ビット・デジタル（BTBT）2026年第2四半期決算説明会：クラウドの成長、ホワイト・ファイバーの資金調達、自社株買いのレビュー

要点

• 第2四半期の売上高は前四半期比15%増の3,210万ドルとなり、売上総利益は1,860万ドル、売上総利益率は57.9%に達しました。
• Bit Digital株主に帰属する純損失は1億720万ドル（1株当たり0.31ドル）となりました。経営陣は損失のうち約8,600万ドルについて、暗号資産関連項目、デリバティブの再評価、および支払利息によるものとしています。
• クラウドサービス部門の売上高は、新規契約のサービス開始や既存契約の拡大に伴い、前四半期比42%増の2,380万ドルに増加しました。
• Bit Digitalは保有するイーサリアムの一部を担保に5,000万ドルを調達し、White Fiberに対して最大1億5,000万ドルの分割引き出し型タームローン枠を供与しました。経営陣によれば、この仕組みによりイーサリアムの保有ポジションを維持し、両社における株式発行を回避できたとしています。
• 四半期末時点の残存履行義務は約10億ドルでした。同社は、2026年残りの期間に5,770万ドル、2027年に1億3,670万ドル、2028年に1億510万ドルを計上し、残額はそれ以降に認識する見込みです。
• 経営陣はBTBTの株価が純資産価値（NAV）に対して一時40%以上のディスカウントで取引されていたと試算しており、取締役会は自己株式取得の可能性を検討しています。決定事項や実施時期は発表されていません。

主要財務データ

事業および営業業績

クラウドサービスが主な成長ドライバーとなりました。新規契約の稼働開始や既存契約の拡大に支えられ、売上高は前四半期比42%増の2,380万ドルに増加しました。上半期のクラウドサービス売上高は前年同期比29%増となり、売上総利益率は58%でした。

コロケーションサービスは170万ドルの売上高を計上し、売上総利益率は63%となりました。上半期のコロケーション売上高は前年同期比で182%増加しました。経営陣によると、NC1施設はまだ決算実績に寄与しておらず、第3四半期から寄与し始める見込みです。

White Fiberのノースカロライナ州旗艦施設では、初期キャパシティの納入が完了し、顧客の導入およびテストが進行中で、課金も開始されています。経営陣は、Enscaleとの10年間の長期契約（約8億6,500万ドルの契約売上高に相当）に基づき、White Fiberが8月後半に全契約分の課金ランレートに達する見込みであると述べました。

White Fiberはまた、次世代GPUの導入やマネージドサービス契約を含め、契約総額で5億ドルを超える新規契約を締結しました。

イーサリアムのステーキング売上高は前四半期比で減少し、90万ドルとなりました。Bit Digitalが獲得したステーキング報酬は第1四半期の949 ETHに対し、440 ETHにとどまりました。経営陣は減少の理由として、White Fiberの資金調達取引でイーサリアムの保有ポジションの一部を使用したことや、当四半期中のイーサリアム価格の下落を挙げています。

Bit Digitalが事業の縮小（フェーズアウト）を継続したため、マイニング売上高は240万ドルに減少しました。同社のビットコイン採掘量は第1四半期の48.1ビットコインから減少し32.3ビットコインとなりましたが、売上総利益率は26%とプラスを維持しました。インフラおよびステーキング事業が売上高の89%を占め、前年同期の70%から上昇しました。

6月30日時点で、Bit Digitalは公正価値1億1,890万ドルに相当する7万5,757 ETHを直接保有していました。当四半期中には、1 ETHあたり平均2,334ドルで2,000万ドル分の8,568 ETHを購入しました。また同社は、有価証券に分類される外部運用ファンドを通じて、4,790万ドル相当のイーサリアム関連エクスポージャーを有していることも報告しました。

経営陣の見通し

経営陣はNC1が第3四半期から売上貢献を開始すると見込んでいます。White Fiberは同施設向けの永久プロジェクトファイナンスを推進しています。これが完了すれば、Bit Digitalのブリッジ融資枠が返済され、関連するイーサリアム担保が解除されるとともに、ノースカロライナ施設に投資された資金を将来のデータセンタープロジェクトに再投資することが可能になります。

約10億ドルの残存履行義務のうち、Bit Digitalは2026年残りの期間に5,770万ドル、2027年に1億3,670万ドル、2028年に1億510万ドルを計上し、残額はそれ以降に順次認識する見込みです。

