WhiteFiber expands with North Carolina AI data center

NEW YORK - Bit Digital, Inc. (NASDAQ:BTBT), a $490 million market cap company with strong revenue growth of 52% in the last twelve months, announced its subsidiary WhiteFiber Inc. has acquired a substantial industrial property in Madison, North Carolina, to develop a new artificial intelligence (AI) data center campus. The 96-acre site, which encompasses approximately one million square feet, will be retrofitted to support high-performance computing (HPC) operations. According to InvestingPro analysis, the company currently maintains a healthy financial position with more cash than debt on its balance sheet.

The facility is poised to receive an initial power supply of 24 megawatts (MW) by September 1, 2025, from Duke Energy, with a total capacity agreement for 99 MW. WhiteFiber aims to have the first phase of the data center operational by the end of 2025. Long-term plans, contingent on further agreements and conditions, include expanding capacity up to 200 MW.

Located strategically within North Carolina’s Piedmont Triad, the data center benefits from proximity to Charlotte, Raleigh, Winston-Salem, and Greensboro, making it well-positioned to serve the AI inference workload needs of the region. The area is already home to several hyperscale data centers.

WhiteFiber’s project has been recognized as a qualifying data center by the State of North Carolina, making it eligible for certain tax exemptions. The company has collaborated with local and state officials, economic development agencies, and utility partners to advance the project.

North Carolina Governor Josh Stein welcomed WhiteFiber’s investment, emphasizing the state’s commitment to computing excellence. Local officials from Madison and Rockingham County also expressed enthusiasm for the economic benefits the data center is expected to bring, including a planned investment of over $1 billion and the creation of more than 60 jobs.

The purchase of the property was funded with $45 million in cash, part of which was reserved through Bit Digital’s at-the-market equity program. WhiteFiber will seek commercial mortgage financing for the site. The company’s strong liquidity position is reflected in its current ratio of 3.9, indicating ample ability to meet short-term obligations. However, InvestingPro data shows the company has been rapidly burning through cash, making additional financing crucial for future operations.

Bit Digital, a global HPC infrastructure and digital asset production company, operates its HPC business through WhiteFiber. The company, headquartered in New York City, has a presence in the US, Canada, and Iceland.

This news is based on a recent press release statement from Bit Digital, Inc.

In other recent news, Bit Digital, Inc. reported a significant earnings miss for the first quarter of 2025, with an earnings per share (EPS) of -$0.32, falling short of the forecasted -$0.03. The company’s total revenue decreased by 17% year-over-year to $25.1 million, largely due to a 64% decline in Bitcoin mining revenue. However, Bit Digital saw an 84% surge in cloud services revenue, indicating successful diversification efforts. During its Annual Meeting of Shareholders, Bit Digital approved several key proposals, including the election of directors and the adoption of a new equity incentive plan. Additionally, the company ratified Audit Alliance, LLP as its independent auditor for the fiscal year. In the broader market context, Bit Digital’s stock was affected by Moody’s downgrade of the U.S. credit rating, which led to a decline in cryptocurrency-related stocks. Despite these challenges, analysts noted investor optimism due to strategic initiatives and growth in cloud services. The company is also exploring mortgage financing for data center expansion in the U.S. and Canada, with ongoing negotiations for potential deployments that could generate significant annual revenue.

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