Bitzero Secures Binding Letter for ~$2.6 Billion Data Center Lease

Bitzero Holdings (OTCQB: BTZRF, CSE: BITZ) signs a binding letter for 15-year lease agreement with OneQode Networks to deliver 110MW of compute capacity – a key step in the company’s ambitious data center buildout.

With backing from strategic investor Kevin O’Leary, and more than $100 million raised, continued expansion is underway.

Bitzero Holdings (OTCQB: BTZRF, CSE: BITZ) just achieved a major milestone. The company announced a binding letter with OneQode Networks to provide compute capacity at its Namsskogan facility.

The definitive agreement would anchor approximately $2.6 billion in contracted revenue over its 15-year term.

Deals like this don’t happen by accident. When a company commits at this scale, it’s making a clear decision about where its data will live long-term.

Increasingly, that decision is shaped by the energy grid.

As OneQode CEO Matthew Shearing put it, “the challenge is no longer just access to GPUs — it’s access to power, cooling, land, and the infrastructure required to bring large-scale systems online in the right locations.”

Namsskogan checked two critical boxes: cost-efficient power and a footprint outside of U.S. jurisdiction. That combination is rare and highly sought after.

A growing number of companies are moving compute away from traditional hyperscale platforms like Amazon, Meta, and Google —not just due to cost, but over concerns of where data is stored and what organizations or agencies can gain entry to it.

Designed for large-scale deployments, Bitzero’s Norway facility was built around abundant hydroelectric energy and a cold climate that reduces cooling costs.

Commissioning is targeted for the first half of 2027. Once online, Namsskogan will be tasked with high-performance workloads, including enterprise AI, AI training and inference, and sovereign AI.

At full 110MW capacity, the project is expected to generate net operating income margin of 85% with an implied dollar value of $151 million annually.

That’s Bitzero’s power and infrastructure advantage in action.

The ‘Power-First’ Advantage

Moody’s estimates that more than $3 trillion will need to be invested in data center infrastructure over the next five years.ⁱ Globally, data center electricity consumption is growing at roughly 15% per year.ⁱⁱ

That’s more than four times the pace of total electricity demand.

AI workloads alone are expected to drive energy-use to levels comparable to entire countries by the end of the decade.ⁱⁱⁱ And that’s only part of the picture.

Defense, infrastructure, finance, and healthcare are all moving toward compute-heavy systems. Cryptocurrencies and large-scale machine learning models add another layer of demand.

It’s not one industry driving this shift. It’s all of them at once.

Against that backdrop, Bitzero Holdings (OTCQB: BTZRF, CSE: BITZ) positioned itself early, with power in place and operating costs among the lowest in the sector.

That’s a key differentiator. As OneQode CEO, Mr. Shearing pointed out, the bottleneck across North America and Europe is no longer microchips, processing equipment, or software.

It’s power.

How much is available and at what cost, how reliably it can be delivered, and whether capacity has been established in advance.

Grid access requests can stretch on for years. New builds, even those backed by hefty capital, often stall long before energy is connected.

Research from Berkeley Lab shows that more than 70% of interconnection requests are ultimately withdrawn because the grid simply cannot support the load.^iv

In many cases, the failure traces back to a single issue:

Power gets treated like a final step.

Millions of dollars are deployed. Hardware and software secured. All before operators even determine grid capacity.

Bitzero reversed that order. They focused first on securing power access, and only then began building out their infrastructure.

That sequencing creates a strategic option most operators don’t have. Flexibility.

Bitzero can redirect capacity over time – starting with mining for immediate monetization, then allocating the same power to higher-value AI-compute workloads as demand evolves.

Capital is abundant. Chips can be bought. Engineers can be hired. What can’t be manufactured on demand is a grid-ready site for industrial-scale processing.

That advantage makes Bitzero’s sites some of the most valuable real estate in the digital economy.

A Portfolio With Gigawatt-Scale Potential

With four sites in Finland, Norway, and North Dakota, Bitzero’s (OTCQB: BTZRF, CSE: BITZ) potential compute power totals more than 1 gigawatt. Facilities are designed to host power-hungry computation, becoming exponentially more valuable as demand spikes and capacity gets scarcer. At the core of that strategy is the asset behind the company’s milestone binding letter.