Bit Digitalは、2026年中はWhite Fiberの株式を売却する意向がないことを改めて表明しました。同社は、株式登録および取締役会の承認を前提として、プレミアム収入を獲得するために保有株式の一部に対して限定的なカバードコール・プログラムを実施することを検討しています。

リスクと注視すべきポイント

当四半期の損失には、暗号資産の評価損2,880万ドル、White Fiberの資金調達に使用したリキッド・ステーキング資産に関連する非現金減損損失4,600万ドル、転換社債のデリバティブ負債の再評価損失1,400万ドル、および810万ドルの支払利息が含まれています。

資金調達の担保としてイーサリアムを使用することは、マージンコール（追証）のリスクを伴います。経営陣は、合理的な範囲を超えた市場変動にも耐えられるよう、追加のイーサリアム・バッファーを確保していると説明しました。

NC1向けの永久プロジェクトファイナンスは完了していません。担保の解除、White Fiberの保証解除、およびブリッジ融資の返済は、この資金調達の成否に依存しています。

自己株式取得の可能性については、引き続き取締役会で検討中です。経営陣は実施時期、規模、資金調達源を明らかにしていません。また、カバードコール戦略も検討段階にあり、取締役会の承認が必要です。

アナリストQ&Aの要点

経営陣は、BTBTの純資産価値（NAV）に対するディスカウント率（一時40%〜43%と推定）を受け入れがたいと考えており、自己株式取得について積極的に議論していると述べました。ただし、実施するかどうかや時期についてはまだ決定していません。

Bit Digitalは、今年中にWhite Fiber株を売却しないと約束しているため、White Fiber株の売却資金で2026年の自社株買いを行う予定はありません。将来的な流動性供給源としてWhite Fiber持分の一部の売却が挙げられますが、具体的な時期は提示されていません。

White Fiberのブリッジ融資の返済として見込まれる資金は、自動的に自社株買いに充てられるわけではなく、主にイーサリアム担保借入の解消に充てられる予定です。経営陣は、ブリッジ融資が放棄したイーサリアムのステーキング収入を上回るリターンを生み出していることを強調しました。

最近の株式発行について問われた際、経営陣は、アット・ザ・マーケット（ATM）プログラムにより建設支出のための資金が確保された一方、イーサリアムの購入は独立した資本配分の決定であったと説明しました。さらに、現在の評価水準で株式を発行することには強い躊躇があると付け加えました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, and welcome to the Bit Digital Second Quarter 2026 Earnings Conference Call. We'll begin shortly. During the call, all participant lines will be in listen-only mode. Following management's remarks, we will open the line for questions. [Operator Instructions] As a reminder, today's call is being recorded. I'll now turn the call over to your host, Daniel Kennedy, Head of Investor Relations at Bit Digital. Daniel, please go ahead.

Daniel Kelly Kennedy

Thank you, and good morning. Joining me today are Sam Tabar, Chief Executive Officer; and Erke Huang, Chief Financial Officer. Before we begin, I'd like to remind everyone that today's discussion contains forward-looking statements. These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks, please refer to our annual report on Form 10-K and our quarterly reports. We assume no obligation to update these statements. Certain matters discussed today, including potential capital allocation initiatives remain subject to Board and shareholder approval in accordance with Cayman Island Law, where applicable.

Throughout the call, we may also refer to non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in our earnings materials available on our website. Unless otherwise indicated, figures discussed during these remarks are rounded for readability. With that, I'll turn the call over to Sam.

Samir Tabar

Thank you, Daniel, and good morning. This quarter was about capital allocation. Every decision started with the same question, how do we create the most long-term value from the assets already on our balance sheet. Bit Digital is positioned to secure the infrastructure for what we believe are the 2 most important sectors in economic history, digital assets, which will settle on Ethereum, and artificial intelligence, which is powered by data centers. Ethereum is our position in the first and white fiber is our position in the second. Two distinct assets connected by 1 capital allocation model. Few companies offer a meaningful exposure to both sides of that build-out, and fewer even still actively allocate capital between them.

Our conviction on Ethereum has not changed. The price did. Ethereum spent most of the quarter below $2,000, and I'm not going to pretend that was comfortable. Bit Digital is 1 of the largest public corporate holders of Ethereum that does not make us a digital asset treasury, and it is not what we are trying to be. The goal has never been to hold the most Ethe. It is to get the most out of Ethe that we hold. Neither purely AI infrastructure nor a digital asset treasury neither and yet both. What we are building towards is the convergence of the 2. Assets positioned for where the economy is going rather than where it is today.

