Tag: Capital Markets

Bit Digital (BTBT) – December BTC Production Increases 19%

Posted on by cpereira@noblefcm.com


Friday, January 05, 2024

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Production. During the month of December, Bit Digital produced 169.5 BTC, a 19% increase compared to the prior month. Active hash rate as of December 31st was approximately 2.52 EH/s, up from 2.25 EH/s as of November 30, 2023, and well on the way to the new goal of  doubling the operating fleet in the Bitcoin mining operations, to approximately 6.0 EH/s, during 2024.

Staking. Bit Digital had approximately 12,752 ETH actively staked in native and liquid staking protocols as of December 31, 2023, down slightly from 12,784 at the end of November. Approximately 12,352 ETH were natively staked and 400 ETH were deployed in liquid staking protocols as of that date. The Company earned a blended APY of approximately 3.67% on its staked ETH position for the month, down from 4.35% in November, and earned aggregate staking rewards of approximately 38.5 ETH.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – Receipt of First Tranche of AI Servers

Posted on by cpereira@noblefcm.com


Thursday, December 21, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

First Tranche. Yesterday, Bit Digital announced the receipt of the initial batch of servers equipped with Nvidia HGX H100 GPUs from Super Micro Computer, Inc. To date, the Company has received 89 servers which will be shipped and delivered to the datacenter in Iceland by the end of this month, enabling Bit Digital to begin performance under its first AI contract. Bit Digital expects to receive the remaining 103 servers by the first week of January 2024 and subsequently deploy them in Iceland during January 2024.

Upfront Cash. Bit Digital also disclosed that the terms of its AI agreement have been amended such that the Company has now received a three-month prepayment from its customer. With the contract expected to generate some $35 million of annual revenue, this would equate to approximately $9 million, which will help fund the cost of the servers, in our opinion.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – November Production Numbers Released

Posted on by cpereira@noblefcm.com


Thursday, December 07, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Increasing Production. During November, Bit Digital produced 142.7 BTC, a 24% increase from 111.6 BTC last month. The increase was primarily driven by the increase in the Company’s active hash rate, which was at 2.25 EH/s as of November 30, 2023 compared to 2.0 EH/s last month, and Bit Digital did not experience any maintenance outages.

Staking. Over on the staking side, Bit Digital had approximately 12,784 ETH actively staked in native and liquid staking protocols as of November 30, 2023. Approximately 12,384 ETH were natively staked and 400 ETH were deployed in liquid staking protocols as of that date. The Company earned a blended APY of approximately 4.35% on its staked ETH position for the month, and earned aggregate staking rewards of approximately 44.93 ETH.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – Finalized AI Contract

Posted on by cpereira@noblefcm.com


Tuesday, November 28, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Contract. Last week, Bit Digital announced details regarding its first Bit Digital AI contract. Under the terms of the agreement, Bit Digital will supply the customer with computational power from 1,504 GPUs for a period of three years. The contract will commence January 2024 and represents more than $35 million of annualized revenue to Bit Digital.

Platform. To fulfill the contract, the Company placed a purchase order for servers manufactured by Super Micro Computer, Inc., an authorized Nvidia OEM, that are equipped with 1,504 Nvidia HGX H100 GPUs along with related equipment, which are expected to be delivered to the Company by January 2024.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital, Inc. (BTBT) – Gearing Up for the New Year

Posted on by cpereira@noblefcm.com


Friday, November 17, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Results. Bit Digital reported third quarter revenue of $11.6 million, up from $9.1 million last year and in-line with our estimate of $12 million. The Company recognized $11.3 million from bitcoin mining services and $244,780 in ETH staking services. Net loss for the quarter was $7.2 million, or a loss of $0.08 per share, versus the prior year’s net loss of $14.5 million, or $0.27. Adjusted EBITDA for the quarter was a negative $3.0 million versus a negative $4.6 million last year. 

More Agreements. The Company finalized two new agreements with Soluna Computing and Dory Creek during the quarter, bringing 4.4 and 17.5 megawatts of hosting capacity, respectively. The agreements bring two new states to Bit Digital’s geographic portfolio in Kentucky and Texas, and offers the Company an increased geographic diversification. We expect more announcements to follow, with the Company having active discussions with other potential hosts.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bitcoin Depot (BTM) – Favorable Deployment

Posted on by cpereira@noblefcm.com


Tuesday, November 14, 2023

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q3 Results. The company reported Q3 revenue of $179.5 million, up 2.7% from the prior year period, and adj. EBITDA of $13.9 million, up an impressive 21.1% year-over-year. While Q3 revenue was 5.7% below our estimate of $190.3 million and Adj. EBITDA was 4.9% lower than our estimate of $14.7 million, we view the results and company outlook favorably.

2024 Outlook. The company is focused on striking additional partnerships to deploy its approximately 1000 kiosks that are currently warehoused. We anticipate the number of kiosks will gradually increase over Q4 and 2024, a development we believe will have a favorable impact on operating results.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital, Inc. (BTBT) – Network Difficulty in October, However a Positive Environment

Posted on by cpereira@noblefcm.com


Tuesday, November 07, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Mining Slightly Down. Bit Digital produced 111.6 BTC during the month, a 14% decrease from last month due to an increase in network difficulty, a power utility mandated maintenance outage that temporarily reduced operating hash rate at one location, and the relocation of miners from one hosting location following the conclusion of that hosting agreement. The Company had an active hash rate of 2.0 EH/s compared to 1.19 EH/s last month.

