Investment Q&A

BTDR is a $810M bitcoin mining company, which mined 294 bitcoins during March (roughly $21M at today's dollars), and it has also begun deploying NVDA H100's in the Asian region for cloud AI services. It has 22.5 EH/s, which is a fairly strong fleet of mining rigs relative to other publicly traded miners. Unlike other miners, BTDR does not hold any bitcoin on its balance sheet, which can help with profitability, but reduces the potential for a strong 'floor price' on the stock when the price of bitcoin increases. Its price has held up fairly well compared to other miners year-to-date, likely due to its strategy of immediately selling its mined bitcoin, rather than holding and issuing shares to fund its operations. This has allowed it to keep its outstanding share count mostly flat since mid-2023. Overall, we think its strategy is decent, and it differs from some of the larger miners like RIOT, CLSK, MARA, HUT, and others.