Bit Digital, Inc. (BTBT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração de criptomoedas, a Bit Digital, Inc. (BTDT) surge como uma força pioneira, transformando o cenário de ativos digitais por meio de estratégias inovadoras de blockchain e operações ambientalmente conscientes. Ao mapear meticulosamente seu modelo de negócios em dimensões-chave, como parcerias estratégicas, infraestrutura de mineração de ponta e proposições robustas de valor, a empresa se posicionou na vanguarda da tecnologia financeira descentralizada. Sua abordagem única combina recursos de mineração de alto desempenho com relações transparentes dos investidores, criando uma narrativa atraente de avanço tecnológico e crescimento estratégico no ecossistema de criptomoeda em rápida evolução.

Bit Digital, Inc. (BTBT) - Modelo de Negócios: Principais Parcerias

Foundry Digital LLC Parceria

Bit Digital tem uma parceria estratégica de hospedagem com a Foundry Digital LLC, que gerencia 86.046 mineiros operacionais de bitcoin Em 31 de dezembro de 2023. A parceria fornece serviços de infraestrutura e hospedagem para operações de mineração de Bitcoin.

Detalhes da parceria	Métricas
Total de mineiros hospedados	86.046 unidades
Capacidade de hospedagem	4.3 EH/S (Exahash por segundo)

Marathon Digital Holdings Collaboration

A colaboração se concentra no desenvolvimento da tecnologia de blockchain e mineração, com objetivos estratégicos compartilhados na infraestrutura de mineração de criptomoedas.

Parcerias de provedores de eletricidade

A Bit Digital estabeleceu parcerias com provedores de eletricidade em regiões estratégicas de baixo custo:

• Provedores de eletricidade do Texas
• Infraestrutura de eletricidade de Nebraska

Região	Custo de eletricidade	Capacidade de mineração
Texas	US $ 0,0897 por kWh	2.5 EH/S.
Nebraska	US $ 0,0854 por kWh	1.8 EH/S.

Parcerias de aquisição de hardware

A Bit Digital mantém parcerias críticas com os fabricantes de hardware:

• Tecnologias Bitmain
• Microbt whatsminer

Fabricante	Equipamento adquirido	2023 Compras
Bitmain	S19 Mineiros XP	35.000 unidades
Microbt	M30S ++ Mineiros	25.000 unidades

Parcerias institucionais financeiras

As parcerias de transação de criptomoeda e apoio financeiro incluem:

• Custódia de Coinbase
• Galaxy Digital

Instituição	Serviço prestado	Volume da transação 2023
Custódia de Coinbase	Armazenamento de criptomoedas	US $ 412 milhões
Galaxy Digital	Serviços financeiros	US $ 287 milhões

Bit Digital, Inc. (BTBT) - Modelo de Negócios: Atividades -chave

Operações de Mineração de Bitcoin e Blockchain de Criptomoedas

A partir do quarto trimestre 2023, a Bit Digital, Inc. operava 6.326 mineradores de bitcoin com uma capacidade total de hash de 6,2 EH/S (Exahashes por segundo). A frota de mineração da empresa consiste principalmente nos modelos Antminer S19 XP e S19 Pro.

Equipamento de mineração	Quantidade	Taxa de hash
Antminer S19 XP	3.856 unidades	3.8 EH/S.
Antminer S19 Pro	2.470 unidades	2.4 EH/S.

Aquisição e implantação de hardware de mineração

Em 2023, a Bit Digital investiu US $ 54,3 milhões em novos equipamentos de mineração. A estratégia de compra de hardware da empresa se concentra em máquinas de alta eficiência com baixo consumo de energia.

• Investimento total de hardware em 2023: US $ 54,3 milhões
• Custo médio por unidade de mineração: US $ 8.700
• Fabricantes preferidos: bitmain, microbt

Manter e expandir a infraestrutura de mineração

A Bit Digital opera instalações de mineração na América do Norte, com uma presença significativa no Texas e na Carolina do Norte. Em dezembro de 2023, a infraestrutura total de mineração da empresa cobre aproximadamente 45.000 pés quadrados.

Localização	Tamanho da instalação	Capacidade de energia
Texas	28.000 pés quadrados	50 mw
Carolina do Norte	17.000 pés quadrados	30 MW

Gerenciando estratégias de mineração com eficiência energética

As métricas de eficiência energética da empresa para 2023 mostram um consumo médio de energia de 38 watts por terahash, significativamente abaixo da média da indústria.

