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.
About B. Riley Securities
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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