Namsskogan (Norway)

Namsskogan is Bitzero’s cost-efficient powerhouse.

In a remote region in central Norway, the facility is adjacent to Tunnsjødal, one of the country’s largest hydroelectric power stations. Water cascades from the mountains to generate 100% renewable power at costs under US$0.04 per kWh, with recent portions locked in at ~$0.02/kWh. Thanks to the rugged landscape of fjords, forests, and year-round snow providing arctic air, this site’s cooling expenses are reduced to almost nothing.

Bitcoin mining on site provides a constant, 24/7 revenue stream.

Cost structure is everything when it comes to mining, and Bitzero’s advantage is power price. Energy costs come in at roughly 3–3.5¢ per kWh, well below the U.S. average of around 18¢.

And now Namsskogan is moving into its next phase of growth.

The OneQode binding letter begins that transition. The site is being positioned to deliver 110MW of compute capacity, shifting toward large-scale AI and high-performance workloads.

Røyrvik (Norway)

The Røyrvik site adds leverage and reduces risk. Located roughly thirty minutes from Namsskogan, the leased facility sits in a neighboring municipality with access to the same high-quality hydro grid, cold climate, and industrially tolerant surroundings.

It provides approximately 5 MW of available capacity today, expandable to around 20 MW, on an ~8,000 m² industrial plot.

The proximity between sites offers a key advantage, allowing Bitzero (OTCQB: BTZRF, CSE: BITZ) to distribute load, share operational expertise, and ramp capacity faster than a standalone facility would allow. If one site encounters an issue, the other continues operating without disruption.

Redundancy like that doesn’t just improve uptime, it de-risks the entire footprint.

Kokemäki (Finland)

The Kokemäki site is Bitzero’s scale card, offering space, flexibility, and room to expand.

The project spans roughly 100 hectares of industrial land along the Kokemäenjoki River delta near the port city of Pori, in a region designed for heavy power users. Grid access is robust, logistics are straightforward, and expansion does not require workarounds.

Power supply is anchored by hydro and nuclear generation and supplemented by wind and solar.

Bitzero (OTCQB: BTZRF, CSE: BITZ) has completed its engineering due diligence at Kokemäki with Red Engineering Design Ltd. The initial phase is expected to deliver 80MW in the first half of 2027, with the broader site positioned to scale toward 600MW to 1GW over time.

A confirmed 400kV high-voltage connection supports that expansion, removing one of the most common bottlenecks in large-scale deployments.

Red Engineering’s involvement, including its work alongside Nvidia on next-generation AI factory design, adds further credibility to the site’s readiness for AI workloads.

Partnerships with CBRE and Hydra Host are already targeting more than 200MW of AI-ready capacity as the buildout progresses.

The Nekoma Pyramid (North Dakota)

With 3-foot-thick walls, underground bunkers, and a blast-resistant shell, the Pyramid provides physical security that no conventional data center can match.

In an era demanding protection for sovereign data, defense processing, or high-stakes HPC, this site is fully ruggedized.

Remote on 184 acres of isolated land, it features legacy grid connections and natural prairie cold for free cooling.

It starts with 2.5 MW available, 30 MW prepped for rapid deployment, and scales to 300 MW potential.

Kevin O’Leary Adds Institutional Signal

Known to many as Mr. Wonderful, Kevin O’Leary is a strategic investor in Bitzero. He backed the company early and has been part of the more than $100 million raised to date.

O’Leary earned his reputation backing businesses with real operating leverage. He built and sold SoftKey Software to Mattel for $4.2 billion in 1999^v, and on Shark Tank he has closed 100+ deals, including successes like GrooveBook, which was later acquired by Shutterfly.^vi

He has a proven track record of spotting businesses with tangible assets, reliable cash flow, and durability. Companies that grow quietly and become harder to replace when demand takes off.

That’s what drew him to Bitzero. He has described it as “a power company with very attractive contracts,” emphasizing the secured sites, cost-efficient renewable energy, and ability to generate revenue immediately through Bitcoin mining, while staying flexible for potential higher-value workloads.

O’Leary’s involvement today is limited to being an early strategic investor. He doesn’t run day-to-day operations, sit on the board, or direct deployment decisions.

