Bit Digital, Inc.

Bit Digital is the Bitcoin-mining-plus-crypto-treasury holding whose 2026 tape has been -19% YTD despite a genuine 48-49% NAV discount. The stock is coiled at 10% of the 52-week range with a specific NAV-narrowing thesis into August 13.

• The NAV-discount is the entire equity thesis: BTBT holds 27.04M shares of WYFI worth ~$993M plus a >160K ETH treasury generating staking yield — the equity trades at a ~48% discount to that NAV, so the setup is a specific closing-the-discount trade rather than an operating-business thesis.
• The core mining business is running below break-even: Q1 2026 revenue grew 11% YoY to $27.9M, gross margin at 21%, but operating margin was -78% — Bitcoin-mining is genuinely cyclical, so the mining P&L is not what's driving the tape; the WYFI + ETH treasury is.
• The specific WYFI Paris revenue catalyst: bulls emphasize BTBT owning 60-70%+ of WYFI as a strategic core holding, and WYFI Paris revenue ($160M+ contract, investment-grade customer, NVIDIA GPUs, 12 months prepaid) is expected to go live imminently — a real dated revenue catalyst.

The August 13 Q2 earnings are the near-term arbiter — WYFI treasury valuation commentary, WYFI Paris revenue-recognition timing, and any specific ETH-staking yield trajectory extend the NAV-narrowing coil. A WYFI-valuation writedown or Paris-contract delay confirms the bear framing and drops the tape below $1.40.