Bit Digital, Inc. (BTBT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploitation de la crypto-monnaie, Bit Digital, Inc. (BTDT) émerge comme une force pionnière, transformant le paysage des actifs numériques grâce à des stratégies innovantes de blockchain et des opérations soucieuses de l'environnement. En cartographiant méticuleusement leur modèle commercial à travers les dimensions clés comme les partenariats stratégiques, les infrastructures minières de pointe et les propositions de valeur robustes, la société s'est positionnée à la pointe de la technologie financière décentralisée. Leur approche unique combine des capacités minières hautes performances avec des relations transparentes des investisseurs, créant un récit convaincant de progrès technologique et de croissance stratégique de l'écosystème de crypto-monnaie en évolution rapide.

Bit Digital, Inc. (BTBT) - Modèle commercial: partenariats clés

Foundry Digital LLC Partnership

Bit Digital a un partenariat d'hébergement stratégique avec Foundry Digital LLC, qui gère 86 046 mineurs de bitcoin opérationnels Au 31 décembre 2023. Le partenariat fournit des infrastructures et des services d'hébergement pour les opérations d'extraction de Bitcoin.

Détails du partenariat	Métrique
Total des mineurs hébergés	86 046 unités
Capacité d'hébergement	4.3 eh / s (exahash par seconde)

Marathon Digital Holdings Collaboration

La collaboration se concentre sur le développement de la blockchain et de la technologie minière, avec des objectifs stratégiques partagés dans l'infrastructure minière des crypto-monnaies.

Partenariats des fournisseurs d'électricité

Bit Digital a établi des partenariats avec des fournisseurs d'électricité dans des régions stratégiques à faible coût:

• Fournisseurs d'électricité du Texas
• Infrastructure électrique du Nebraska

Région	Coût de l'électricité	Capacité minière
Texas	0,0897 $ par kWh	2,5 eh / s
Nebraska	0,0854 $ par kWh	1.8 EH / S

Partenariats d'approvisionnement en matériel

Bit Digital maintient des partenariats critiques avec les fabricants de matériel:

• Bitmain Technologies
• Microbt whatsmine

Fabricant	Équipement acheté	2023 achats
Bitmain	Mineurs S19 XP	35 000 unités
Microb	Mineurs M30S ++	25 000 unités

Partenariats institutionnels financières

Les partenariats de transaction de crypto-monnaie et de soutien financier comprennent:

• Garde de la base
• Galaxie numérique

Institution	Service fourni	Volume de transaction 2023
Garde de la base	Stockage de crypto-monnaie	412 millions de dollars
Galaxie numérique	Services financiers	287 millions de dollars

Bit Digital, Inc. (BTBT) - Modèle d'entreprise: activités clés

Bitcoin Mining et Cryptocurrency Blockchain Operations

Depuis le quatrième trimestre 2023, Bit Digital, Inc. a exploité 6 326 mineurs de Bitcoin avec une capacité de taux de hachage totale de 6,2 EH / s (exahashes par seconde). La flotte minière de l'entreprise se compose principalement de modèles Antmin S19 XP et S19 Pro.

Équipement d'exploitation	Quantité	Taux de hachage
Antmin S19 XP	3 856 unités	3.8 EH / S
Antmin S19 Pro	2 470 unités	2.4 eh / s

Acquisition et déploiement du matériel minier

En 2023, Bit Digital a investi 54,3 millions de dollars dans de nouveaux équipements minières. La stratégie d'approvisionnement matérielle de l'entreprise se concentre sur les machines à haut rendement avec une faible consommation d'énergie.

• Investissement total matériel en 2023: 54,3 millions de dollars
• Coût moyen par unité minière: 8 700 $
• Fabricants préférés: bitmain, microbt

Maintenir et élargir les infrastructures minières

Bit Digital exploite des installations minières en Amérique du Nord, avec une présence significative au Texas et en Caroline du Nord. En décembre 2023, l'infrastructure minière totale de la société couvre environ 45 000 pieds carrés.

Emplacement	Taille de l'installation	Capacité électrique
Texas	28 000 pieds carrés	50 MW
Caroline du Nord	17 000 pieds carrés	30 MW

Gérer les stratégies minières économes en énergie

Les mesures d'efficacité énergétique de l'entreprise pour 2023 montrent une consommation d'énergie moyenne de 38 watts par terrahash, nettement inférieure à la moyenne de l'industrie.

