Bit Digital Announces May 2024 Production Update

Bit Digital, Inc., a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of May 2024.

Corporate Highlights for May 2024

• The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of May 31, 2024. The Company earned an estimated $4.2 million of unaudited revenue from this contract during the month of May 2024.
• In May 2024, the Company produced 63.3 BTC, a 47% decrease compared to the prior month. The decrease was predominantly due to the reduction of bitcoin block rewards following the April halving event.
• The Company’s active hash rate was approximately 2.54 EH/s as of May 31, 2024. The decrease from the prior month was driven by voluntary curtailment activity.
• Treasury holdings^[1] of BTC and ETH were 1,038.4 and 20,508.3 with a fair market value of approximately $70.1 million and $77.1 million, respectively, on May 31, 2024.
• The BTC equivalent^[2] of our digital asset holdings as of May 31, 2024, was approximately 2,188.9, or approximately $147.7 million.
• The Company had cash and cash equivalents of $47.3 million, and total liquidity (defined as cash and cash equivalents, USDC, and the fair market value of digital assets) of approximately $195.0 million, as of May 31, 2024.

Proof-of-Stake Highlights

• The Company had approximately 17,184 ETH actively staked in native staking protocols as of May 31, 2024.
• Bit Digital earned a blended APY of approximately 3.1% on its staked ETH position for the month of May 2024.
• The Company earned aggregate staking rewards of approximately 45.8 ETH during May 2024.

Upcoming Events

• Bitcoin Prague 2024 on June 13-15^th
• Singular Research Summer Solstice Conference on June 20^th
• Northland Growth Conference 2024 on June 25^th
• Noble Capital Markets Emerging Growth Consumer / Entertainment / Media Virtual Conference on June 26-27^th

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