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Bit Digital, Inc. Announces First Quarter of Fiscal Year 2025 Financial Results

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NEW YORK, May 15, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City, today announced its financial results for the First Quarter of 2025. The Company will host a conference call on May 16, 2025, at 10:00 AM ET to discuss results (click here for registration information).

Financial Highlights for First Quarter of 2025

Total revenue for the First Quarter of 2025 was $25.1 million, a 17% decrease compared to the prior year’s results. The decrease was driven by a decline in Digital asset mining revenue following the April 2024 halving and partially offset by continued growth in Cloud services revenue and the addition of Colocation services revenue.Revenue from bitcoin mining was $7.8 million for the quarter, a 64% decrease compared to the prior year’s quarter. Cloud services revenue was $14.8 million, an 84% increase from the prior year’s quarter. Colocation services revenue was $1.6 million for the quarter as compared to none in the prior year’s quarter. ETH staking revenue was $0.6 million for the quarter, a 72% increase from the prior year’s quarter.Revenue from digital asset mining comprised 31% of total revenue for the first quarter of 2025 compared to 72% for the prior year’s quarter.The Company had cash, cash equivalents and restricted cash of $61.3 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $141.4 million, as of March 31, 2025.Total assets were $458.2 million and Shareholders’ Equity amounted to $417.4 million as of March 31, 2025.Adjusted EBITDA[1] was $(44.5) million for the First Quarter of 2025 compared to $58.5 million for the first quarter of 2024. Adjusted EBITDA for Q1 2025 includes $49.2 million in mark-to-market losses on digital assets compared to $45.7 million of gains in Q1 2024.GAAP loss per share was $(0.32) on a fully diluted basis for the First Quarter of 2025 compared to earnings per share of $0.43 for the first quarter of 2024.

Operational Highlights for First Quarter of 2025

The Company earned 83.3 bitcoins during the First Quarter of 2025, an 80% decrease from the prior year. The decline was driven by a reduction in block rewards following the halving event in April 2024, an increase in network difficulty, and a decrease in the Company’s average operational hash rate following a fleet deployment in connection with the Company’s exit from Coinmint facilities.The Company earned 211.0 ETH in native staking for the three months ended March 31, 2025.Treasury holdings of BTC and ETH were 417.6 and 24,434.2, respectively, with a fair market value of approximately $34.5 million and $44.5 million on March 31, 2025, respectively.As of March 31, 2025, we had 20,854 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.4 EH/s. The Company’s active hash rate of its bitcoin mining fleet was approximately 1.5 EH/s as of March 31, 2025.The Company had approximately 21,568 ETH actively staked in native staking protocols as of March 31, 2025.As of January 1, 2025, Bit Digital officially transitioned to domestic issuer status under U.S. securities law.In January 2025, the Company entered into a new agreement to supply its first customer for an additional 464 B200 GPUs for a period of eighteen months. This new agreement replaced the prior agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs. The contract represents approximately $15 million of annualized revenue and features a two-month prepayment from the customer. The customer has elected to defer the commencement date until August 20th, 2025, which is the latest allowable date under the agreement.In addition to the above, the Company signed multiple new cloud services agreements during the first quarter totaling more than 200 NVIDIA H200 GPUs, with contract durations ranging from one to twelve months. These deployments supported training and inference workloads and reflect continued momentum and customer diversification across the Company’s GPU cloud platform.In February, the Company officially rebranded its HPC business as WhiteFiber, Inc., encompassing its GPU cloud services and HPC data center platform, Enovum Data Centers.In February, the Company, through its high-performance computing platform WhiteFiber, secured a five-year, 5MW colocation agreement with Cerebras Systems (“Cerebras”), a leader in generative AI. In April, Bit Digital announced the selection of a new data center site in Saint-Jérôme, Québec (“MTL-3“) to fulfill the contract. The facility, being developed by Enovum under a lease-to-own structure, is expected to commence operations in July 2025, with total development costs estimated at approximately CAD $55 million (approximately $40 million USD). Cerebras holds a right of first refusal for additional capacity at the site.In March, the Company announced a strategic partnership between WhiteFiber and Shadeform, a leading multi-cloud GPU marketplace, to deliver on-demand access to NVIDIA B200 GPUs. Bit Digital received its first shipment of B200s during the quarter, comprising 64 servers (512 GPUs), and began phased deployment in April. Through the Shadeform integration, WhiteFiber’s GPU cloud became globally accessible across more than 100 regions, enabling developers and enterprises to access high-performance AI infrastructure without long-term commitmentsIn March 2025, the Company executed two new service orders under its existing agreement with Boosteroid, a global cloud gaming provider. The orders total 701 GPU servers under five-year terms, with deployments scheduled to commence in May and June 2025. These new contracts represent approximately $2.1 million in annualized contract value, bringing total contract value from Boosteroid to approximately $3.6 million annually and over $18 million in total contract value.

