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.”

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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.”