Bit Digital Selects Nine Blocks Capital Management for Treasury Management Allocation

NEW YORK, Aug. 18, 2022 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, is pleased to announce that it has selected Nine Blocks Capital Management SEZC Limited ("Nine Blocks"), an institutionally focused digital assets manager managing a digital assets market neutral fund for an allocation, as part of its enhanced treasury management function. The selection includes a direct investment into the Nine Blocks Master Fund, a digital assets market neutral fund using basis trading, relative value, and special situations strategies.

As part of its goal of enhancing its treasury management process, BTBT has explored various options including allocating to select market neutral digital assets managers that can not only provide alpha regardless of market conditions, but also can comply with the institutional and operational due diligence requirements of a publicly listed company.

Nine Blocks Capital Management was set up by Nine Mast Capital Management, the investment manager of a market neutral hedge fund with over $1 billion in assets under management ("AUM"). Nine Blocks is registered with the Cayman Islands Monetary Authority (CIMA) and has received its Provisional Approval from Dubai's Virtual Assets Regulatory Authority (VARA). Henri Arslanian, Co-Founder and Managing Partner of Nine Blocks, has also joined the advisory board of Bit Digital.

Sam Tabar, Chief Strategy Officer of Bit Digital said: "We are excited to announce our selection of Nine Blocks Capital Management as a treasury management partner. We constantly search for ways to maximize the risk-adjusted return potential of our assets, and we believe this partnership marks an important step towards our treasury optimization goals. We've seen Nine Blocks' market neutral strategy perform well throughout the recent period of market volatility, which enhanced our confidence in the selection of this manager. We believe that Nine Blocks and its management team are a strong cultural fit for our Company and share our vision for the broader digital assets industry, and we believe this partnership will ultimately become a source of long-term value creation."

Henri Arslanian, Co-Founder and Managing Partner of Nine Blocks said: "We are happy to welcome Bit Digital into our family of institutional investors. We believe that institutional investors want digital assets exposure, with fund managers who have an established digital assets track record, are regulated, have traditional finance experience and comply with the highest operational due diligence requirements."

About Bit Digital

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located in North America. 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" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. 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. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. Additionally, all discussions of financial metrics assume mining difficulty rates as of July 2022. 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 https://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.