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B. Riley Securities Serves as Exclusive Financial Advisor to Bit Digital, Inc. on the Acquisition of Enovum Data Centers

LOS ANGELES, October 16, 2024 -- B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), is pleased to have served as exclusive financial advisor to Bit Digital, Inc. (NASDAQ: BTBT) in the acquisition of Enovum Data Centers ("Enovum"), an owner, operator and developer of high-performance computing ("HPC") datacenters, for a total consideration of approximately CAD $62.8 million (approximately USD $46MM).

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City. Its bitcoin mining operations are located in the US, Canada, and Iceland. Headquartered and operating in Montreal, Enovum currently operates a 4MW Tier 3 datacenter powered by renewable hydroelectricity. The acquisition of Enovum vertically integrates Bit Digital's HPC business into the collation services sector of the value chain, creating the potential for significant synergies.

"We were delighted to advise Bit Digital on this important acquisition which facilitates their transition into the high-performance data center business," said Joe Nardini, B. Riley's Head of Investment Banking, who led the investment banking team on the assignment.

Rounding out the B. Riley investment banking team on this assignment alongside Joe Nardini were Matthew Spain, Jesus Bueno, David Park and Hayden Kickbush. Read more about the transaction here.

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B. Riley has served as a preeminent fixture in middle market brokerage and investment banking for over 25 years. We provide a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, debt financings, corporate restructuring and recapitalization. Widely recognized for our thematic proprietary equity research, clients benefit from B. Riley's extensive network, industry expertise, and proven execution capabilities of our end-to-end financial services platform. Please see disclosures about B. Riley Securities Research here. The firm is a subsidiary of B. Riley Financial (Nasdaq: RILY). For more information, visit www.brileysecurities.com.

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