Subsequent Events

In April 2025, the Company entered into a definitive agreement to acquire a data center property in Madison, North Carolina. Closing of the transaction is subject to customary closing conditions, including receipt of an energy study verifying utility capacity. An earnest money deposit of $2.25 million was deposited in escrow pursuant to the terms of the Purchase Agreement, of which $1.25 million is non-refundable to us.In April 2025, the Company signed two additional cloud services agreements with DNA Fund. The first agreement, commencing in early May 2025, includes 104 NVIDIA H200 GPUs under a 25-month term. The second, expected to commence in May 2025, includes 512 H200 GPUs under a 23-month term. With these additions, DNA Fund’s total contracted deployment increased to 1,192 GPUs. Combined, the agreements represent approximately $20.9 million of annualized revenue.

Management Commentary

“Our first quarter results were affected by mark-to-market losses on digital assets and lower bitcoin mining revenue, both of which reflect industry-wide headwinds and the strategic rebalancing of our business. We continued to make meaningful progress in scaling our infrastructure platform and diversifying our revenue streams.

Cloud services revenue increased 84% compared to the year-ago period and accounted for the majority of total revenue. Demand was driven by both long-term enterprise contracts and short-term workloads from AI-native developers. Our strategic investments in next-generation hardware and distribution partnerships, including B200 deployments and our integration with Shadeform, helped expand platform reach and customer access.

Colocation services contributed a full quarter of revenue following our acquisition of Enovum in late 2024. We expect this business line to become a major growth engine as we expand our development pipeline to meet growing customer demand.

Bitcoin mining accounted for 31% of total revenue in the quarter, down from 40% in Q4 and 72% a year ago. The decline reflects both the halving event and the ongoing redeployment of miners from Coinmint facilities, which we used as an opportunity to retire less efficient assets and reposition our fleet. While mining remains a component of our platform, we expect its contribution to continue declining over time as our infrastructure businesses grow.

Gross margins improved both sequentially and year-over-year, driven by stronger contribution from Cloud and Colocation segments and ongoing cost discipline. We ended the quarter with approximately $140 million in total liquidity and no debt, giving us the flexibility to invest in high-return initiatives.

We advanced our platform on several fronts, deploying NVIDIA B200 GPUs, expanding key customer relationships, and progressing our datacenter expansion strategy. These milestones support our roadmap and reflect our growing relevance in the AI infrastructure landscape. As we scale our platform, we remain focused on disciplined execution and long-term value creation.”

[1] Adjusted EBITDA refers to earnings before interest expense, income tax expense and depreciation and amortization expense (“EBITDA”) adjusted to eliminate the effects of certain non-cash and / or non-recurring items. Potential adjustments are listed within the section under the header “Non-GAAP Financial Measures” in the Form 10-Q.  

About Bit Digital

Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. The Company’s HPC business operates under the WhiteFiber Inc. (“WhiteFiber”) brand. Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors”  Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. The risk factor in the Form 10-K titled “If we are classified as a passive foreign investment company (“PFIC”) U.S. taxpayers who own our ordinary shares may have adverse United States federal income tax consequences” has been modified to the extent that Management has obtained a third party analysis for 2024 and does not believe that Bit Digital should be classified as a PFIC for 2024. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor Statement” below.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

 

 

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SOURCE Bit Digital, Inc.