• Eficiência de poder: 38 com th
• Uso de energia renovável: 62%
• Custo médio de eletricidade: US $ 0,04 por kWh

Gerenciamento e negociação de ativos de criptomoeda

Em 31 de dezembro de 2023, a Bit Digital detinha 1.407 Bitcoin em seu tesouro, avaliada em aproximadamente US $ 57,4 milhões (com base no preço do Bitcoin de US $ 40.800).

Asset	Quantidade	Valor total
Bitcoin	1.407 BTC	US $ 57,4 milhões

Bit Digital, Inc. (BTBT) - Modelo de negócios: Recursos -chave

Máquinas de mineração de bitcoin de alto desempenho

No quarto trimestre 2023, a Bit Digital possui 25.646 mineradores de bitcoin, com uma capacidade total de hash de 3,1 Exahash por segundo (EH/S). Os modelos de máquinas específicos incluem:

Tipo de mineiro	Quantidade	Taxa de hash
Antminer S19 XP	18.424 unidades	140 th/s
Antminer S19 Pro	7.222 unidades	110 th/s

Instalações de data center

Bit Digital mantém operações de mineração em:

• Texas (data center preditivo)
• Carolina do Norte
• Georgia

Infraestrutura de computação

Investimento total de infraestrutura de computação a partir de 2023: US $ 123,4 milhões

Experiência técnica

Total de funcionários a partir do quarto trimestre 2023: 89 profissionais

Holdings de criptomoeda

Asset	Quantidade	Valor (USD)
Bitcoin	1.124 BTC	US $ 48,3 milhões

Bit Digital, Inc. (BTBT) - Modelo de Negócios: Proposições de Valor

Mineração de criptomoeda ambientalmente consciente

A partir do quarto trimestre 2023, a Bit Digital relatou 3.454 máquinas de mineração de bitcoin com uma taxa total de hash de 136,8 eh/s. A estratégia de mineração neutra em carbono da empresa se concentra em fontes de energia renovável, com 62% das operações de mineração alimentadas por eletricidade sem carbono.

Fonte de energia	Percentagem	Localização
Potência hidrelétrica	42%	Texas
Energia eólica	20%	Nebraska

Geração de ativos digitais de alto desempenho

Em 2023, a Bit Digital gerou 1.652 Bitcoin, com uma receita total de mineração de US $ 63,4 milhões. A empresa mantém um tempo de atividade operacional média de 98,7% para sua infraestrutura de mineração.

• Total Bitcoin minerado em 2023: 1.652 BTC
• Eficiência média de mineração: 36.2 J/th
• Total de ativos digitais sob gerenciamento: US $ 215,6 milhões

Operações de mineração de blockchain transparentes

A Bit Digital divulga publicamente suas métricas de mineração, com rastreamento de taxas de hash em tempo real e relatórios operacionais mensais. A empresa mantém 100% de transparência na cadeia para suas atividades de mineração de Bitcoin.

Métrica operacional	Valor
Taxa total de hash	136.8 EH/S.
Locais das instalações de mineração	3 Estados dos EUA

Soluções de tecnologia financeira descentralizadas

A Bit Digital investiu US $ 12,3 milhões em infraestrutura de tecnologia blockchain e mantém parcerias estratégicas com 4 provedores de tecnologia de blockchain.

• Blockchain Technology Investment: US $ 12,3 milhões
• Parcerias de tecnologia estratégica: 4 provedores
• Blockchain Research Orçamento: US $ 2,1 milhões anualmente

Geração de receita de criptomoeda consistente

Em 2023, a Bit Digital reportou US $ 63,4 milhões em receita total de mineração com um custo de produção de Bitcoin de aproximadamente US $ 10.200 por bitcoin.

