The market has struggled to evaluate BTBT because its strategic narrative has shifted substantially, and past financials and profits are not telling the story of where they’re headed. • they have abandoned BTC mining, which is no longer profitable with the rising energy costs and BTC mining rewards constantly being halved over time • they own 70–80% of WYFI, an AI HPC which recently IPOed and is being carved out (WYFI is up 23% this past week) • BTBT is very clear that their sole goal now is to become a leading ethereum treasury, and they plan on divesting WYFI over time to make opportunistic ETH accumulation minimizing potential share dilution • you need to be bullish and long on the macro case for ETH to really appreciate the BTBT opportunity beyond a simple discount to nav play • with the Genius Act, there’s regulatory clarity on stable coin, and there’s a clear movement and institutional alignment in the broader financial systems to integrate tokenization and stable coin, and this is mostly being built on ETH rails as a settlement layer • ETH is rapidly evolving into a store of value narrative similar to gold, and in recent years, bitcoin In my opinion, ETH treasuries like BTBT (especially if you can get it at a discount like right now as retail investors sleep on this one) are the best risk-adjusted bet for asymmetric returns in the long run. Risks include execution, governance, crypto volatility, and broader black swan events.

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BTBT beating the shorts

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Stupid ass short sellers trying to short BTBT after a run. They only have around a day to cover, though.

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BTBT?

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BTBT above $3 finally on WYFI’s move

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This means WYFI is 16% overvalued not that BTBT is 16% undervalued

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WYFI up 30%. BTBT owns 74% of WYFI and should be up by 30% as well. BTBT a bargain at $3.00/share

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Why is BTBT moving?

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CIFR/WULF/IREN/BTBT/BITF has grown to be about 40% of my port. Tarded? Potentially. But I’m willing to go all in on “compute” being the new “oil”.

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What's the link with NBIS and BTBT?

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