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TELUS transforms legacy telecommunications site into 195 new homes for Nanaimo

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Across Canada, demand for rental housing continues to outpace supply. TELUS Living is helping address this challenge by transforming existing TELUS properties into smart, sustainable homes in communities where new housing is needed most.

NANAIMO, BC, July 23, 2026 /CNW/ — TELUS Living today opened a new 195-home purpose-built rental community in downtown Nanaimo, transforming a former telecommunications property into smart, sustainable housing that helps address one of Canada’s most pressing challenges: increasing rental supply in growing communities. Located at 235 Wallace St, the multi-storey, mixed-use build features 195 purpose-built rental units, providing much-needed housing supply to downtown Nanaimo, while thoughtfully honouring the city’s unique coastal identity and heritage.

The Nanaimo development is part of TELUS’ long-term strategy to repurpose legacy telecommunications infrastructure into purpose-built rental housing as the company modernizes its network and completes the transition from copper to PureFibre technology. The Nanaimo community joins TELUS Living’s growing portfolio of developments that are transforming underutilized TELUS properties into housing across Canada.

“The Nanaimo development represents exactly what TELUS Living stands for by providing purpose-built rental housing tailored to the specific needs of the community it serves. We’ve designed 235 Wallace St with Nanaimo’s unique character in mind, offering a curated lifestyle that blends a climate-conscious, Zero Carbon Design approach with top-tier wellness and smart-tech amenities,” said Manasweeta Bhatia, Vice President of Corporate Real Estate at TELUS. “We shape every TELUS Living project by listening to the community, understanding its unique identity and design needs, and building accordingly. Its central downtown location and proximity to both Vancouver Island University and Nanaimo Regional General Hospital also position it as an ideal home for students, educators, and healthcare workers seeking modern, connected living.”

“More housing and good jobs are a win-win for downtown Nanaimo,” said Sheila Malcolmson, MLA for Nanaimo-Gabriola Island. “Adding to the approximately 1,500 affordable homes our B.C. government has completed and underway in Nanaimo, it’s great to see TELUS stepping up with 195 new units. It’s been great to see hundreds of construction and indirect jobs in town, and I can’t wait to see folks move into their new homes.”

“I’m thrilled to see a new rental option in downtown Nanaimo, and especially excited that this conversion was made with sustainability and active transportation in mind,” said George Anderson, MLA for Nanaimo-Lantzville. “Ensuring everyone can find homes they can afford in the communities they love requires creative approaches, and I hope to see more creativity like this in the future.”

“I’m delighted to celebrate the opening of TELUS Living Nanaimo, a landmark project that strengthens our downtown as a vibrant, inclusive place to live,” said Leonard Krog, Mayor of Nanaimo. “This partnership between the City of Nanaimo, our community, and TELUS demonstrates what’s possible when we work together toward shared goals. The addition of nearly 200 diverse housing options is exactly what our city needs, and we’re excited about the positive impact this will have on our community. TELUS’ commitment to our city and investment in our future will contribute to Nanaimo’s economic and social vitality.”

Situated within walking distance of downtown’s vibrant cafes, eclectic Old City Quarter, the iconic Harbourfront Walkway, and a short transit ride from Vancouver Island University and Nanaimo Regional General Hospital, the development is architecturally designed to blend classic and contemporary exterior elements. Curated for modern living, the community offers an expansive suite of indoor and outdoor social amenities alongside street-level retail and public art contributions.

Project Highlights:

Smart-Enabled Living: Powered by the TELUS PureFibre network, the custom TELUS Living App provides keyless entry, smart climate control, leak detection, parcel notifications, visitor management, and amenity bookings.Social & Wellness Amenities: Features a rooftop deck with an outdoor kitchen, BBQs, and panoramic views, alongside a state-of-the-art fitness centre and resident lounge.Pet & Active Lifestyle Ready: Equipped with a dedicated children’s outdoor play area, outdoor bark park and pet care station, secure underground parking, bike storage and maintenance facilities.Premium Functional Interiors: Studio to three-bedroom layouts include private balconies, individual A/C with Energy Recovery Ventilators (ERVs) for optimal air quality, Samsung SmartThings appliances, and in-suite laundry.Gold-Standard Sustainability: Sets a Vancouver Island benchmark aligned with Zero Carbon Design standards and Salmon-Safe development guidelines that actively protects local ecosystems.