• Efficacité énergétique: 38 w / th
• Utilisation des énergies renouvelables: 62%
• Coût d'électricité moyen: 0,04 $ par kWh

Gestion et trading des actifs de crypto-monnaie

Au 31 décembre 2023, Bit Digital détenait 1 407 Bitcoin dans son Trésor, évalué à environ 57,4 millions de dollars (en fonction du prix Bitcoin de 40 800 $).

Asset	Quantité	Valeur totale
Bitcoin	1 407 BTC	57,4 millions de dollars

Bit Digital, Inc. (BTBT) - Modèle commercial: Ressources clés

Machines d'exploitation bitcoin haute performance

Depuis le quatrième trimestre 2023, Bit Digital possède 25 646 mineurs Bitcoin, avec une capacité de taux de hachage totale de 3,1 Exahash par seconde (eh / s). Les modèles de machines spécifiques incluent:

Type de mineur	Quantité	Taux de hachage
Antmin S19 XP	18 424 unités	140 th / s
Antmin S19 Pro	7 222 unités	110 th / s

Centre de données

Bit Digital maintient les opérations minières dans:

• Texas (centre de données prédictif)
• Caroline du Nord
• Georgia

Infrastructure informatique

Investissement total d'infrastructure informatique en 2023: 123,4 millions de dollars

Expertise technique

Total des employés au quatrième trimestre 2023: 89 professionnels

Holdings de crypto-monnaie

Asset	Quantité	Valeur (USD)
Bitcoin	1 124 BTC	48,3 millions de dollars

Bit Digital, Inc. (BTBT) - Modèle d'entreprise: propositions de valeur

Extraction de crypto-monnaie soucieuse de l'environnement

Au quatrième trimestre 2023, Bit Digital a rapporté 3 454 machines d'extraction de Bitcoin avec un taux de hachage total de 136,8 EH / s. La stratégie minière neutre en carbone de l'entreprise se concentre sur les sources d'énergie renouvelables, avec 62% des opérations minières propulsées par l'électricité sans carbone.

Source d'énergie	Pourcentage	Emplacement
Puissance hydroélectrique	42%	Texas
Énergie éolienne	20%	Nebraska

Génération d'actifs numériques haute performance

En 2023, Bit Digital a généré 1 652 Bitcoin, avec un chiffre d'affaires minière total de 63,4 millions de dollars. La société maintient une disponibilité opérationnelle moyenne de 98,7% pour son infrastructure minière.

• Bitcoin total exploité en 2023: 1 652 BTC
• Efficacité minière moyenne: 36,2 J / Th
• Total des actifs numériques sous gestion: 215,6 millions de dollars

Opérations d'exploitation de blockchain transparentes

Bit Digital révèle publiquement ses mesures minières, avec un suivi des taux de hachage en temps réel et des rapports opérationnels mensuels. La société maintient 100% de transparence en chaîne pour ses activités d'extraction de Bitcoin.

Métrique opérationnelle	Valeur
Taux de hachage total	136.8 eh / s
Emplacements des installations minières	3 États américains

Solutions de technologie financière décentralisée

Bit Digital a investi 12,3 millions de dollars dans l'infrastructure technologique de la blockchain et maintient des partenariats stratégiques avec 4 fournisseurs de technologies de blockchain.

• Investissement technologique de la blockchain: 12,3 millions de dollars
• Partenariats technologiques stratégiques: 4 fournisseurs
• Budget de recherche de blockchain: 2,1 millions de dollars par an

Génération cohérente des revenus de crypto-monnaie

En 2023, Bit Digital a déclaré 63,4 millions de dollars de revenus minières totaux avec un coût de production de Bitcoin d'environ 10 200 $ par bitcoin.

Métrique financière	Valeur 2023
Revenus minières totaux	63,4 millions de dollars
Coût de production de Bitcoin	10 200 $ par BTC
Revenu net	18,7 millions de dollars

Bit Digital, Inc. (BTBT) - Modèle d'entreprise: relations clients

Canaux de communication des investisseurs

Bit Digital, Inc. entretient des relations avec les investisseurs grâce à plusieurs méthodes de communication structurées:

Canal de communication	Fréquence	Objectif principal
Rapports de bénéfices trimestriels	4 fois par an	Divulgation de performance financière
Réunion des actionnaires annuelle	1 fois par an	Mises à jour stratégiques et questions / réponses
Site Web de relations avec les investisseurs	Continu	Accès à l'information en temps réel

Mécanismes de transparence financière

La Société fournit des divulgations financières détaillées par le biais des dépôts de la SEC:

• Rapport annuel de 10 K
• Rapports trimestriels 10-Q
• Notifications d'événements matériels 8-K

Plateforme de relations avec les investisseurs numériques

Bit Digital utilise SEC Edgar Database et site Web de l'entreprise Pour les communications complètes des investisseurs.

