BitDigital, Inc. (NASDAQ:BTBT) stock is moving higher Tuesday after the company announced it finalized terms for a contract expansion, bringing the value of the contract to $275 million.

What Happened: Under the agreement, the technology company will supply another 2,048 GPUs over a three-year term to an existing customer.

As a result of the agreement, BitDigital will order 256 servers manufactured by Dell that are equipped with 2,048 Nvidia HGX H100 GPUs. This order is expected to be delivered sometime in July and then deployed in Iceland.

Sam Tabar, Bit Digital's CEO, commented: "This agreement significantly contributes to our goal of reaching a $100 million annualized revenue run-rate by the end of 2024, bringing us to over 90% of this target."

Related Link: Momenta Accelerates Its Drive Towards U.S. Listing

BTBT Price Action: BitDigital shares are trading 41% higher at $3.42, according to data from Benzinga Pro.

Image: Photo from Shuttershock