BTBT · Bit Digital, Inc.

Bit Digital's investor presentation outlines a strategic transformation from a bitcoin miner to a 'Strategic Asset Company' that owns and operates productive infrastructure. The company has fully converted its bitcoin treasury to Ethereum, now holding 162,080 ETH (the 4th largest public ETH holder) and actively staking nearly half of it for yield. Its majority-owned subsidiary, WhiteFiber, is an integrated AI compute and data center platform that went public in 2025. Bit Digital's shares trade at a significant discount to the combined market value of its ETH and WYFI holdings (approximately 34% as of May 31, 2026), implying the market is undervaluing its WYFI stake by nearly half. To capitalize on this, Bit Digital secured an ETH-backed loan facility with Galaxy to provide up to $150M to WhiteFiber for infrastructure buildouts, earning a 7% interest spread while retaining ETH exposure. WhiteFiber has gained traction with >$175M in recent cloud contracts and a multi-GW pipeline. The strategic pivot positions Bit Digital as a unique vehicle for Ethereum and AI infrastructure exposure, but the discount to NAV suggests investor skepticism or lack of clarity on the conglomerate structure.