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.
Correct me if I’m wrong but this way to bias of a reasoning. Basically it says “we know there is good reasons to cut the rates, jobs this, jobs that, but hear me out, fuck the P R E S I D E N T and what they want even if it’s reasonable“. Is overall a childish argument that hurts more people with no valid reason.
gotta admit it's pretty ironic to quote the guy on his empathy stance (and the quote always leaves out the sympathy part that shows he wasn't a total psycho) and then proceed to have 0 empathy or sympathy. :D