2024-02-02 07:28:15 ET
Summary
- The "Slow and Steady Lose The Race" thesis carried deeper implications for BITF and the broader Bitcoin sector than initially thought.
- Through BITF, we showed that "Slow and Steady" is more detrimental than good where its adverse impact is directly proportional to the inability to expand.
- This observation transformed BITF's 6.5% quarterly shareholder dilution from a source of weakness into a source of strength.
- We also showed how a sector-wide consolidation can be brought about and how BITF is positioned better to benefit from it.
- Our BITF outlook may have improved, but BITF's high valuation (2.9x adj Book value) suggests exercising patience.
Introduction
Read the full article on Seeking Alpha
For further details see:
Bitfarms: The Adverse Ripple Effect Of 'Slow And Steady'