| Company | Enterprise Value Bridge ($M) | Power (MW, gross) | Multiple ($M / MW) |
Implied upside
|
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | Company | Price ($) |
× Shares (M) |
= Equity Value |
+ Debt | − Cash | − PPE | − Dig. Assets |
= ADJ. EV | Dig Assets % Equity Value |
Contracted | + Remaining | = Approved | + Pipeline | = Total | Pipeline % | EV/Approved | EV/ Total (Prob. Adjusted) |
Upside on Appr. MW |
Upside on Total MW |
% NAV on Appr. MW. |
| BITF | Bitfarms | $2.04 | 602 | 1,227 | 669 | 573 | 95 | 180 | 1,048 | 15% | 0 | 648 | 648 | 1,450 | 2,098 |
%
|
1.6 | 1.6 | |||
| RIOT | Riot Platforms | $16.11 | 412 | 6,644 | 246 | 310 | 969 | 1,575 | 4,036 | 24% | 300 | 1,400 | 1,700 | 400 | 2,100 |
%
|
2.4 | 2.4 | |||
| GLXY | Galaxy Digital Inc. | $19.00 | 391 | 7,431 | 2,914 | 1,246 | 1,412 | 2,365 | 5,321 | 32% | 800 | 830 | 1,630 | 1,800 | 3,430 |
%
|
3.3 | 3.3 | |||
| WYFI | WhiteFiber | $13.45 | 38 | 515 | 20 | 114 | 35 | 0 | 386 | 0% | 56 | 59 | 115 | 1,600 | 1,715 |
%
|
3.4 | 3.4 | |||
| CORZ | Core Scientific | $17.66 | 314 | 5,549 | 1,060 | 311 | 185 | 222 | 5,891 | 4% | 770 | 805 | 1,575 | 700 | 2,275 |
%
|
3.7 | 3.7 | |||
| APLD | Applied Digital | $27.79 | 279 | 7,756 | 2,607 | 1,913 | 1,541 | 18 | 6,891 | 0% | 600 | 900 | 1,500 | 0 | 1,500 |
%
|
4.6 | 4.6 | |||
| CLSK | CleanSpark | $9.88 | 256 | 2,526 | 1,823 | 458 | 145 | 1,002 | 2,744 | 40% | 0 | 535 | 535 | 1,275 | 1,810 |
%
|
5.1 | 5.1 | |||
| HUT | Hut 8 | $61.43 | 110 | 6,763 | 301 | 45 | 45 | 1,372 | 5,602 | 20% | 330 | 710 | 1,040 | 1,000 | 2,040 |
%
|
5.4 | 5.4 | |||
| WULF | TeraWulf | $18.05 | 420 | 7,583 | 5,171 | 3,266 | 165 | 42 | 9,280 | 1% | 522 | 768 | 1,290 | 982 | 2,272 |
%
|
7.2 | 7.2 | |||
| CIFR | Cipher Mining | $15.42 | 405 | 6,245 | 2,749 | 628 | 85 | 125 | 8,156 | 2% | 600 | 370 | 970 | 2,707 | 3,677 |
%
|
8.4 | 8.4 | |||
| Total | |||||||||||||||||||||
| Median | |||||||||||||||||||||
Methodology
PPE includes construction in progress and building improvements | Contracted MW includes extensions when the site has approved power | Digital Assets: digital asset balances use latest prices. GLXY crypto business valued at $1.5B ($505M gross profit × 3)