Staking Side. The Company had approximately 12,752 ETH actively staked in native and liquid staking protocols as of October 31, 2023, with 12,352 ETH natively staked and 400 ETH deployed in liquid staking protocols. Bit Digital earned a blended APY of approximately 4.25% on its staked ETH position for the month compared to roughly 4.1% last month, and earned aggregate staking rewards of approximately 46.08 ETH.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital, Inc. (BTBT) – A New AI Business

Posted on by cpereira@noblefcm.com


Tuesday, October 24, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Business Diversification. Bit Digital is launching a new AI-focused business, Bit Digital AI, that will provide specialized infrastructure to support generative artificial intelligence (AI) workstreams. The new business materially diversifies Bit Digital’s revenue sources with a goal of providing a non-correlated income stream to help offset potential downturns in the core bitcoin mining and ETH staking business.

A Customer Contract. Bit Digital has entered into a binding term sheet with a customer to support their GPU-accelerated workloads. Bit Digital will provide the customer with rental services for a minimum of 1,024 GPUs and a maximum of 4,096 GPUs. The total number of GPUs, contract length, and corresponding unit pricing will be determined upon signing of the master service agreement.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital, Inc. (BTBT) – September Slightly Down

Posted on by cpereira@noblefcm.com


Friday, October 06, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Mining. Bit Digital had a decrease in BTC production in September, producing 130.2 BTC, a 7% decrease compared to the prior month of 133.0. The decrease was primarily driven by an increase in network difficulty and a reduction in active hash rate that occurred towards the end of the month. The active hash rate was approximately 1.19 EH/s as of September 30, 2023, as roughly 600 PH/s of miners went offline due to a power utility mandated maintenance outage from September 26, 2023, to October 6, 2023 with an additional 250 PH/s of miners going offline towards the end of the month following the conclusion of a hosting contract at one facility. The Company is in the process of relocating those miners to alternative hosting sites.

Staking. The Company had approximately 13,594 ETH (13,188 last month) actively staked in native and liquid staking protocols as of September 30, 2023, with 11,200 natively staked and 2,394 ETH deployed in liquid staking protocols. The Company has 512 ETH (16 Nodes) deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of October 2023. The blended APY for the month was roughly 4.1%.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bitcoin Depot (BTM) – Reduces Potential Stock Overhang

Posted on by cpereira@noblefcm.com


Thursday, October 05, 2023

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Amended PIPE Funding Agreement. The company announced that it is amending its PIPE agreement, which was established when it went public through a SPAC. The amendment allows several private investors to purchase roughly 3.4 million Series A Convertible Preferred shares from the original PIPE investor. 

PIPE agreement. In accordance with the agreement, 4.3 million Convertible Preferred shares and 0.7 million common shares and $50 million cash ($10 pre share) were held in trust. After going public, the company received cash per share from the trust at the volume weighted average price (VWAP) of the shares (rather than $10/share). The shares would settle in increments over several reference periods. The PIPE investor would receive a cash redemption for the difference between $10 and the VWAP of the shares for a given reference period. For example, if the VWAP was $3 for a reference period, the company would receive $3 per share and the trust would return $7 per share to the PIPE investor.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bitcoin Depot (BTM) – Initiating Coverage: Bringing Bitcoin To A “Store” Near You

Posted on by cpereira@noblefcm.com


Thursday, September 07, 2023

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating coverage with an Outperform rating and $9 target. Bitcoin Depot is the largest Bitcoin ATM operator in the U.S, boasting over 6000 locations. Notably, the company is the first publicly traded Bitcoin ATM operator. We believe the BTM shares offer investors an opportunity to experience cryptocurrency industry growth, while mitigating many risks associated with the industry. Our favorable rating is based on the company’s positive cash flow growth outlook.

A de-risked way to play Bitcoin. Unlike many of its peers, the company grew revenue and generated positive cash flow in 2022. Notably, revenues are not correlated to the price of Bitcoin and the company does not hold Bitcoin long-term. In our view, we anticipate revenue growth from increased Bitcoin popularity and additional kiosk deployment, while growing cash flow.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital, Inc. (BTBT) – Increasing Hash Rate Means Increasing Production

Posted on by cpereira@noblefcm.com


Wednesday, September 06, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

August Production. Bit Digital produced 139.9 BTC, a 5% increase compared to the prior month’s 133.0 BTC. The increase was due to a higher average active hash rate, partially offset by an increase in network difficulty. The active hash rate was approximately 2.03 EH/s as of August 31, 2023 compared to 1.78 EH/s last month.

Staking. Bit Digital had approximately 13,188 ETH actively staked in native and liquid staking protocols as of August 31, 2023, up from 12,708 last month. Approximately 10,784 were natively staked and 2,404 ETH were deployed in liquid staking protocols as of that date, with 416 ETH deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of September 2023. The blended APY the Company earned was 4.4% on its staked ETH position for the month of August 2023.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital, Inc. (BTBT) – A Transitional Quarter

Posted on by cpereira@noblefcm.com


Friday, August 18, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Transitional Quarter. The second quarter 2023 was a transitional quarter for Bit Digital, with the Company entering new strategic partnerships, exiting certain legacy hosting relationships, diversifying the geographic presence, and executing on growth strategies. The new hosting relationships add approximately 35 MW of additional mining capacity, which Bit Digital will fill with announced new miner purchases.

2Q23 Operating Results. Revenue improved to $9.0 million from $8.2 million in 1Q23 and $6.8 million in the year ago period. Bit Digital reported a net loss of $2.4 million, or a loss of $0.03/sh, compared to a loss of $17.8 million, or a loss of $0.22/sh last year. Adjusted EBITDA was $1.9 million compared to a loss of $12 million in 2Q22. We had projected revenue of $10.8 million, a net loss of $5.0 million, or a loss of $0.06/sh, and breakeven adjusted EBITDA. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.