But what he does provide is a strong validation signal. When an investor with his visibility and deal history backs a company like this, it tends to draw more attention from institutions, partners, and serious investors.

The Valuation Disconnect

Bitzero’s (OTCQB: BTZRF, CSE: BITZ) current market capitalization sits at roughly $245 million, a level that reflects limited market awareness more than the company’s underlying asset base.

Today, Bitzero operates revenue-producing infrastructure at its’ site in Namsskogan, Norway. Beyond that, the company has secured multiple sites with expansion potential that extends well beyond 1 GW in aggregate. In each case, the hard parts – land, power access, and permitting – are already in place for the current buildout phases, advantages that typically take years to secure once demand tightens.

Public markets have shown how this profile can be revalued. Companies such as Core Scientific, Hut 8, and CleanSpark reached multi-billion-dollar valuations after investors began pricing secured capacity, deployment speed, and operating economics alongside current output.

When more investors become aware of a company’s live capacity, the expansion pipeline, the operating costs, and the deployment speed, the valuation usually adjusts – and often quickly.

By The Numbers

110 MW under binding letter (~$2.6 billion total potential value)
15-year lease at the Namsskogan site, marking the shift toward large-scale AI and high-performance compute workloads.
1+ GW long-term potential
Based solely on the current portfolio footprint.
Power costs below US$0.04 per kWh at flagship site
Among the lowest operating costs available at scale, anchored by hydro-backed grid.
Deployment timelines measured in months, not years
New workloads can go live quickly because the hard constraints – land, power, approvals – are already solved.

6 Reasons to Add Bitzero (OTCQB: BTZRF, CSE: BITZ) to Your Watchlist

A ~$2.6B Binding Letter Locked In:
Bitzero has secured a binding letter for a 110MW, 15-year lease at its Namsskogan site, roughly $2.6 billion in contracted revenue.
Power First:
In this market, the biggest constraint isn’t GPUs. It’s power—secured, deliverable, and priced predictably. Bitzero built around that reality early, locking in its position ahead of the cycle. Across four sites in North Dakota, Finland, and Norway, Bitzero has secured more than 1 gigawatt of cost-efficient power capacity, with the land, power access, and permits already in place.
Key Economic Advantage:
Bitzero’s energy costs come in at 3–3.5¢ per kWh, well below the U.S. average near 18¢. Combined with cold-climate efficiency that reduces cooling load, that cost base is difficult to match.
Built-In Flexibility:
Bitzero’s Norway site is monetized today through Bitcoin mining, but they aren’t locked into a single workload. As demands shift, megawatts can be redirected toward higher-value compute, AI, HPC, and enterprise workloads, without rebuilding the underlying infrastructure.
Clear Institutional Signal:
Kevin O’Leary is a strategic investor in Bitzero. Often referred to as “Mr. Wonderful,” he backed the company early and has participated in the more than $100 million raised to date.
Disciplined Capital Deployment:
This is a capital-intensive business, and the wrong growth strategy can destroy equity value. Instead of chasing hash rate at any cost, Bitzero prioritizes returns on invested capital.

Bitzero Holdings (OTCQB: BTZRF, CSE: BITZ) is already operating the kind of infrastructure the next phase of the digital economy depends on. It controls live capacity today, holds sites with defined expansion paths, and operates in jurisdictions where power access and permitting are already settled.

For those interested in companies positioned around power-backed compute infrastructure, Bitzero may be worth a closer look.

To review the company’s sites, operating capacity, and upcoming milestones, visit Bitzero Holdings Inc.’s website and investor disclosures.

ⁱ https://www.bloomberg.com/news/articles/2026-01-12/data-centers-will-need-3-trillion-through-2030-moody-s-says
ⁱⁱ https://www.iea.org/reports/energy-and-ai/energy-demand-from-ai
ⁱⁱⁱ https://www.scientificamerican.com/article/ai-will-drive-doubling-of-data-center-energy-demand-by-2030/
^iv https://emp.lbl.gov/news/data-miso-show-rapidly-growing
^v https://fortune.com/2025/07/08/kevin-oleary-shark-tank-how-became-millionaire/
^vi https://abcnews.go.com/Business/shark-tank-success-story-groovebook-snapped-shutterfly/story?id=26958718

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