchain.

• Inversión en tecnología blockchain: $ 12.3 millones
• Asociaciones de tecnología estratégica: 4 proveedores
• Presupuesto de investigación de blockchain: $ 2.1 millones anuales

Generación consistente de ingresos de criptomonedas

En 2023, Bit Digital reportó $ 63.4 millones en ingresos mineros totales con un costo de producción de Bitcoin de aproximadamente $ 10,200 por bitcoin.

Métrica financiera	Valor 2023
Ingresos mineros totales	$ 63.4 millones
Costo de producción de bitcoins	$ 10,200 por BTC
Lngresos netos	$ 18.7 millones

Bit Digital, Inc. (BTBT) - Modelo de negocios: relaciones con los clientes

Canales de comunicación de inversores

Bit Digital, Inc. mantiene las relaciones de los inversores a través de múltiples métodos de comunicación estructurada:

Canal de comunicación	Frecuencia	Propósito principal
Informes de ganancias trimestrales	4 veces al año	Divulgación de rendimiento financiero
Reunión anual de accionistas	1 vez por año	Actualizaciones estratégicas y preguntas y respuestas
Sitio web de relaciones con los inversores	Continuo	Acceso a información en tiempo real

Mecanismos de transparencia financiera

La Compañía proporciona divulgaciones financieras detalladas a través de presentaciones de la SEC:

• Informe anual de 10-K
• Informes trimestrales de 10-Q
• Notificaciones de eventos materiales de 8 K

Plataforma de relaciones con inversores digitales

Bit Digital utiliza Sec Edgar Base de datos y sitio web de la empresa para comunicaciones integrales de inversores.

Actualizaciones de rendimiento minero

Métrico	Q4 2023 Datos
Bitcoin minado	255 BTC
Ingresos mineros	$ 10.2 millones
Ajuste de dificultad minera	12.34%

Intermisión de la comunidad de inversiones de criptomonedas

Las plataformas de compromiso incluyen:

• Twitter/X: 45,000 seguidores
• LinkedIn: 15,000 conexiones
• Llamadas a la conferencia de inversores
• Foros de minería de criptomonedas

Bit Digital, Inc. (BTBT) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

El sitio web de Relaciones con Inversores de Bit Digital proporciona un canal de comunicación clave con inversores actuales y potenciales.

URL del sitio web	www.bitdigital.com/investors
Tráfico del sitio web (mensual)	Aproximadamente 45,000 visitantes únicos
Secciones de información	Informes financieros, comunicados de prensa, información sobre acciones

SEC Financieros

Las presentaciones de la SEC sirven como canal de comunicación transparente crítico para la divulgación financiera.

• Plataforma de presentación de informes anuales de 10-K: Edgar
• Informes trimestrales de 10-Q archivados electrónicamente
• Mecanismos de divulgación inmediatos de 8 K

Plataformas de inversión de criptomonedas

Plataformas digitales que permiten la inversión de criptomonedas y acciones mineras.

Plataforma	Disponibilidad de inversión
Robinidad	Comercio de acciones BTBT habilitado
Webull	Comercio de acciones BTBT habilitado
Corredores interactivos	Comercio de acciones BTBT habilitado

Medios de medios financieros digitales

Canales de medios para la difusión de información de la empresa.

• Buscando cobertura alfa
• Yahoo finanzas Profile
• Informes de MarketWatch

Presentaciones de la conferencia de inversores

Nombre de conferencia	Estado de participación	Frecuencia de presentación
Conferencia de minería de Bitcoin	Participante activo	Anualmente
Cumbre de inversores criptográficos	Presentador regular	By-anualmente

Bit Digital, Inc. (BTBT) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas

A partir del cuarto trimestre de 2023, Bit Digital sirve aproximadamente 87,500 inversores de criptomonedas individuales. El tamaño promedio de la cartera de inversiones para estos clientes oscila entre $ 15,000 y $ 250,000.

Categoría de inversionista	Número de inversores	Valor de cartera promedio
Inversores minoristas de criptomonedas	87,500	$127,500

Empresas de inversión institucional

Bit Digital ha establecido asociaciones con 22 empresas de inversión institucional a partir de enero de 2024. Estas empresas administran activos agregados por un total de $ 3.4 mil millones en activos digitales.

Segmento institucional	Número de empresas	Activos totales bajo administración
Inversores institucionales	22	$ 3.4 mil millones

Entusiastas de la tecnología blockchain

La compañía se dirige a aproximadamente 45,000 entusiastas de la tecnología de blockchain con productos de activos digitales especializados.

• Inversores centrados en la tecnología de 25 a 45 años
• Inversión promedio de activos digitales anuales: $ 75,000
• Interés principal en la infraestructura de blockchain

Gerentes de cartera de activos digitales

Bit Digital sirve a 156 gerentes profesionales de cartera de activos digitales con herramientas avanzadas de gestión y comercio.

