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![matthew_sigel Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::886396943982899201.png) matthew sigel, recovering CFA [@matthew_sigel](/creator/twitter/matthew_sigel) on x 45.2K followers
Created: 2025-07-07 18:08:32 UTC

$BTBT has a $1B market cap and holds $257M in ETH. They also operate a cloud and HPC business, WhiteFiber, which we believe could generate $150M in ARR in 2026.

Applying a XX% discount to NBIS’s 9x forward revenue multiple to reflect BTBT’s smaller scale and lower liquidity still implies a $1.01B valuation for WhiteFiber, meaning zero value for the ETH.

Or flip it: If the ETH is valued at 2x NAV (around $514M), then WhiteFiber is trading at just 3.3x ARR compared to 9x for NBIS.

BTBT has filed to IPO WhiteFiber, which could help unlock that multiple. 

Still looks mispriced.


XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1942284615512682569/c:line.svg)

**Related Topics**
[market cap](/topic/market-cap)
[longterm](/topic/longterm)
[2x](/topic/2x)
[$101b](/topic/$101b)
[$150m](/topic/$150m)
[$257m](/topic/$257m)
[$1b](/topic/$1b)
[$btbt](/topic/$btbt)

[Post Link](https://x.com/matthew_sigel/status/1942284615512682569)