2025 marked a defining year for Bit Digital. Over the past year, we deliberately reshaped the company around a clear view of how capital markets are evolving. We're in the process of exiting businesses that no longer align with durable value creation. We've concentrated our capital and operations ahead of the curve, building exposure to the two layers along which capital markets are digitizing: programmable financial rails through Ethereum and automation through Al infrastructure. Today, Bit Digital operati ...

Core Thesis - Bitfarms Ltd. is transitioning from traditional Bitcoin mining to AI and high-performance computing (HPC) infrastructure, presenting a speculative but potentially high-reward investment opportunity [2][4]. Financial Performance - Bitfarms has historically achieved nearly 50% margins per Bitcoin, with direct costs of $48.2k and revenues of $98k per Bitcoin [2]. - The company is well-capitalized with $230 million in liquidity and $300 million in dedicated infrastructure financing, alongside consistent free cash flow of approximately $8 million monthly [4]. Infrastructure Development - The Panther Creek data center campus in Pennsylvania will have a capacity of 350–410 MW by 2027, supported by low-cost energy sources and favorable permitting [3]. - Bitfarms is expanding its presence with additional land in Moses Lake, Washington, which is part of the largest West Coast data center cluster [3]. Valuation Metrics - Bitfarms is trading at 2.9x TEV/Revenue LTM and 1.65x TEV/Revenue NTM, which is significantly lower than peers like CoreWeave, CLSK, and IREN [5]. - The company’s strategic pivot and operational success present a unique combination of high-risk and high-reward investment potential [5].