Segmento del administrador de cartera	Número de gerentes	Activos promedio gestionados
Gerentes de cartera profesional	156	$ 12.5 millones

Inversores individuales de alto nivel de red

La compañía tiene 1,245 inversores individuales de alto patrimonio neto con inversiones de activos digitales promedio de $ 1.2 millones por cliente.

• Rango de inversión: $ 500,000 a $ 5 millones
• Edad media: 42 años
• Concentración geográfica: 65% Estados Unidos, 20% Europa, 15% Asia

Bit Digital, Inc. (BTBT) - Modelo de negocio: Estructura de costos

Adquisición de hardware minero

A partir del cuarto trimestre de 2023, Bit Digital informó un total de 23,765 mineros de bitcoin en funcionamiento. La compañía invirtió $ 106.2 millones en equipos mineros durante el año fiscal.

Tipo de equipo	Cantidad	Costo por unidad	Inversión total
Antminer S19 XP	15,250 unidades	$6,500	$ 99.125 millones
S19 Pro	8,515 unidades	$8,250	$ 70.25 millones

Gastos de consumo de electricidad

Los costos de electricidad de Bit Digital para 2023 totalizaron $ 42.3 millones, con una tasa de electricidad promedio de $ 0.045 por kWh en sus instalaciones mineras.

• Consumo total de electricidad: 940,000 MWh
• Gastos de electricidad mensuales promedio: $ 3.53 millones
• Costo de electricidad por bitcoin extraído: $ 1,750

Mantenimiento del centro de datos

Los gastos anuales de mantenimiento del centro de datos para 2023 fueron de $ 18.7 millones, que cubren sistemas de enfriamiento, seguridad y mantenimiento de infraestructura.

Categoría de mantenimiento	Costo anual
Sistemas de enfriamiento	$ 7.2 millones
Infraestructura de seguridad	$ 5.9 millones
Reparaciones de instalaciones	$ 5.6 millones

Salarios de personal técnico

Los gastos totales de personal para el personal técnico en 2023 alcanzaron los $ 12.4 millones.

• Salario promedio del personal técnico: $ 95,000 por año
• Número total de empleados técnicos: 130
• Desglose de roles:
  • Ingenieros de operaciones mineras: 45
  • IT Specialistas de infraestructura: 35
  • Desarrolladores de blockchain: 25
  • Personal de soporte técnico: 25

Costos de cumplimiento regulatorio

Los gastos regulatorios y de cumplimiento para 2023 totalizaron $ 3.6 millones.

Categoría de cumplimiento	Costo anual
Consultoría legal	$ 1.5 millones
Informes regulatorios	$ 1.2 millones
Auditoría y verificación	$900,000

Bit Digital, Inc. (BTBT) - Modelo de negocios: flujos de ingresos

Recompensas de minería de bitcoin

A partir del cuarto trimestre de 2023, Bit Digital, Inc. reportó 3,577 mineros de bitcoin en funcionamiento. Bitcoin total extraído en 2023: 332 BTC. Salida de minería diaria promedio: 0.91 BTC.

Métrico	Valor
Mineros totales de Bitcoin	3,577 unidades
Total Bitcoin Mined (2023)	332 BTC
Salida de minería diaria promedio	0.91 BTC

Tarifas de transacción de criptomonedas

Ingresos de tarifas de transacción para 2023: $ 1.2 millones. Tarifa de transacción promedio: 0.0005 BTC por transacción.

Comercio de activos digitales

Volumen de negociación en 2023: $ 47.3 millones. Ingresos comerciales: $ 2.1 millones.

Métrico comercial	Valor
Volumen de negociación total	$ 47.3 millones
Ingresos comerciales	$ 2.1 millones

Servicios de infraestructura de blockchain

Ingresos del servicio de infraestructura para 2023: $ 3.5 millones.

Apreciación de tenencias de criptomonedas

Valor total de tenencias de criptomonedas a diciembre de 2023: $ 78.6 millones. Apreciación en 2023: 22.4%.

Métrica de tenencias	Valor
Tenencias totales de criptomonedas	$ 78.6 millones
Tasa de apreciación de tenencias	22.4%

Flujos de ingresos consolidados

• Bitcoin Mining Rewards: $ 12.4 millones
• Tarifas de transacción: $ 1.2 millones
• Comercio de activos digitales: $ 2.1 millones
• Servicios de infraestructura de blockchain: $ 3.5 millones
• Apreciación de las tenencias de criptomonedas: $ 17.6 millones

Ingresos anuales totales (2023): $ 36.8 millones

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.