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Bit Digital, Inc.
Information Technology · IT Services
Structural: dual-track operator straddling BTC mining (~5 EH/s, low-cost Iceland + Canadian hydro + US sites) and an HPC/AI hosting arm (WhiteFiber / Bit Digital AI) leasing GPU capacity to AI labs. Capex is rotating from ASICs toward $NVDA H100/H200 colocation contracts; management explicitly frames the AI segment as the multi-year growth leg while BTC funds it.
- AI hosting revenue ramp via multi-year GPU contracts (Boosteroid, Cerebras-class tenants) at higher gross margin than mining
- Iceland + Canadian hydro footprint = cheap, ESG-friendlier power vs $MARA $RIOT Texas grid exposure
- Optionality if WhiteFiber spins out or trades at neocloud multiples ($CRWV $NBIS comp set)
- Balance sheet HODL of BTC + ETH gives crypto-cycle torque without pure-miner concentration
- Chronic ATM dilution: share count has materially expanded to fund GPU capex; per-share value compounds against operations
- AI hosting is capital-intensive and contract-concentrated; losing a single anchor tenant resets the thesis
- BTC mining post-halving economics squeeze cashflow if hashprice stays weak
- Sub-$3 share price and small float = retail/momentum-driven tape, vulnerable to forced selling
- Competes with deeper-pocketed neoclouds ($CRWV $NBIS $APLD) and hyperscaler GPU supply
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