This opening marks a significant milestone in TELUS Living’s mission to transform existing real estate holdings into purpose-built rentals that bridge the housing gap with smart, sustainable, and community-focused developments. As TELUS completes its transition from legacy copper to advanced fibre networks, the company is transforming its historic central offices–which once served as the backbone of B.C.’s phone system–into vibrant, smart, purpose-built rental communities. TELUS Living is breathing new life into these properties to help address Canada’s housing crisis. For more details on TELUS Living Nanaimo or to view available floor plans, please visit telusliving.com/nanaimo.

About TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 17 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing approximately 170 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring ‘give where we live’ philosophy, TELUS continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6 million in bursaries to 2,000 students and counting. Since 2000, TELUS, our team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days of service–earning TELUS the distinction of the world’s most giving company.

For more information, visit telus.com.

For more information, please contact:
Brandi Rees
TELUS Public Relations
brandi.rees@telus.com 

SOURCE TELUS Communications Inc.

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Award-Winning Author Euran Daniels to Deliver Opening Keynote at International Nevus Outreach Conference, Unveiling New $100,000 Global Initiative to Advance CMN Research and Awareness

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ORLANDO, Fla., July 24, 2026 /PRNewswire/ — Award-winning author, entrepreneur, and Congenital Melanocytic Nevus (CMN) advocate Euran S. Daniels will deliver the opening keynote address at the 2026 Nevus Outreach International Conference on Sunday, July 26, 2026, at 1:00 p.m. at the Renaissance Orlando at SeaWorld®.

Launching the conference under this year’s theme, “Amplify,” Daniels will share his personal journey of living with CMN for more than 50 years and challenge attendees to transform awareness into meaningful action through hope, advocacy, and research.

During his keynote, Daniels will unveil a new global initiative aimed at expanding awareness and inspiring greater support for CMN research. The initiative will encourage individuals, healthcare organizations, corporations, and philanthropists to join a collaborative effort to improve the lives of those affected by this rare skin condition.

“For more than fifty years, I’ve lived with a visible mark that became my purpose,” said Daniels. “My hope is that every person leaves this conference believing they can make a difference by amplifying hope, supporting research, and leaving a positive impact on the lives of others.”

CMN is a rare skin condition present at birth that, in its larger forms, affects approximately 1 in every 20,000 births. Individuals living with CMN may face complex medical challenges, including an increased risk of melanoma, multiple surgeries, and the emotional impact of living with a visible difference.

Daniels’ keynote will focus on three powerful messages: You’re Not Alone. Live Your Life. Leave Your Mark.Through his story of resilience and leadership, he hopes to inspire families, advocates, researchers, and community leaders to work together to create greater awareness and opportunity for those living with CMN.

Media are invited to attend the keynote address to learn more about this initiative. 

For more information, visit www.EuranDaniels.com or to support CMN research, visit www.nevus.org/joineuran.

Media Contact:
Media Relations – Fanisha Love (910) 262-3439
Email: info@danielscompany.com
Website: www.EuranDaniels.com

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SOURCE Daniels Company

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Immigration Desk Shares Guidance for Entrepreneurs and Foreign Businesses Planning US Expansion in 2026

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NEWTON, Mass., July 24, 2026 /PRNewswire/ — Immigration Desk is highlighting key immigration considerations for entrepreneurs, investors, and foreign-owned companies looking to establish or expand a presence in the United States, as interest in cross-border growth continues alongside evolving visa procedures and compliance expectations. The firm noted that many business owners plan with a general goal of opening a US office,  only to be met by a system that favors careful planning and documentation. 

Immigration planning often intersects with business planning, with company structure, ownership percentage, funding sources, job roles, and operational timelines influencing the pathways available and evidence required. A viable business plan alone often isn’t enough, and applicants must also meet specific legal definitions tied to visa categories. Those definitions, however, can differ significantly depending on the route pursued.

