Bit Digital (BTBT) said Monday it acquired a site for a build-to-suit five megawatts tier-3 data center expansion project in Montreal, Canada, for CA$33.5 million ($23.3 million).

The company financed the acquisition with cash on hand, it added.

The acquisition is part of the company's plan to increase its high-performance computing data center footprint to 32 megawatts during next year, Bit Digital said, adding that the Montreal site is expected to be completed and operational by May.

Shares of Bit Digital were down more than 6% in recent trading.

Price: 2.98, Change: -0.21, Percent Change: -6.45