Hanif Zahari
Bit Digital (NASDAQ:BTBT) is one of the stocks I've covered the most for Seeking Alpha in recent years. It's also one of the few stocks that I have labeled with a 'strong buy' tag in the past. That strong buy
Bit Digital Makes A Massive Bet On Ethereum
Summary
- In June 2024, I rated Bit Digital a 'strong buy' due to its early and successful pivot to HPC revenue.
- Missed HPC revenue guidance, and shifting GPU market dynamics, made me less optimistic about long-term prospects later last year.
- A recent 75 million share offering and questionable capital allocation strategy further cloud the investment outlook, making me cautious on BTBT now.
- The company wants to spin out its HPC/AI subsidiary WhiteFiber via IPO. I believe shareholders would benefit from such a move.
Former media research analyst. Main coverage areas are crypto, BTC miners, metal, and media equities. I'm not an investment advisor. I just share what I do with my own capital and why. Outside of Seeking Alpha, I also write the Heretic Speculator newsletter over at Substack.
Analyst’s Disclosure:I/we have a beneficial long position in the shares of BTC-USD, ETH-USD, BTBT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I'm not an investment advisor.
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