Or email us at OXBR. Jay, thank you again, and I look forward to working with you again in the near future. Thank you for having me on. Appreciate it. Bye now. Our next presenter is Sam Tabar of Bit Digital. He is going to get started as soon as he is ready. Let's do a quick sound, video, and presentation check. Sam, welcome. Thank you for having me. Quite welcome. Quite happy to have you. If you've got a presentation to share, I'd love to see it. Make sure it's all right. I think my colleague is sharing it, and I'm ready to go whenever it's up and running. Okay. All right, we are still waiting for that. Meanwhile, why don't I do this? Again, this is the Red Chip Fintech and Digital Asset Treasury Virtual Investor Conference. This is Bit Digital presenting in this half-hour slot. Bit Digital, ticker BTBT on the NASDAQ, and presenting today is Sam Tabar, the CEO. Sam is going to begin his presentation in just a moment. We'll open this event to your questions. I see now that the deck is on the screen. It looks fabulous. I'll wrap up with the safe harbor statement here. This segment may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements. Any statements that are not historical facts should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. We are ready to hear your presentation, Sam. All right, great. Slide one, if somebody could, direct to slide one, please. Hi everyone, and thanks for joining us today. I'm Sam Tabar, Chief Executive Officer of Bit Digital. Bit Digital is a NASDAQ-listed company trading under the ticker BTBT. We define Bit Digital as a strategic asset company, which I'll unpack over the course of the presentation. Today, I'll walk through how we think about our strategy, our asset base, and how we allocate capital going forward. Before getting into the strategy, just a quick word about my background. I'm CEO of Bit Digital. I've been with the company since 2021. Before that, I co-founded a blockchain company that was acquired by Consensys, and I've spent most of my career at the intersection of law, crypto, capital markets, and technology. More broadly, we have a full team with experience across crypto, infrastructure, and public company operations. That background matters because our strategy requires operating discipline and not just asset selection. Slide four, please. We define Bit Digital as a strategic asset company. At a high level, that means we allocate capital across strategic assets at the infrastructure layer, and we operate around those assets rather than just hold them. What that really comes down to is this: we focus on owning infrastructure that is productive, infrastructure that generates yield, usage, and participation, and then we build operating capabilities around those assets so we can compound over time. You can think about our strategy as resting on two pillars. On the left is Ethereum economic infrastructure. We operate Ethereum infrastructure through staking and network participation. We treat ETH as a productive economic infrastructure, not passive inventory. On the right is AI and HPC intelligence infrastructure. Our exposure there is through our majority equity ownership in WhiteFiber, which is a public company that owns and develops AI-focused data centers and compute infrastructure. WhiteFiber trades under the ticker WYFI. I'll cover more about WhiteFiber in detail later. These are two different markets, but the common thread is the same. We are positioned at the infrastructure layer of systems that coordinate value and produce intelligence. And in both cases, the model favors operators over passive holders. And that's the core idea behind a strategic asset company. Slide five, please. What is a strategic asset company? A strategic asset company deploys capital into productive infrastructure. We integrate these assets into operating models rather than hold them passively. Our focus is on generating durable, usage-driven value that usually shows up as yield, fees, and participations rather than one-time gains. It's important to be clear about what this is not. We're not a holding company. We're not an ETF. We're not a miner. We're not a passive treasury. We deploy capital into infrastructure, and we operate around what we own. That distinction drives how we think about strategy and capital allocation. Slide six. Bit Digital did not start as a strategic asset company. We started as a Bitcoin miner in 2020. At that time, mining was an effective way to gain exposure to digital assets and build scale in the ecosystem. Over time, however, it became clear to us that mining is a difficult business to underwrite over long-term horizons. Returns tend to compress as hash rate grows, and then capital requirements rise, and differentiation is limited. So that combination makes it hard to consistently generate attractive, risk-adjusted returns. So we began to pivot in a more deliberate way. Around 2021, we started converting a portion of our Bitcoin into Ethereum and building an initial ETH treasury. We scaled that treasury over time and built staking infrastructure so our digital asset exposure could become productive rather than purely directional. In 2024, we launched our cloud services business to gain exposure to AI workloads. We then acquired a data center platform and built an AI infrastructure business, which