Solving problems through an entrepreneurial lens. Do not go where the path may lead, go instead where there is no path and leave a trail. English / Spanish
But what about the convertible debt? if you include the convertible debt - current discount shrinks to ~19%. and also are the WYFI shares illliquid? gross asset math is right, but my view is have to strip out the converts.
Plugged it into Claude.
Convertible notes: $334.2M (per the Q1 2026 release that came out today). Roughly half is BTBT’s own October 2025 $150M convert at a $4.16 strike, the other half is consolidated WhiteFiber convert debt. Convertible notes increased to $334.2 million, driven by the issuance of notes by WhiteFiber, which are consolidated within our financial statements. Subtract that from $1.17B gross and you’re at roughly $836M net. Discount to market cap shrinks from 42% to closer to 19%
@mikealfred Adj. EBITDA looks great after accounting for non-recurring extraordinary expenses, discontinued ops, pro-forma run rate adjustments, business optimization expenses, and a RIF
@Alejand22579071@yianisz That’s fine, but the statement “$2B of debt effectively dilutes the equity” is incorrect. It’s actually the opposite. The reason for them taking on non convertible debt is so you do not have to dilute existing equity holders
@amitisinvesting@SayNoToTrading Trump can’t risk a broader market correction prior to the midterms. He’s already facing a decent likelihood of losing both houses and a broader correction would almost guarantee it.
@WarMonitor3 Would NATO countries have taken Trump’s requests seriously if he would have asked nicely (and behind the scenes how do we know he hadn’t already been asking)? Perhaps his angle is using this rhetoric to get Europe to commit military resources quickly?