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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The USD was backed by gold then, totally different

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Dollar crush. Will be crushed further. Money stays/moves into equities and or Gold. Both are happening. You can add BTC to that.

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Market up, the dollar is up, the 10yr is up, gold is up, oil is up... everything is up.

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Holy shit gold, we are witnessing the breakdown of fiat currency in real time

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Even if a one trick pony company is worth 20% of the Gold in the planet?

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Gold is up, btc is up, basically everything is up while inflation climbs and the dollar weakens. Holding cash is a losing play so they’re stuffing it into equities to counter the inflation and usd decline. It helps that there’s 0dte fuckery and options and no functioning sec, but it’s basically party time for big money.

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Some would say this level on gold is irrational but because it's tied to a semi-rare metal instead of booming corporate profits it seems safe I suppose. The feared event would be stagflation. If that fear dissipates or turns out to be milder than feared the trap door will open.

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Digital gold and natural bitcoin are the way

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Im shitting blood and gold

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