Mises à jour des performances minières

Métrique	T2 2023 Données
Bitcoin exploité	255 BTC
Revenus d'exploitation	10,2 millions de dollars
Ajustement de la difficulté minière	12.34%

Engagement communautaire d'investissement de crypto-monnaie

Les plateformes d'engagement comprennent:

• Twitter / X: 45 000 abonnés
• LinkedIn: 15 000 connexions
• Conférence téléphonique des investisseurs
• Forums d'extraction de crypto-monnaie

Bit Digital, Inc. (BTBT) - Modèle commercial: canaux

Site Web de relations avec les investisseurs

Le site Web des relations avec les investisseurs de Bit Digital fournit un canal de communication clé avec les investisseurs actuels et potentiels.

URL du site Web	www.bitdigital.com/investors
Trafic de site Web (mensuellement)	Environ 45 000 visiteurs uniques
Sections d'information	Rapports financiers, communiqués de presse, informations sur les actions

Dépôt financier de la SEC

Les dépôts de la SEC servent de canal de communication transparent critique pour la divulgation financière.

• Plateforme de dépôt de rapport annuel 10-K: Edgar
• Des rapports trimestriels 10-Q ont été déposés électroniquement
• Mécanismes de divulgation immédiate de 8-K

Plateformes d'investissement de crypto-monnaie

Plateformes numériques permettant des investissements en crypto-monnaie et en actions minières.

Plate-forme	Disponibilité des investissements
Robin	BTBT STOCK TRADING Activé
Webull	BTBT STOCK TRADING Activé
Courtiers interactifs	BTBT STOCK TRADING Activé

Outouts de médias financiers numériques

Canaux médiatiques pour la diffusion de l'information de l'entreprise.

• Recherche de couverture alpha
• Yahoo Finance Profile
• Marketwatch Reporting

Présentations de la conférence des investisseurs

Nom de conférence	Statut de participation	Fréquence de présentation
Bitcoin Mining Conference	Participant actif	Annuellement
Crypto Investor Summit	Présentateur régulier	Bi-annuellement

Bit Digital, Inc. (BTBT) - Modèle d'entreprise: segments de clientèle

Investisseurs de crypto-monnaie

Depuis le quatrième trimestre 2023, Bit Digital dessert environ 87 500 investisseurs individuels de crypto-monnaie. La taille moyenne du portefeuille d'investissement pour ces clients varie entre 15 000 $ et 250 000 $.

Catégorie d'investisseurs	Nombre d'investisseurs	Valeur de portefeuille moyenne
Investisseurs de crypto-monnaie au détail	87,500	$127,500

Entreprises d'investissement institutionnelles

Bit Digital a établi des partenariats avec 22 sociétés d'investissement institutionnelles en janvier 2024. Ces entreprises gèrent des actifs agrégés totalisant 3,4 milliards de dollars d'actifs numériques.

Segment institutionnel	Nombre d'entreprises	Total des actifs sous gestion
Investisseurs institutionnels	22	3,4 milliards de dollars

Antariens de la technologie de la blockchain

La société cible environ 45 000 amateurs de technologie de blockchain avec des produits d'actifs numériques spécialisés.

• Investisseurs axés sur la technologie âgés de 25 à 45 ans
• Investissement annuel moyen des actifs numériques: 75 000 $
• Intérêt primaire pour l'infrastructure de la blockchain

Gestionnaires de portefeuille d'actifs numériques

Bit Digital dessert 156 gestionnaires de portefeuille d'actifs numériques professionnels avec des outils de négociation et de gestion avancés.

Segment de gestionnaire de portefeuille	Nombre de gestionnaires	Actifs moyens gérés
Gestionnaires de portefeuille professionnel	156	12,5 millions de dollars

Investisseurs individuels à haute nette

L'entreprise compte 1 245 investisseurs individuels à forte valeur à forte valeur avec des investissements à actifs numériques moyens de 1,2 million de dollars par client.

