$BTDR 𝗦𝗼𝗺𝗲𝘁𝗶𝗺𝗲𝘀 𝗜𝘁’𝘀 𝗕𝗲𝘁𝘁𝗲𝗿 𝘁𝗼 𝗠𝗼𝘃𝗲 𝗪𝗶𝘁𝗵 𝗖𝗮𝘂𝘁𝗶𝗼𝗻 𝗧𝗵𝗮𝗻 𝘁𝗼 𝗠𝗼𝘃𝗲 𝗙𝗶𝗿𝘀𝘁 $BTDR is now the world’s largest publicly listed $BTC miner by self-mining hash rate, yet the market is giving it almost no credit for that business because investors believe $BTC recent rally may not be sustainable. I don’t believe $BTC is going to crash. I believe it will remain around these levels or move higher. Once the market realizes that, $BTDR’s mining operation should be rerated. Jihan Wu is the smartest CEO in this group in my view. What I like most about him is that he is not in a rush. While everyone else raced to convert electricity into AI data centers and announce enormous contracts, he remained patient. $CRWV rushed into a low-priced deal with $MSFT that looked impressive in the headlines but required enormous debt and financial commitments. $CIFR also committed its electricity at substantially worse headline economics than the contract $BTDR eventually secured. In this race, whoever moves first risks locking themselves into the worst economics. $BTDR currently has approximately 1.75 GW of electricity already online and nearly 3 GW including its development pipeline. That is substantially more operational power today than $IREN. $IREN has assembled a larger future pipeline, but much of it still needs to be developed. There is an enormous difference between electricity that may become available in the future and electricity that is already online today. $BTDR is choosing to use much of that power for $BTC mining instead of rushing to convert everything into AI data centers. That makes perfect sense. At current $BTC prices and July’s production rate, $BTDR’s mining operation could generate more than $1 billion in annual revenue and approximately $600–700 million in annual cash profit before corporate expenses, interest and capital expenditure. Why rush to give up that business and commit the electricity for the next 10 or 15 years unless the AI contract is exceptionally attractive? AI data centers are potentially far more profitable, but $BTDR does not need to convert everything immediately. It can continue mining $BTC, producing cash and waiting until someone offers economics attractive enough to justify surrendering that electricity for the next 10 or 15 years. That patience is already paying off. $BTDR’s 121 MW Tydal agreement is worth approximately $4.7 billion over 16 years. Its annual headline revenue per MW is roughly 36% higher than $CIFR ’s original Barber Lake agreement. Its 9.5 MW Malaysia facility is also fully committed, representing more than $800 million in expected contracted revenue. $BTDR also designs and manufactures its own SEALMINER machines. It controls almost the entire chain: electricity, data centers, chips, machines and mining. That allows it to deploy newer and more efficient equipment without depending entirely on outside suppliers. This is why $BTDR is so compelling. You get the world’s largest publicly listed $BTC mining operation, nearly 3 GW of power, proprietary mining technology and an enormous option on AI data centers. If $BTC remains around current levels, the mining business deserves a rerating. If $BTC rises, the upside becomes much larger. Meanwhile, Jihan can gradually convert selected sites into AI infrastructure, but only when the economics are clearly superior to mining. There is no reason to rush. The electricity is not going anywhere. $BTDR is currently my largest investment in the space at approximately 13% of my portfolio.