ultimately became WhiteFiber. In 2025, we completed the WhiteFiber IPO, creating a standalone public AI infrastructure company while retaining a controlling 70% ownership. Also in 2025, we converted our remaining Bitcoin into Ethereum, making our treasury 100% ETH. In parallel, we began winding down Bitcoin mining. Today, we define Bit Digital as a strategic asset company, and this evolution reflects a shift away from commodity production and toward owning and operating productive digital infrastructure. Slide seven. The core constraint today is not capital. It is infrastructure. Over the last several years, capital has become abundant. What has not kept pace is the physical and digital infrastructure required to deploy that capital productively. In programmable finance, settlement, and coordination, infrastructure is actually scarce. Blockspace, validator capacity, and reliable network operations matter more as activity grows. In AI, reliable and scalable compute infrastructure is scarce. Power availability, data center capacity, cooling, interconnection, and build timelines are the real bottlenecks. These constraints are structural, not cyclical. They take years to resolve. They require specialized expertise and involve significant upfront capital. That dynamic tends to favor owners and operators of infrastructure rather than passive holders of assets. Ethereum coordinates value, ownership, and execution. AI infrastructure produces intelligence through compute. Both sit at foundational layers of their respective stacks, and both reward participants who operate infrastructure, not just those who hold exposure. That is where we are positioning the company. Slide eight. Today, our balance sheet is built around two primary assets. First, Ethereum. As of the end of last year, we hold approximately 155,000 ETH. Second, our equity stake in WhiteFiber. We own approximately 27 million shares, representing just over 70% of the company. When you mark those assets to market, the combined value was nearly $900 million as of the end of last year. Digital asset prices have recently been under pressure, so the current combined value is approximately $650 million. Notably, WYFI, the ticker for WhiteFiber, WYFI stock is up around 10% year-to-date, which has helped offset some of the weakness in crypto prices. We also provide a simplified MNAV calculator on the Bit Digital website that shows updated market values for these assets and the implied discount to MNAV for Bit Digital in real time. This highlights an important point: diversification matters. BTBT stock has held up considerably better than pure-play ETH peers over the past week, in part because of our diversified asset base. At current share prices, Bit Digital trades below the market value of these underlying assets. We don't manage the company to close a discount in the short term, but we believe long-term compounding at the asset level is ultimately what matters. This is simply an arithmetic observation. Slide nine, please. If you start with our current market capitalization and subtract the market value of our Ethereum holdings, what's left is the implied value the market is assigning to our WhiteFiber stake. That implied value is meaningfully below WhiteFiber's own public market value. No control premium is even assumed. We are not making a valuation claim about where WhiteFiber should trade. We are simply highlighting a major disconnect. Slide 10, please. We view Ethereum as economic infrastructure. It is a primary programmable settlement layer of decentralized finance. It underpins a large portion of stablecoin activity. It supports tokenization, on-chain capital markets, and application-level financial services. In other words, Ethereum is not just a store of value. It is a system that coordinates value, ownership, and execution. Ethereum also generates native yield through staking. That's an important distinction. For us, ETH is not a trading asset. We view it as a productive infrastructure. It has liquidity. It has yield. And it allows us to participate directly in the operation of the network. That combination is what makes Ethereum particularly attractive within a strategic asset company framework. Bitcoin is an important digital asset, yet Ethereum gives ways to align our balance sheet with network usage, uptime, and activity rather than relying solely on price appreciation as you would need to do with Bitcoin. As Ethereum matures, value accrual is increasingly driven by participation, fees, and coordination. Our strategy is designed to reflect that reality. Slide 11. Our approach to capital allocation is grounded in owning and operating productive infrastructure over long-term horizons. We deploy capital into infrastructure we intend to operate and monetize rather than pursuing short-term liquidity or scale for its own sake. Today, that primarily means Ethereum as economic infrastructure and AI infrastructure through WhiteFiber. The broader mandate is consistent. The specific asset may change over time, but the framework does not. We are building a company designed around operational participation, durable cash flow, and long-term compounding. As we move forward, our focus is on strengthening our ability to self-fund growth, maintain balance sheet flexibility, and selectively deploy capital into