Our theory and treasury has managed the way a company manages cash like reserves. It earns while we hold it and it becomes capital that can be put to work when the right opportunity appears. Unlike a traditional reserve, it generates a protocol native return and also serves as a source of liquidity. That is exactly what happened early in the quarter. White Fiber sought additional capital to bridge its investment in its flagship facility in North Carolina to permanent project financing and to support broader growth initiatives. Together, the company has evaluated a range of financing alternatives. They ultimately pursued a related party bridge facility. This provided white fiber with efficient access to capital while preserving strategic flexibility and avoiding near-term dilution.

Against a portion of our Ethereum, we raised $50 million of liquidity and then use our own balance sheet to originate a delayed draw term facility for White fiber commitments of up to $150 million guaranteed by the White fiber parent. The transaction preserved our Ethereum position, avoided issuing equity at either company and allowed us to maintain our ownership interest in White Fiber. Independent committees at both companies reviewed it and Needham and Seaport delivered fairness opinions to their respective boards. We chose to provide the facility because it offered an efficient way to support our investments in White Fiber while generating an attractive return above the stake in yield available on Ethereum. The principal risk and a structure like this is, of course, margin calls. That was considered as well, so an additional buffer of Ethereum is held against it, size to withstand market moves well beyond what we consider reasonable.

The facility was designed as a temporary bridge to permanent financing for the initial 40-megawatt build-out in our flagship facility in North Carolina. That facility is anchored by end scale and its investment-grade off-taker. Upon permanent financing, our collateral is released and the guarantee terminates. The facility is repaid with interest, more than the staking income that we gave up and without giving up any upside. One decision in one quarter, but it contains the essence of the strategy. We approach our assets differently than a buy-and-hold treasury because every dollar, every [indiscernible] and every share should be maximally productive. And that is what we mean by a strategic asset company. The assets themselves are not the differentiator. It is how we deploy them. Eric will now take you through the details of the quarter.

Erke Huang

Thank you, Dan. Good morning, everyone. Our results consolidate White Fiber in full with a portion attributable to noncontrolling interest. Second quarter revenue was $32.1 million, up 15% from $27.9 million in the first quarter. For the 6 months, revenue was $60 million, up 18% year-over-year. Gross profit for the second quarter was $18.6 million, a gross margin of 57.9%. Operating cash flow for 6 months was $46.8 million, up 33% from $35.1 million in the same period last year. Net loss attributable to Bit Digital shareholders was $107.2 million or $0.31 per share. Taken together, the digital asset items, the derivative revaluation and interest expense account for approximately $86 million of the loss. I'll take each in -- turning to our operating segments. Cloud Services revenue was $23.8 million, up 42% sequentially, driven by new contracts entering service and expansion of existing agreements.

For the 6 months, sales revenue increased 29% year-over-year and a gross margin of 58%. Colocation services revenue for the second quarter was $1.7 million, essentially flat sequentially with a 63% gross margin. For the first half, colocation revenue increased 182% year-over-year. and C1 has not yet reflected in those results and expected to begin contributing in the third quarter. Etherum taken revenue was $0.9 million compared to $2.3 million in the first quarter. Though for the 6-month state revenue increased 246% year-over-year. We earned 440 in state rewards during the quarter against 949 in the first. The sequential decline reflects our decision to offtake a portion of Etherum to characterize the facility Tim described as well as the decline Etherum price during this quarter.

Digital assets Mining revenue was $2.4 million on a 32.3-Bitcoin mined, compared to 48.1 Bitcoin in the first quarter. For the 6 months, mining revenue declined 58% year-over-year as expected as we continue to wind down that business. remains solid gross margin positive and 26% for the second quarter. Turning to the items that do not reflect the operating performance. We recorded $28.8 million of loss on digital assets carried at fair value, reflecting market-to-market movement on our ECM and Bitcoin Holdings. We also recorded a $46 million noncash impairment on liquid states used in the White Fiber financing transaction that reflects the accounting treatment of the position and does not represent a realized loss.

