B. Riley Securities, a middle market investment bank and subsidiary of B. Riley Financial, served as exclusive financial advisor to Bit Digital, a sustainable platform for digital assets and artificial intelligence, in the acquisition of Enovum Data Centers, an owner, operator and developer of high-performance computing datacenters, for a total consideration of approximately CAD $62.8 million (approximately USD $46 million).
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,” Joe Nardini, head of investment banking for B. Riley, and who led the investment banking team on the assignment, said.
Rounding out the B. Riley investment banking team on this assignment alongside Joe Nardini were Matthew Spain, Jesus Bueno, David Park and Hayden Kickbush.