opportunities that compound returns independent of broader market movements. Slide 12, please. We already operate institutional-grade Ethereum infrastructure. Our validator stock is live today. We exclusively stake our own Ethereum, and we use enterprise-grade custody. We also have multiple years of experience operating at this scale. This is not a future capability for us. It already exists today. In 2025, many companies saw an opportunity to reinvent themselves as digital asset treasury companies. Some of these companies come from completely unrelated industries and pivoted almost overnight. We've been in this industry for the better part of a decade. We've built through multiple cycles. We have carefully laid the groundwork for a long-term business model, and we deliberately built a durable vehicle designed to compound over time. Slide 13, please. Our exposure to AI is through our majority equity ownership in WhiteFiber. WhiteFiber is a pureplay AI infrastructure company that owns and develops high-performance data center and compute infrastructure. WhiteFiber operates across two complementary business lines. First is cloud, where WhiteFiber deploys GPUs and provides compute directly to customers. The second is data center colocation, where WhiteFiber owns and develops facilities and leases power-dense capacity to customers who deploy their own hardware. Over time, we expect colocation to represent a larger portion of the business given its long-term contracted nature and infrastructure-like characteristics. We do not operate WhiteFiber. We are strategic shareholders. The reason we like this exposure is simple. AI workloads are extremely compute-intensive, and high-quality power-dense infrastructure is scarce. WhiteFiber is positioned at that infrastructure layer. Slide 14, please. WhiteFiber today has a growing footprint of Tier III data centers and high-performance GPU clusters. Approximately 11 MW were online at the end of 2025. That is expected to grow to over 75 MW by the year-end of 2026. WhiteFiber has deployed roughly 4,500 GPUs and serves more than 20 customers. WhiteFiber provides mission-critical infrastructure for AI workloads. We view this as one of the most important long-term secular growth areas in technology. Our interest in WhiteFiber gives us scaled exposure to AI infrastructure without Bit Digital having to directly operate data centers. Slide 15, please. Bit Digital owns approximately 27 million shares of WhiteFiber, representing 70% ownership. That stake represents our intelligence infrastructure exposure. We view WhiteFiber as a long-term strategic holding. We have stated publicly that we do not intend to sell any WhiteFiber shares in 2026. Over time, we expect to monetize portions of this investment, but only in a way that reflects what we believe is materially higher long-term value. We view this ownership as a core strategic asset within the long-term capital deployment strategy rather than a financial asset to be traded. Slide 16, please. WhiteFiber's development has been deliberate. We did not start trying to build hyperscale campuses from scratch. We started by launching cloud services and building customer relationships so we could understand real-world requirements. From there, we acquired a data center platform and began expanding sites with the specific goal of owning and developing AI infrastructure. A core part of that strategy has been a retrofit-first development model. Rather than waiting years to entitle and build greenfield facilities, WhiteFiber focuses on acquiring and upgrading its existing facilities that are well-suited for high-performance compute. That approach materially shortens time to market. And in this environment, speed matters. Demand for AI compute is here today, while power, space, and build capacity remains constrained. Being able to bring capacity online quickly is a real competitive advantage. That progression ultimately led to the WhiteFiber IPO. And most recently, WhiteFiber signed an $865 million contract over 10-year terms with Nscale, with an initial deployment expected to be operational in the second quarter. We view this as an important validation of WhiteFiber's platform and execution capabilities. The agreement also includes a first offer on additional capacity expected to come online in 2027, which would approximately double the size of this initial deployment. Slide 17, please. Stepping back into the consolidated balance sheet, as of the end of 2025, we held approximately 155,000 ETH. Approximately 90% of that ETH is actively staked, yielding around 3%-4%. We own approximately 27 million WhiteFiber shares. We have no unsecured debt. We issued $150 million of unsecured convertible notes in 2025. The structure allowed us to raise capital at a premium to MNAV. We believe this unsecured convertible note offering was among the first of its kind in the sector. This is important because the ETH is not collateralized, which protects against forced selling in volatile markets like today and allows us to manage the business with a long-term view. The balance sheet today is built around infrastructure assets. One important distinction versus many treasury-style vehicles is that we have an internal lever to grow ETH per share. Through staking yield and compounding, we can increase ETH density over time