2024-06-05 09:10:09 ET
Summary
- Consolidation attempts in the Bitcoin mining space have begun after recently reported buyout offers for both Bitfarms and Core Scientific.
- Bit Digital's mix of fleet efficiency, balance sheet position, and HPC service revenue makes it one of the better targets in my view.
- Based on Riot Platforms' rejected offer for Bitfarms, I can make the case BTBT should be trading closer to $3.50 per share. A 25% premium to 6/4 close.
We're still less than two months removed from the long-anticipated Bitcoin ( BTC-USD ) halving in late-April, and we've already seen attempts at consolidation in the public mining equities. Just days after the markets found out about a takeover bid of Bitfarms ( BITF ) by Riot Platforms ( RIOT ), HPC client-turned potential buyout suitor CoreWeave reportedly put in an offer on Core Scientific ( CORZ ). Some companies are well positioned to be buyers in a market like this, others are interesting takeover targets. I believe Bit Digital ( BTBT ) is the latter....
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Bit Digital: An Underappreciated Buyout Candidate