In short: "WYFI was up 15% pre-market on an EPS beat across the board. Revenue was 28.8 million versus 19 to 24 million on the street." The contract book is what matters: a new $380M cloud deal, on top of contracts signed since May — Base10 at $165M, Primetals at $108M, Iceland at $87.5M and Perris at $160M. The stock "rallied all the way to 32 and then it was back down at 29.52, up from kind of the mid-27s." Deck page 39.
White Fiber builds and operates the network and data-centre capacity that AI companies rent. It is small, which is why the quarter looked so dramatic: revenue of $28.8 million against street estimates of $19-24 million, and the shares up 15% before the market even opened.
The reason to care is not the quarter but the contracts. Since May it has signed roughly $520 million of business — a new $380 million cloud deal plus earlier awards of $165 million (Base10), $160 million (Perris), $108 million (Primetals) and $87.5 million (Iceland) — against a company this size. For a small operator, that is years of visible revenue.
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In short: The asset inside the BTBT stub: a debt-free AI-infrastructure provider (cloud HPC GPU hosting + colocation, like DGXX) carrying a ~$1.5B market cap. The NAV driver — if it meets its long-term EBITDA goals, the BTBT discount closes.
White Fiber rents out high-powered computing for AI — GPU hosting and data-center colocation (similar to DGXX) — and importantly it carries no debt. It's the valuable asset hidden inside Bit Digital. If White Fiber delivers on its profit targets, the discount on its parent (BTBT) should disappear.
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