without relying solely on external fundraising. Pureplay vehicles that only hold onto an asset do not have that same lever. While our current positioning provides exposure to how ETH performs and how WhiteFiber performs, our strategy is to move beyond pure market beta. We are focused on enabling alpha generation over time through operational excellence, strategic capital deployment, and selective opportunities that compound independently over broader market movements. You should expect this to be an active and evolving strategy as we continue to identify and develop new ways to compound value within our strategic asset company framework. With that, I'll stop and take questions. Thank you, Sam. To reach Sam, please click the Q&A button on your Zoom window. Don't click your raise hand button because we can't take your spoken questions right now, but we will be happy to field your questions written in after you press the Q&A button. We already have several questions in. Sam, what does strategic asset company really mean in practice? For us, it allows us to allocate capital into productive infrastructure, not passive assets. Here in this instance, we focus on owning infrastructure that generates yield, usage, and participation. We build operating capabilities around those assets so they can compound over time. Today that shows up primarily as Ethereum economic infrastructure and AI infrastructure through WhiteFiber. More broadly, it's a mindset around owning and operating infrastructure at foundational layers of emerging systems. Could you tell us again why focus on Ethereum instead of Bitcoin? Well, Bitcoin is simply a store of value. It is not a programmable system. Ethereum is a programmable system. Ethereum settles value. It runs applications. It underpins stablecoins. It generates native yield through staking. That combination makes Ethereum better suited for a strategy centered on productive infrastructure and operating participation. So we do appreciate Bitcoin. We've owned it for years. We started diversifying into ETH in 2021. And at that time, that was very unconventional in our sector. We're not maximalists. We're shareholder maximalists, if anything. We felt that Ethereum has that technology that Bitcoin doesn't. And it seems that others have realized that in due course. So we were early to the market on that. Sam, why not just hold ETH passively instead of staking it? Well, because staking turns ETH from a passive asset into a productive infrastructure. So it's similar to asking, "Why would you sit on cash when you could earn a yield?" We earn protocol rewards, and that grows our ETH balance over time and compounds. And also, staking directly supports and secures the Ethereum network, which aligns our balance sheet with network health. So we're long ETH, and we're also long the cash flow the network generates. Sam, how does Bit Digital differ from other crypto treasury companies or single asset vehicles? Well, most treasury companies primarily hold an asset. Bit Digital, in contrast, operates infrastructure around the assets we actually own. So we run the staking. We manage the validators. We maintain institutional custody. We also own equity in AI infrastructure through WhiteFiber. I'm not sure if any other company is positioned in the same manner. We've been doing this for years across multiple cycles, and this is not just a recent pivot. And that gives us non-dilutive levers to increase asset density per share through staking yield and compounding. So we're not just a single asset balance sheet asset. We're an infrastructure-focused capital allocator. This investor wants to know flat out, why buy BTBT? Why not just buy ETH or WhiteFiber separately? Well, Bit Digital BTBT provides an integrated exposure. So you get ETH, staking yield, and equity in WhiteFiber wrapped inside an active capital allocation framework. We compound inside that vehicle. So buying the pieces separately gives you the assets, but Bit Digital gives you the strategy. How do you decide when to raise capital versus just wait? Yeah, we have a very rigorous process for deciding when to raise capital. But in short, at a high level, we raise capital when we see opportunities to increase shareholder value. So MNAV per share is a pretty good anchor for us. If we are trading at a premium to MNAV, it's easier to raise equity and deploy that capital creatively. If we raise capital at a premium, we can purchase ETH and increase ETH per share. We're also very thoughtful about capital structure. So we used unsecured converts so the ETH was not collateralized. We're very careful with leverage. Our goal is not to raise the most money or buy the most ETH. Our goal is to maximize long-term value per share. Final question. We got about a minute. Where do you want Bit Digital to be in five years? We want to be one of the largest public Ethereum treasuries. We're a trusted large-scale ETH staking operator and a major shareholder in scaled AI infrastructure. In short, a leading public market platform for digital infrastructure exposure. Thank you very much for that very enlightening presentation, Sam. That, again, is Bit Digital. You can get more information by reaching us at 1-800-REDCHIP or emailing us at btbt@redchip.com. Thanks again, Sam. We hope to be working with you again very soon. Thank you.