I said on @cvpayne yesterday that $HUT is a $5.5B platform with $1B+ in BTC and a 65% stake in ABTC (~$3B) —
so you’re getting the energy + data center business for ~$1.5B.
Meanwhile $IREN trades near $19B and $CIFR at $9B.
Today’s call proves how mispriced that is. 🧵
so you’re getting the energy + data center business for ~$1.5B.
Meanwhile $IREN trades near $19B and $CIFR at $9B.
Today’s call proves how mispriced that is. 🧵
Hidden strength: Because ABTC is consolidated, HUT eliminates the managed-services & colocation revenue it earns from ABTC.
Those are real and recurring economics hidden by GAAP.
So the true earnings power is higher than reported.
Those are real and recurring economics hidden by GAAP.
So the true earnings power is higher than reported.
Scale: HUT now disclosed 1.53 GW under development and 8.65 GW total pipeline.
That puts them right beside the 3 GW players — they’ve just been conservative until now.
That puts them right beside the 3 GW players — they’ve just been conservative until now.
Unit economics:
$IREN ≈ $19B on 3 GW → $6.3B/GW
$CIFR ≈ $9B on 3 GW → $3.0B/GW
Midpoint = $4.7B/GW
$IREN ≈ $19B on 3 GW → $6.3B/GW
$CIFR ≈ $9B on 3 GW → $3.0B/GW
Midpoint = $4.7B/GW
Apply haircuts:
• 1.53 GW @ 0.5× peer → $3.6B
• 7.12 GW @ 0.1× peer → $3.3B
Infra = $6.9B
•$1B BTC + $1.95–3B ABTC = $9.8–10.9B equity value = $81–$90/share.
Stock’s $50.
• 1.53 GW @ 0.5× peer → $3.6B
• 7.12 GW @ 0.1× peer → $3.3B
Infra = $6.9B
•$1B BTC + $1.95–3B ABTC = $9.8–10.9B equity value = $81–$90/share.
Stock’s $50.
Operations: Q3 rev $83.5M (+91% YoY). Adj EBITDA $109M (vs $5.6M YoY). Compute margin 69%. The flywheel’s spinning.
BTC balance sheet edge: 13,696 BTC (~$1.6B). $265M BTC-backed credit @ 8.2%. $32M option income. They’re financing growth without dilution.
ABTC torque: ~25 EH of 26.8 EH fleet, ~4,000 BTC on ABTC’s balance sheet. HUT keeps super-vote control → consolidation + option value.
Capital strength: $200M revolver + $1B ATM (40% unused, sold 50% above avg price). CFO: DC finance market “extremely healthy,” pursuing non-recourse deals = growth without parent risk.
Valuation gap = opportunity:
Market’s waiting for “show me” execution. Signed offtakes + RFS turn HUT into a peer-multiple story. That’s how $50 → $90 happens fast.
Market’s waiting for “show me” execution. Signed offtakes + RFS turn HUT into a peer-multiple story. That’s how $50 → $90 happens fast.
The 100-bagger math:
By early 2030s, if HUT controls ~15 GW IT capacity under long-term AI/data-center leases @ $1.5–2.5B rev/GW and 50% EBITDA margins → $12–16B EBITDA.
At 25× multiple = $300–400B.
Add BTC & ABTC option value → $400–500B potential.
By early 2030s, if HUT controls ~15 GW IT capacity under long-term AI/data-center leases @ $1.5–2.5B rev/GW and 50% EBITDA margins → $12–16B EBITDA.
At 25× multiple = $300–400B.
Add BTC & ABTC option value → $400–500B potential.
That’s the Rising Dynasty math:
Power × Compute × BTC leverage = asymmetric payoff.
Execution is the bridge from $50 → $500 → $5,000.
Own the future, don’t rent it. 🚀 #RisingDynasty #100x
Power × Compute × BTC leverage = asymmetric payoff.
Execution is the bridge from $50 → $500 → $5,000.
Own the future, don’t rent it. 🚀 #RisingDynasty #100x
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