Photo by Donald A. Promnitz. Students at Geekwise Academy listen to their lesson for the evening at Bitwise Industries in this 2019 file photo.

The State of California is giving $5 million in tax breaks to Bitwise Industries on the condition it creates 807 additional full-time jobs by 2024.

The tech and real estate company was approved for the “California Competes” tax credit, which is administered by the Governor’s Office of Business and Economic Development, or GO-Biz.

According to a tax credit agreement with the state, BitWise plans to hire full-time employees and invest in office space, tenant improvements and furnishings for its expansion efforts in Fresno, Bakersfield, Oakland and Merced.

BitWise agreed to hire a total 807 full-time employees by the 2024 tax year, adding to a base of 81 employees in the current tax year, according to the agreement.

The employees will have a minimum annual wage of $41,600 and an average annual wage of $64,000, also according to the agreement.

Also as part of the tax credit allocation, Bitwise plans to invest $24 million into its operations.