SEC FORM 3

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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Amar Michel

(Last)

(First)

(Middle)

110 YONGE STREET, SUITE 1601

(Street)

TORONTO

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/31/2025

3. Issuer Name and Ticker or Trading Symbol
Digi Power X Inc. [ DGXX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Subordinate Voting Shares	1,513,219	D
Subordinate Voting Shares	626,544	I	By Bit Mining International LLC
Subordinate Voting Shares	2,165,889	I	By Bit.Management, LLC
Subordinate Voting Shares	1,493,162	I	By NYAM, LLC

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Proportionate Voting Shares	⁽¹⁾	⁽¹⁾	Subordinate Voting Shares	666,600	⁽¹⁾	I	By NYAM, LLC
Employee stock option (right to buy)	06/06/2025	06/06/2030	Subordinate Voting Shares	515,000⁽²⁾	$1.53⁽³⁾	D
Employee stock option (right to buy)	11/19/2025	11/19/2030	Subordinate Voting Shares	900,000⁽²⁾	$3.58⁽⁴⁾	D
Restricted Stock Units	⁽⁵⁾	⁽⁵⁾	Subordinate Voting Shares	333,333⁽⁶⁾	$0	D
Restricted Stock Units	⁽⁷⁾	⁽⁷⁾	Subordinate Voting Shares	316,667⁽⁶⁾	$0	D
Restricted Stock Units	⁽⁸⁾	⁽⁸⁾	Subordinate Voting Shares	300,000⁽⁶⁾	$0	D

Explanation of Responses:

1. Proportionate Voting Shares ("PV Shares") may be converted into SV Shares at a ratio of 200 SV Shares for every 1 PV Share.

2. The options are fully vested.

3. Represents an exercise price of $2.09 Canadian dollars, converted to U.S. dollars at the daily average exchange rate of $1.00 to CAD$1.3693 reported by the Bank of Canada on December 30, 2025.

4. Represents an exercise price of $4.90 Canadian dollars, converted to U.S. dollars at the daily average exchange rate of $1.00 to CAD$1.3693 reported by the Bank of Canada on December 30, 2025.

5. The restricted stock units vest in two equal annual installments beginning on February 9, 2026.

6. Represents restricted share units issued pursuant to Digi Power X Inc.'s Restricted Share Unit Plan.

7. The restricted stock units vest in two equal annual installments beginning on December 1, 2026.

8. The restricted stock units vest in three equal annual installments beginning on November 19, 2026.

	/s/ Michel Amar	12/31/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.