YORK, Aug. 18, 2022 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital
asset mining company headquartered in New
York, is pleased to announce that it has selected Nine
Blocks Capital Management SEZC Limited ("Nine Blocks"), an
institutionally focused digital assets manager managing a digital
assets market neutral fund for an allocation, as part of its
enhanced treasury management function. The selection includes a
direct investment into the Nine Blocks Master Fund, a digital
assets market neutral fund using basis trading, relative value, and
special situations strategies.
As part of its goal of enhancing its treasury management
process, BTBT has explored various options including allocating to
select market neutral digital assets managers that can not only
provide alpha regardless of market conditions, but also can comply
with the institutional and operational due diligence requirements
of a publicly listed company.
Nine Blocks Capital Management was set up by Nine Mast Capital
Management, the investment manager of a market neutral hedge fund
with over $1 billion in assets under
management ("AUM"). Nine Blocks is registered with the Cayman
Islands Monetary Authority (CIMA) and has received its Provisional
Approval from Dubai's Virtual
Assets Regulatory Authority (VARA). Henri
Arslanian, Co-Founder and Managing Partner of Nine Blocks,
has also joined the advisory board of Bit Digital.
Sam Tabar, Chief Strategy Officer
of Bit Digital said: "We are excited to announce our selection of
Nine Blocks Capital Management as a treasury management partner. We
constantly search for ways to maximize the risk-adjusted return
potential of our assets, and we believe this partnership marks an
important step towards our treasury optimization goals. We've seen
Nine Blocks' market neutral strategy perform well throughout the
recent period of market volatility, which enhanced our confidence
in the selection of this manager. We believe that Nine Blocks and
its management team are a strong cultural fit for our Company and
share our vision for the broader digital assets industry, and we
believe this partnership will ultimately become a source of
long-term value creation."
Henri Arslanian, Co-Founder and
Managing Partner of Nine Blocks said: "We are happy to welcome Bit
Digital into our family of institutional investors. We believe that
institutional investors want digital assets exposure, with fund
managers who have an established digital assets track record, are
regulated, have traditional finance experience and comply with the
highest operational due diligence requirements."
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in
New York City. Our mining
operations are located in North
America. For additional information, please contact
firstname.lastname@example.org or visit our website
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 3.D of our most recent Annual Report
on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to
occur, our business, financial condition or results of operations
would likely suffer. In that event, the value of our securities
could decline and you could lose part or all of your investment.
The risks and uncertainties we describe are not the only ones
facing us. Additional risks not presently known to us or that we
currently deem immaterial may also impair our business operations.
In addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. Future changes in the
network-wide mining difficulty rate or bitcoin hash rate may also
materially affect the future performance of Bit Digital's
production of bitcoin. Actual operating results will vary depending
on many factors including network difficulty rate, total hash rate
of the network, the operations of our facilities, the status of our
miners, and other factors. Additionally, all discussions of
financial metrics assume mining difficulty rates as of July 2022. See "Safe Harbor Statement" below.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of Bit Digital, Inc., and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects," or
similar expressions, involving known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that
are filed with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
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SOURCE Bit Digital, Inc.