Métrica financeira	2023 valor
Receita total de mineração	US $ 63,4 milhões
Custo de produção de Bitcoin	US $ 10.200 por BTC
Resultado líquido	US $ 18,7 milhões

Bit Digital, Inc. (BTBT) - Modelo de Negócios: Relacionamentos do Cliente

Canais de comunicação de investidores

A Bit Digital, Inc. mantém as relações dos investidores por meio de vários métodos de comunicação estruturada:

Canal de comunicação	Freqüência	Propósito primário
Relatórios de ganhos trimestrais	4 vezes por ano	Divulgação de desempenho financeiro
Reunião Anual dos Acionistas	1 tempo por ano	Atualizações estratégicas e perguntas e respostas
Site de Relações com Investidores	Contínuo	Acesso à informação em tempo real

Mecanismos de transparência financeira

A empresa fornece divulgações financeiras detalhadas por meio de registros da SEC:

• Relatório anual de 10-K
• Relatórios trimestrais de 10-Q
• Notificações de eventos de materiais de 8-K

Plataforma de relações com investidores digitais

Bit Digital utiliza Banco de dados Sec Edgar e Site da empresa Para comunicações abrangentes de investidores.

Atualizações de desempenho de mineração

Métrica	Q4 2023 dados
Bitcoin extraiu	255 BTC
Receita de mineração	US $ 10,2 milhões
Ajuste da dificuldade de mineração	12.34%

Engajamento da comunidade de investimentos em criptomoeda

As plataformas de engajamento incluem:

• Twitter/X: 45.000 seguidores
• LinkedIn: 15.000 conexões
• Chamadas de conferência de investidores
• Fóruns de mineração de criptomoedas

Bit Digital, Inc. (BTBT) - Modelo de Negócios: Canais

Site de Relações com Investidores

O site de relações com investidores da Bit Digital fornece o canal de comunicação importante com investidores atuais e em potencial.

URL do site	www.bitdigital.com/investors
Tráfego do site (mensalmente)	Aproximadamente 45.000 visitantes únicos
Seções de informação	Relatórios financeiros, comunicados de imprensa, informações sobre ações

Sec registros financeiros

Os registros da SEC servem como canal de comunicação transparente crítico para divulgação financeira.

• Plataforma de arquivamento anual de relatório de 10-K: Edgar
• Relatórios trimestrais de 10 Q arquivados eletronicamente
• Mecanismos de divulgação imediatos de 8-k

Plataformas de investimento em criptomoedas

Plataformas digitais que permitem o investimento em criptomoedas e mineração de ações.

Plataforma	Disponibilidade de investimento
Robinhood	Negociação de ações BTBT habilitada
Webull	Negociação de ações BTBT habilitada
Corretores interativos	Negociação de ações BTBT habilitada

Meios de comunicação financeiros digitais

Canais de mídia para disseminação de informações da empresa.

• Buscando cobertura alfa
• Finanças do Yahoo Profile
• Relatórios de MarketWatch

Apresentações da Conferência de Investidores

Nome da conferência	Status de participação	Frequência de apresentação
Conferência de Mineração de Bitcoin	Participante ativo	Anualmente
Crypto Investor Summit	Apresentador regular	Bi-semestralmente

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

Investidores de criptomoeda

A partir do quarto trimestre 2023, a Bit Digital atende a aproximadamente 87.500 investidores individuais de criptomoeda. O tamanho médio do portfólio de investimentos para esses clientes varia entre US $ 15.000 e US $ 250.000.

Categoria de investidores	Número de investidores	Valor médio do portfólio
Investidores de criptomoeda de varejo	87,500	$127,500

Empresas de investimento institucional

A Bit Digital estabeleceu parcerias com 22 empresas de investimento institucional em janeiro de 2024. Essas empresas gerenciam ativos agregados, totalizando US $ 3,4 bilhões em ativos digitais.

Segmento institucional	Número de empresas	Total de ativos sob gestão
Investidores institucionais	22	US $ 3,4 bilhões

Entusiastas da tecnologia blockchain

A empresa tem como alvo aproximadamente 45.000 entusiastas da tecnologia blockchain com produtos de ativos digitais especializados.

• Investidores focados em tecnologia com idades entre 25 e 45 anos
• Investimento médio de ativo digital anual: US $ 75.000
• Interesse primário na infraestrutura de blockchain

Gerentes de portfólio de ativos digitais

A Bit Digital serve 156 gerentes profissionais de portfólio de ativos digitais com ferramentas avançadas de negociação e gerenciamento.

Segmento de gerente de portfólio	Número de gerentes	Ativos médios gerenciados
Gerentes de portfólio profissional	156	US $ 12,5 milhões

Investidores individuais de alta rede

A empresa possui 1.245 investidores individuais de alta rede com investimentos médios de ativos digitais de US $ 1,2 milhão por cliente.

