matthew sigel, recovering CFA
matthew sigel, recovering CFA
ETH-2.48%
BTC-1.30%
$BTBT has a $1B market cap and holds $257M in ETH. They also operate a cloud and HPC business, WhiteFiber, which we believe could generate $150M in ARR in 2026. Applying a 25% discount to NBIS’s 9x forward revenue multiple to reflect BTBT’s smaller scale and lower liquidity still implies a $1.01B valuation for WhiteFiber, meaning zero value for the ETH. Or flip it: If the ETH is valued at 2x NAV (around $514M), then WhiteFiber is trading at just 3.3x ARR compared to 9x for NBIS. BTBT has filed to IPO WhiteFiber, which could help unlock that multiple. Still looks mispriced.
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Ethereum can rewrite the entire financial system. We are aligning ourselves with Ethereum’s long-term potential. Bit Digital accumulated 100,603 ETH — and we intend to aggressively add more to become the preeminent ETH holding company in the world. We have converted BTC holdings into ETH, and have raised an additional ~$172MM to purchase ETH. We are returning to our roots: a cryptocurrency company positioned as a focused Ethereum treasury platform directed at one of the most impactful assets of our generation: ETH. There is no second best.
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