Bit Digital, Inc. Announces Formation of a Joint Venture With Mega Matrix Corp. to Provide Digital Asset Staking Technology

NEW YORK, March 7, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainability focused generator of digital assets headquartered in New York, announced the formation of a joint venture with Mega Matrix Corp. (NYSE: MPU) ("Mega Matrix") by entering into a shareholders' agreement (the "Agreement") with MarsProtocol Technologies Pte. Ltd., the joint venture company (the "Joint Venture Company"), to jointly develop proof-of-stake technology tools for digital assets through the staking platform "MarsProtocol", an institutional grade non-custodial staking technology (the "Joint Venture"). Through MarsProtocol, the Joint Venture will seek to provide non-custodial staking tools whereby users' private keys are not stored in its database to ensure the safety of its users' digital assets. Pursuant to the Agreement, Bit Digital will own 40% of the Joint Venture Company.

Mega Matrix is a holding company located in Palo Alto, California, that focuses on digital asset-related businesses. The Joint Venture Company will be domiciled in Singapore. Before offering any services, the Joint Venture Company will undertake a regulatory review to ensure that its services are fully compliant with the laws of Singapore and any other nation in which it seeks to conduct business. The services will not be offered to U.S. individual residents. For more information, please visit https://www.marsprotocol.com.

Bit Digital commenced Ethereum staking operations in late 2022. As of January 31, 2023, Bit Digital had 10,222 ETH and 2,004 sETH-h with a combined worth of approximately $19.4 million. A total of 2,164 ETH was actively staked as of that date, using either native staking or liquid staking protocols. Bit Digital intends to continue accumulating Ethereum and stake substantially all of its ETH position over time.

Sam Tabar, Chief Strategy Officer of Bit Digital, said: "We are excited to partner with Mega Matrix to jointly explore the digital asset staking technology business. Our intention for this Joint Venture is to provide world class digital asset staking technology. We are bullish on the Ethereum network and believe our ETH staking strategy is an ideal complement to our core bitcoin mining business."

About Mega Matrix

Mega Matrix Corp. is a holding company located in Palo Alto, California, with four subsidiaries: Saving Digital Pte. Ltd., a Singapore corporation ("Saving"), MarsProtocol Inc., an exempted company incorporated under the laws of the Cayman Islands, Mega Metaverse Corp., a California corporation ("Mega") and JetFleet Management Corp., a California corporation ("JetFleet"). The Company focuses on crypto-related business and will continue to focus on third-party management service contracts for aircraft operations through its majority owned subsidiary JetFleet, which was part of the Company's legacy business. For more information, please contact info@mtmtgroup.com or visit: https://www.megamatrix.io.

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 ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

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.

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 https://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.