Bit Digital, Inc. , an emerging bitcoin mining company headquartered in New York, U.S. today announced that it had entered into an $80 million private equity line facility with the same institutional investor which had executed a Securities Purchase Agreement on December 31, 2020, to purchase $1,650,000 of convertible subordinated bridge notes.  The bridge notes shall be repaid or automatically converted into the Company’s ordinary shares prior to commencement of sales under the equity line purchase agreement.

The Company will have the right in its sole discretion, to sell up to $80 million of ordinary shares (subject to certain limitations) to the Investor, which has no right to require the Company to sell any shares, following the effectiveness of a registration statement with the Securities and Exchange Commission registering ordinary shares issuable pursuant to the equity line purchase agreement and other customary closing conditions. The purchase price for the ordinary shares will be issued at a discount and derived from prevailing market prices of the Company’s ordinary shares.

The Company is a foreign private issuer which is not required under home country practice to announce its quarterly results.  However, on December 21, 2020, the Company filed a Form 6-K, reviewed by its independent auditors announcing unaudited financial statements for the third quarter and nine months ended September 30, 2020.

As of December 19, 2020, the Company had 40,865 miners for a total operating hash rate of 2,253.5 PH/s and a total bitcoin production of 1331.2. The bitcoin production is supported and can be verified by Huobi.pool and AntPool. The newly acquired miners are 95% deployed and the last batch is expected to be deployed within a week. For the month of December 2020, the Bitcoin production number is 291.17 which had a 50.35% increase compared to the month of November 2020.

Moreover, the miners in United States are fully intsalled in Nebraska and Texas. The Company will continue to exexute its stragety to rebalancing its utility cost structure and asset allocation in seek of the best utility use to produce more bitcoin. Management believes that our bitcoin mining business is performing well and the stragegy is correct.

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