“Business immigration is not a single form or a single standard,” said Anu Gupta, attorney at Immigration Desk. “Entrepreneurs and foreign businesses often come to the process thinking in terms of growth goals like opening a location, hiring, and launching a product. However, the immigration system asks for detailed proof of role, eligibility, and structure. Planning early helps align those two realities and avoids last-minute surprises.”

Immigration Desk notes that entrepreneurs and foreign businesses typically evaluate options based on the nature of the US activity and the individual’s role. For some, the relevant question is whether a company can transfer an executive, manager, or specialized employee to a US office under an intracompany framework, particularly when the business can document a qualifying relationship between entities.

For others, the analysis may focus on investment-based categories where the applicant is actively directing and developing a US enterprise. In still other cases, founders may explore categories that emphasize extraordinary ability, research-based work, or employer sponsorship, depending on the individual’s background and the company’s needs.

L-1 and E-2 Visas: Pathways for Multinational Companies and Investors

For companies evaluating intracompany transfers, the L-1 visa provides a structured pathway for multinational businesses to bring executives, managers, or employees with specialized knowledge to a U.S. office — including newly established entities. Immigration Desk notes that L-1 cases require careful documentation of the qualifying relationship between the foreign and U.S. companies, as well as a clear demonstration of the applicant’s role and seniority. For new U.S. offices in particular, USCIS applies additional scrutiny to whether the operation is sufficiently established to support the position being petitioned.

The E-2 treaty investor visa offers a separate route for entrepreneurs from qualifying treaty countries who are making a substantial investment in and actively directing a U.S. enterprise. While the E-2 does not require a minimum investment threshold, Immigration Desk emphasizes that the investment must be proportional to the nature of the business and at risk in a commercial sense — factors that require careful structuring and documentation from the outset. Unlike some other business visa categories, the E-2 does not provide a direct path to permanent residency, which means founders relying on it should also plan for long-term status options early in the process.

The firm also points to a recurring challenge for growth-stage companies: staffing. Employer-sponsored visas can involve strict timing, evolving agency practices, and in some categories, annual numerical limits. In recent years, many employers have sought clarity on how to plan around the H-1B cap and lottery cycle, particularly when hiring needs don’t align neatly with government filing windows.

While the H-1B category remains widely used for specialized professional roles, Immigration Desk emphasizes that businesses should treat it as one part of a broader hiring and compliance plan rather than a single solution, especially when role definitions, worksite compliance, and documentation requirements are central to adjudication.

“People often focus on the name of a visa category, but the practical work is in the documentation and the operational reality behind the petition,” Gupta added. “For businesses, that means understanding what the government expects in terms of job duties, business activity, and the evidence that supports eligibility. For entrepreneurs, it can mean clarifying ownership, funding, and what day-to-day leadership looks like in a way that is consistent and well documented.”

Immigration Desk also notes that immigration planning frequently involves risk management. Businesses may need to consider how quickly a US operation must become functional, what happens if timelines shift, and how to maintain continuity if a petition is delayed or requires additional review. For founders, the concerns often include whether a pathway supports both business operations and personal stability, including travel, family planning, and long-term status options.

The firm cautions that immigration outcomes depend on individualized facts and that what works for one company may not apply to another. However, the most consistent problems, like incomplete timelines, inconsistent documentation, unclear roles, and last-minute filings, are completely avoidable. In response to those issues, Immigration Desk encourages business owners to approach US immigration as a phased process that begins with strategy and thorough preparation, with an operational plan for compliance after arrival.

For more information, please refer to the company’s website.

Immigration Desk
704 Walnut Street Newton, MA 02459
1-800-688-7892
https://immigrationdesk.com/
clients@ImmigrationDesk.com 

At Immigration Desk, attorney Anu Gupta and her team have helped thousands of entrepreneurs, investors, and multinational companies navigate complex immigration matters. With more than 40 years of combined experience and over 10,000 immigration cases handled, the firm has developed a reputation for careful preparation and strategic case planning. Whether you are a startup founder, a multinational executive, or an investor seeking to establish a presence in the United States, Immigration Desk can help you determine the most effective immigration strategy for your situation.

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SOURCE Immigration Desk

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