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NEW YORK - WhiteFiber Inc., a provider of artificial intelligence infrastructure solutions, announced Wednesday it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering. The company will be spun off from Bit Digital Inc. (BTBT), which according to InvestingPro data, maintains a strong balance sheet with more cash than debt and a healthy current ratio of 3.9x.
The company plans to list its ordinary shares on the Nasdaq Capital Market under the ticker symbol "WYFI," according to the press release statement. The number of shares to be offered and the price range have not yet been determined.
B. Riley Securities and Needham & Company will serve as joint-bookrunning managers for the proposed offering.
WhiteFiber owns high-performance computing data centers and provides cloud services to customers. The company describes its business model as vertically integrated, combining specialized colocation, hosting, and cloud services for generative AI workloads.
The filing indicates WhiteFiber is being carved out of Bit Digital, Inc. and will operate as a separate public company following the completion of the offering.
The registration statement filed with the SEC has not yet become effective, and the securities may not be sold nor offers to buy be accepted until that time. The initial public offering remains subject to market conditions and completion of the SEC’s review process.
In other recent news, Bit Digital, Inc. announced its preliminary revenue estimates for the second quarter of 2025, expecting figures between $24.3 million and $26.9 million. These estimates are based on currently available information and have not yet been audited. The company also revealed a $67.3 million share offering with B. Riley Securities to purchase Ethereum, with the transaction expected to close soon. Additionally, Bit Digital has shifted its treasury strategy to focus on Ethereum, accumulating over 100,603 ETH following recent capital-raising activities. This strategic shift involved selling approximately 280 Bitcoin to further increase its Ethereum holdings. The company has positioned itself as a focused Ethereum treasury platform, highlighting Ethereum’s potential in the digital asset space. Analyst firms have not yet provided upgrades or downgrades in response to these developments. Bit Digital’s recent moves reflect a broader trend among institutional players seeking exposure to Ethereum and its staking capabilities.
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