Michael Castaldo

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

[Michael Castaldo @MikeyCastaldo]

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%

[Michael Castaldo @MikeyCastaldo]

@DeepValueBagger MU has been such an easy / obvious trade. Holding to 1000

[Michael Castaldo @MikeyCastaldo]

@heresyfinancial Most people are either renting due to lack of home affordability, or younger / newer buyers are purchasing used appliances.

[Michael Castaldo @MikeyCastaldo]

@NHL Can we please god get these B/S advertisements out of the middle of the offensive zones?

[Michael Castaldo @MikeyCastaldo]

@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

[Michael Castaldo @MikeyCastaldo]

@GlobalCollapse And yet stock is down AH. Wild

[Michael Castaldo @MikeyCastaldo]

@Michael_EWpro Hard to bet against Brad Jacobs

[Michael Castaldo @MikeyCastaldo]

@investwithsheng Think tomorrow / this week will be a good time to add on any dips due to NFP, etc

[Michael Castaldo @MikeyCastaldo]

@DastDn It’ll all move to states like TX, OK, possibly AZ, etc.

[Michael Castaldo @MikeyCastaldo]

@BowTiedBull ZETA

[Michael Castaldo @MikeyCastaldo]

@Nebraskangooner Would be great if we consolidated for a few months

[Michael Castaldo @MikeyCastaldo]

@investwithsheng You mean crash 😂

[Michael Castaldo @MikeyCastaldo]

@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

[Michael Castaldo @MikeyCastaldo]

@investwithsheng I think you see a rotation out of larger stocks holding up the index into things like small caps and energy

[Michael Castaldo @MikeyCastaldo]

@bitcoinbutcher1 @awscloud It is 100% a loan. Imagine greatly improves the makeup of the cap stack

[Michael Castaldo @MikeyCastaldo]

@OpenSnow @liftblog Later winter incoming?

[Michael Castaldo @MikeyCastaldo]

@DrJStrategy Carney should put his money where his mouth is. His personal stock portfolio is heavily concentrated in US-based companies. Why?

[Michael Castaldo @MikeyCastaldo]

@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.

[Michael Castaldo @MikeyCastaldo]

@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?