• Faixa de investimento: US $ 500.000 a US $ 5 milhões
• Idade média: 42 anos
• Concentração geográfica: 65% dos Estados Unidos, 20% Europa, 15% da Ásia

Bit Digital, Inc. (BTBT) - Modelo de negócios: estrutura de custos

Compra de hardware de mineração

A partir do quarto trimestre 2023, a Bit Digital relatou um total de 23.765 mineradores de bitcoin em operação. A empresa investiu US $ 106,2 milhões em equipamentos de mineração durante o ano fiscal.

Tipo de equipamento	Quantidade	Custo por unidade	Investimento total
Antminer S19 XP	15.250 unidades	$6,500	US $ 99,125 milhões
S19 Pro	8.515 unidades	$8,250	US $ 70,25 milhões

Despesas de consumo de eletricidade

Os custos de eletricidade da Bit Digital para 2023 totalizaram US $ 42,3 milhões, com uma taxa média de eletricidade de US $ 0,045 por kWh em suas instalações de mineração.

• Consumo total de eletricidade: 940.000 mwh
• Despesas médias mensais de eletricidade: US $ 3,53 milhões
• Custo de eletricidade por bitcoin minerado: US $ 1.750

Manutenção do data center

As despesas anuais de manutenção do data center para 2023 foram de US $ 18,7 milhões, cobrindo sistemas de refrigeração, segurança e manutenção de infraestrutura.

Categoria de manutenção	Custo anual
Sistemas de resfriamento	US $ 7,2 milhões
Infraestrutura de segurança	US $ 5,9 milhões
Reparos de instalações	US $ 5,6 milhões

Salários de pessoal técnico

O total de despesas de pessoal para a equipe técnica em 2023 atingiu US $ 12,4 milhões.

• Salário médio da equipe técnica: US $ 95.000 por ano
• Número total de funcionários técnicos: 130
• Repartição de papéis:
  • Engenheiros de Operações de Mineração: 45
  • Especialistas em infraestrutura de TI: 35
  • Desenvolvedores de blockchain: 25
  • Equipe de suporte técnico: 25

Custos de conformidade regulatória

As despesas regulatórias e de conformidade em 2023 totalizaram US $ 3,6 milhões.

Categoria de conformidade	Custo anual
Consultoria legal	US $ 1,5 milhão
Relatórios regulatórios	US $ 1,2 milhão
Auditoria e verificação	$900,000

Bit Digital, Inc. (BTBT) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

A partir do quarto trimestre 2023, a Bit Digital, Inc. relatou 3.577 mineradores de bitcoin em operação. Total de bitcoin minerado em 2023: 332 BTC. Saída média diária de mineração: 0,91 BTC.

Métrica	Valor
Mineiros totais de bitcoin	3.577 unidades
Bitcoin total extraído (2023)	332 BTC
Saída média diária de mineração	0,91 BTC

Taxas de transação de criptomoeda

Receita de taxa de transação para 2023: US $ 1,2 milhão. Taxa média de transação: 0,0005 BTC por transação.

Negociação de ativos digitais

Volume de negociação em 2023: US $ 47,3 milhões. Receita de negociação: US $ 2,1 milhões.

Métrica de negociação	Valor
Volume total de negociação	US $ 47,3 milhões
Receita de negociação	US $ 2,1 milhões

Serviços de infraestrutura de blockchain

Receita do Serviço de Infraestrutura para 2023: US $ 3,5 milhões.

Apreciação de retenção de criptomoedas

Total Cryptocurrency Holdings Valor em dezembro de 2023: US $ 78,6 milhões. Apreciação em 2023: 22,4%.

Métrica de Holdings	Valor
Total de Holdings de criptomoeda	US $ 78,6 milhões
Taxa de valorização de propriedades	22.4%

Fluxos de receita consolidados

• Recompensas de mineração de Bitcoin: US $ 12,4 milhões
• Taxas de transação: US $ 1,2 milhão
• Negociação de ativos digitais: US $ 2,1 milhões
• Serviços de infraestrutura de blockchain: US $ 3,5 milhões
• Apreciação de Holdings de criptomoeda: US $ 17,6 milhões

Receita anual total (2023): US $ 36,8 milhões

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.