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NEW YORK - Bit Digital, Inc. (NASDAQ:BTBT), a leading high-performance computing (HPC) and digital asset production company with a market capitalization of $441 million, has announced a strategic partnership between its subsidiary WhiteFiber and Shadeform to provide on-demand access to NVIDIA B200 GPUs starting in April. The company has demonstrated strong performance, with revenue growth of 139% in the last twelve months and maintaining profitability with earnings of $0.19 per share. According to InvestingPro analysis, the company maintains a healthy financial position with a robust current ratio of 5.39.
The collaboration aims to merge WhiteFiber’s AI and machine learning optimized GPU cloud with Shadeform’s extensive multi-cloud management and GPU marketplace, offering developers and organizations across over 100 regions instant access to advanced AI infrastructure. This move is set to eliminate the barriers of high upfront costs and long-term commitments, making powerful computing resources more accessible.
Ed Goode, CEO at Shadeform, emphasized the significance of the WhiteFiber GPU Cloud in advancing AI infrastructure, noting the platform’s optimization for performance and efficiency. He expressed enthusiasm about offering WhiteFiber’s NVIDIA B200 GPUs to customers, highlighting the potential for startups and developers to tap into resources that were previously out of reach.
Echoing Goode’s sentiments, Benjamin Lamson, Head of Revenue at WhiteFiber, indicated the partnership’s role in democratizing high-performance AI capabilities. He pointed out that starting in April, Shadeform’s customers will have immediate, on-demand access to their NVIDIA B200 GPUs without the need for long-term commitment, a development expected to accelerate growth and innovation in the AI sector.
Bit Digital, which operates its HPC business under the WhiteFiber brand, has its operations based in the United States, Canada, and Iceland. The company has cautioned investors about the inherent high degree of risk in investing in their securities, citing uncertainties and potential liabilities from past operations in China, despite having ceased operations there since September 30, 2021.
The company’s press release includes forward-looking statements regarding the partnership’s future impact and the company’s business prospects. Analysts maintain an optimistic outlook, with price targets ranging from $5.50 to $7.00, suggesting significant upside potential. However, these statements are subject to various risks and uncertainties, and actual results may differ from those projected. InvestingPro data reveals the stock’s high volatility with a beta of 5.14, indicating substantial price fluctuations compared to the broader market.Want deeper insights? Access the comprehensive Pro Research Report for Bit Digital and 1,400+ other top stocks through InvestingPro, featuring expert analysis and actionable intelligence for smarter investing decisions.
For more detailed information regarding WhiteFiber’s GPU Cloud solutions and the upcoming launch of NVIDIA B200 GPUs, interested parties are directed to visit WhiteFiber.com. This news article is based on a press release statement from Bit Digital, Inc. The company currently trades near its InvestingPro Fair Value, with additional financial health metrics and 12 exclusive ProTips available through InvestingPro.
In other recent news, Bit Digital Inc. reported its fourth-quarter earnings for 2024, significantly exceeding market expectations. The company posted an earnings per share (EPS) of $0.11, surpassing the anticipated -$0.04, and reported revenue of $26.1 million, which was above the forecasted $25.82 million. The firm’s total annual revenue reached $108 million, marking a substantial 141% increase from the previous year. Notably, Bit Digital’s cloud services, introduced in 2024, generated $45.7 million, emphasizing a successful diversification strategy. Additionally, Bitcoin mining revenue increased by 32% year-over-year to $58.6 million.
Bit Digital’s transition to high-performance computing (HPC) has been highlighted by the launch of its WhiteFiber platform, which expanded its enterprise client base significantly. The company’s cloud services accounted for over half of its fourth-quarter revenue, indicating strong growth in this segment. H.C. Wainwright maintained a Buy rating for Bit Digital, with a $7 price target, reflecting confidence in the company’s strategic direction and growth potential. The firm noted Bit Digital’s momentum in deploying high-visibility projects, which are expected to continue into early 2025. These developments underscore Bit Digital’s strategic pivot and growing presence in the HPC market.
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