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Bit Digital, Inc. Acquires Another Metropolitan Site for Tier-3 Data Center Expansion
TelAve News/10850061
NEW YORK, Dec. 30, 2024 ~ Bit Digital, Inc. (Nasdaq: BTBT) has recently made a significant move in its expansion plans by acquiring a new site for a build-to-suit 5MW Tier-3 data center project in Montreal, Canada. The global platform for high-performance computing and digital asset production, headquartered in New York, announced the acquisition today as part of its strategy to expand its HPC data center footprint to 32MW by 2025.
The site, known as MTL2, was purchased for CAD $33.5 million (approximately USD $23.3MM) excluding fees and the acquisition was finalized on December 27, 2024. Bit Digital funded the purchase with cash on hand and is currently in the process of securing mortgage financing for both the site acquisition and subsequent infrastructure capital expenditures.
According to the company's estimates, approximately CAD $27.6 million (approx. USD $19.3MM) will be spent on developing the site to Tier-3 standards with an initial gross load of 5MW. The project is expected to be completed and operational by May 2025.
MTL2 is a 160,000 square feet site that was previously used as an encapsulation manufacturing facility and is located in Pointe-Claire, QC. Bit Digital plans to retrofit the site with advanced cooling technology, including direct-to-chip liquid cooling, which will not only enhance energy efficiency but also support AI and other high-performance workloads with a rack density of up to 150kW. The company is also collaborating with third parties to implement a heat reject loop that will further improve the sustainability profile of the data center. Additionally, MTL2 offers potential for future expansion, allowing for scalable growth aligned with market demand.
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Bit Digital's CEO Sam Tabar expressed his excitement about this new acquisition stating that it marks an important step forward in their data center growth plans. He also highlighted the advantages of this site, which is a Class A industrial property with premium infrastructure specifications and located in one of the most desirable commercial real estate locations in Montreal. By leveraging the existing infrastructure, including over CAD $750 thousand worth of advanced HVAC equipment included in the purchase, Bit Digital is able to lower development costs and accelerate their time to market – a key advantage and core tenet of their development strategy. The development timeline also aligns with the demands of a new customer who intends to fill the capacity with new generation Nvidia GPUs.
In addition to its strategic location and advanced infrastructure, MTL2 will be powered by 100% renewable hydroelectricity provided by Hydro-Quebec. This further emphasizes Bit Digital's commitment to sustainability and reducing its carbon footprint.
The company is currently in the process of securing cost-effective mortgage financing for this project, which they intend to announce upon finalization. This move showcases Bit Digital's ability to finance its data center buildout in a non-dilutive manner.
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Bit Digital, Inc. is a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York City. With bitcoin mining operations located in the US, Canada, and Iceland, Bit Digital continues to expand its presence in the industry. For more information about the company, please visit their website at www.bit-digital.com.
Investing in Bit Digital's securities involves a high degree of risk and potential investors are advised to carefully consider all risks, uncertainties, and factors before making any investment decisions. The company urges investors to review their filings with the Securities and Exchange Commission for more information on these risks.
The site, known as MTL2, was purchased for CAD $33.5 million (approximately USD $23.3MM) excluding fees and the acquisition was finalized on December 27, 2024. Bit Digital funded the purchase with cash on hand and is currently in the process of securing mortgage financing for both the site acquisition and subsequent infrastructure capital expenditures.
According to the company's estimates, approximately CAD $27.6 million (approx. USD $19.3MM) will be spent on developing the site to Tier-3 standards with an initial gross load of 5MW. The project is expected to be completed and operational by May 2025.
MTL2 is a 160,000 square feet site that was previously used as an encapsulation manufacturing facility and is located in Pointe-Claire, QC. Bit Digital plans to retrofit the site with advanced cooling technology, including direct-to-chip liquid cooling, which will not only enhance energy efficiency but also support AI and other high-performance workloads with a rack density of up to 150kW. The company is also collaborating with third parties to implement a heat reject loop that will further improve the sustainability profile of the data center. Additionally, MTL2 offers potential for future expansion, allowing for scalable growth aligned with market demand.
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Bit Digital's CEO Sam Tabar expressed his excitement about this new acquisition stating that it marks an important step forward in their data center growth plans. He also highlighted the advantages of this site, which is a Class A industrial property with premium infrastructure specifications and located in one of the most desirable commercial real estate locations in Montreal. By leveraging the existing infrastructure, including over CAD $750 thousand worth of advanced HVAC equipment included in the purchase, Bit Digital is able to lower development costs and accelerate their time to market – a key advantage and core tenet of their development strategy. The development timeline also aligns with the demands of a new customer who intends to fill the capacity with new generation Nvidia GPUs.
In addition to its strategic location and advanced infrastructure, MTL2 will be powered by 100% renewable hydroelectricity provided by Hydro-Quebec. This further emphasizes Bit Digital's commitment to sustainability and reducing its carbon footprint.
The company is currently in the process of securing cost-effective mortgage financing for this project, which they intend to announce upon finalization. This move showcases Bit Digital's ability to finance its data center buildout in a non-dilutive manner.
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Bit Digital, Inc. is a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York City. With bitcoin mining operations located in the US, Canada, and Iceland, Bit Digital continues to expand its presence in the industry. For more information about the company, please visit their website at www.bit-digital.com.
Investing in Bit Digital's securities involves a high degree of risk and potential investors are advised to carefully consider all risks, uncertainties, and factors before making any investment decisions. The company urges investors to review their filings with the Securities and Exchange Commission for more information on these risks.
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