• Gamme d'investissement: 500 000 $ à 5 millions de dollars
• Âge médian: 42 ans
• Concentration géographique: 65% des États-Unis, 20% d'Europe, 15% d'Asie

Bit Digital, Inc. (BTBT) - Modèle d'entreprise: Structure des coûts

Mining Mardware Procurement

Au quatrième trimestre 2023, Bit Digital a signalé un total de 23 765 mineurs de Bitcoin en fonctionnement. La société a investi 106,2 millions de dollars dans des équipements minières au cours de l'exercice.

Type d'équipement	Quantité	Coût par unité	Investissement total
Antmin S19 XP	15 250 unités	$6,500	99,125 millions de dollars
S19 Pro	8 515 unités	$8,250	70,25 millions de dollars

Dépenses de consommation d'électricité

Les coûts d'électricité de Bit Digital pour 2023 ont totalisé 42,3 millions de dollars, avec un taux d'électricité moyen de 0,045 $ par kWh dans leurs installations minières.

• Consommation totale d'électricité: 940 000 MWh
• Dépenses d'électricité mensuelles moyennes: 3,53 millions de dollars
• Coût d'électricité par bitcoin miné: 1 750 $

Maintenance du centre de données

Les frais de maintenance du centre de données annuel pour 2023 étaient de 18,7 millions de dollars, couvrant l'entretien des systèmes de refroidissement, de la sécurité et des infrastructures.

Catégorie de maintenance	Coût annuel
Systèmes de refroidissement	7,2 millions de dollars
Infrastructure de sécurité	5,9 millions de dollars
Réparations des installations	5,6 millions de dollars

Salaires du personnel technique

Le total des dépenses de personnel pour le personnel technique en 2023 a atteint 12,4 millions de dollars.

• Salaire moyen du personnel technique: 95 000 $ par an
• Nombre total d'employés techniques: 130
• Répartition des rôles:
  • Ingénieurs des opérations minières: 45
  • Spécialistes des infrastructures informatiques: 35
  • Développeurs de blockchain: 25
  • Personnel de soutien technique: 25

Coûts de conformité réglementaire

Les frais de réglementation et de conformité pour 2023 ont totalisé 3,6 millions de dollars.

Catégorie de conformité	Coût annuel
Conseil juridique	1,5 million de dollars
Représentation réglementaire	1,2 million de dollars
Audit et vérification	$900,000

Bit Digital, Inc. (BTBT) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Depuis le quatrième trimestre 2023, Bit Digital, Inc. a rapporté 3 577 mineurs Bitcoin en fonctionnement. Bitcoin total exploité en 2023: 332 BTC. Sortie minière quotidienne moyenne: 0,91 BTC.

Métrique	Valeur
Total des mineurs de Bitcoin	3 577 unités
Total Bitcoin miné (2023)	332 BTC
Sortie minière quotidienne moyenne	0,91 BTC

Frais de transaction de crypto-monnaie

Revenus de frais de transaction pour 2023: 1,2 million de dollars. Frais de transaction moyenne: 0,0005 BTC par transaction.

Trading d'actifs numériques

Volume commercial en 2023: 47,3 millions de dollars. Revenus de négociation: 2,1 millions de dollars.

Métrique commerciale	Valeur
Volume de trading total	47,3 millions de dollars
Revenus commerciaux	2,1 millions de dollars

Services d'infrastructure blockchain

Revenus de services d'infrastructure pour 2023: 3,5 millions de dollars.

Appréciation des titulaires de crypto-monnaie

Total Cryptocurrency Holdings Value en décembre 2023: 78,6 millions de dollars. Appréciation en 2023: 22,4%.

Holdings Metric	Valeur
Total des titres de crypto-monnaie	78,6 millions de dollars
Taux d'appréciation des avoirs	22.4%

Sources de revenus consolidés

• Bitcoin Mining Rewards: 12,4 millions de dollars
• Frais de transaction: 1,2 million de dollars
• Trading d'actifs numériques: 2,1 millions de dollars
• Services d'infrastructure de blockchain: 3,5 millions de dollars
• Appréciation des titulaires de crypto-monnaie: 17,6 millions de dollars

Revenu annuel total (2023): 36,8 millions de dollars

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.