Separately, there was a $14 million loss from the change in fair value of the derivative liability associated with our convertible notes, and $8.1 million in interest expense, neither reflects operating performance. Turning to the balance sheet and treasury. On May 11, we purchased 8,568 for $20 million at an average cost of $2,334 per [indiscernible] and so now during the quarter. never break down the positions as of June 30. We held 75,757 Ethe directly carry a fair value of $118.9 million. That includes Etherum late service stakes through our validated banner. In April, we netted 73,235 ETM and received 66,192 LSCTH tokens in exchange. We also saw the exposure through [indiscernible] exposure through an externally managed bond carried at $47.9 million within investment securities. Liquid [indiscernible] as a separate asset from tenor content purposes, which is why it is online under a different measurement basis.

Our underlying economic exposure remains unchanged. Cash and cash equivalents were approximately $83.6 million on a consolidated basis, of which approximately $27.5 billion was held at Bit Digital and 56.1 million in White Fiber. Contract liabilities nearly doubled to $143.1 million from $79.6 million at year-end that represents revenue already contracted and cash already collected for services we have yet to deliver. Finally, remaining performance obligations were approximately $1 billion at quarter end. We expect to recognize approximately $57.7 million across the balance of 2026 million. $136.7 million in 2027 and $105.1 million in 2028 with the remainder thereafter.

To put that in context, the 2027 figure alone is more than we earned in all of 2025. None of it appeared in the revenue line today. With that, I'll turn the call back to Sam.

Samir Tabar

Thank you, Erke. We own a Etherum because we believe it will appreciate over time and generate attractive long-term returns for our shareholders. That has always been a part of our investment thesis. The second quarter was the third consecutive quarter at Etherum cost lower, but volatility is not new to us. We operated through multiple market cycles, and our approach has remained consistent throughout all of them. We also share the belief that the market price of Ethe has yet to reflect the value of the network. In our view, it is undervalued relative to what it is becoming. The fundamentals moved in 1 direction this quarter, the price moved in the other. That disconnect has not gone unnoticed.

Across the Ethereum ecosystem, there is growing recognition that the success of the network and the performance of the asset are closely linked. Price does matter. The bold case for Ethe is not standing still. Robin Hood launched its own Layer 2 on Ethereum, supporting a platform with roughly 28 million customers and $370 billion in assets with fees paid in Ethe. BlackRock launched 2 tokenized money market products this month and JPMorgan continues to expand its own tokenization footprint. Tokenized real-world assets on public blockchains now surpass $31 billion with roughly 2/3 settling on Ethereum.

And the institutional layer around the network keeps building, Etherum institutional, which launched with more than 500 existing institutional relationships alongside Ethe Labs, E-Systems and etherialize. These are not isolated announcements. Financial activity is migrating on to programmable settlement rails and as that activity grows so does the demand for Ethereum's block space, its security and its native asset. We remain confident the value of the asset will ultimately converge with its growing utility and adoption. That conviction shaped 1 of our most important decisions this quarter. Rather than selling Ethereum or issuing equity, we used our balance sheet to finance white fiber while preserving our long-term exposure to the Ethe asset. The next phase is execution. We expect the third quarter to begin reflecting what we have been building. Turning briefly to White Fiber, our other major strategic asset. Our conviction and its long-term potential remains very strong. And as previously stated, we do not intend to sell White Fabre shares this year. But the same standard applies here as everywhere else.

We look for ways to make a position productive without reducing it. One approach on evaluation is writing out of the money covered calls against a limited portion of our holdings to generate premium income. That would require registering those shares. Registration creates flexibility. It is not a step towards exiting. Any such program will be modest in scope and subject to board approval, and we would retain substantial long-term exposure. We have no interest in a transaction that impairs an asset that we own the majority of. We had White Fiber's quarterly call yesterday, and I strongly recommend that you listen to it. It is posted on x, but I'll mention a few words here. White Fiber is entering an important growth phase across both colocation and cloud services. At White Fiber's flagship facility, initial capacity has been delivered customer deployment and testing is underway and billing has commenced.

White fiber expects to reach the full contracted run rate building later this month under its 10-year agreement with scale representing approximately $865 million of contracted revenue. White Fiber is also expanding a substantial development pipeline and focusing its resources on the opportunities best for it to move excuse me -- best position to move forward. As NCN, our flagship facility reaches full contracted operations, White Fiber is pursuing permanent project financing that, if completed, would allow us to recycle the capital that we invested in North Carolina into the next data center. That is how the flywheel begins to turn, develop infrastructure, secure long-term customers, finance stabilized assets and redeploy capital into the next opportunity. Momentum in cloud services has also accelerated since our last earnings call White Fiber has signed new contracts representing more than $500 million of aggregate contract value, including the next-generation GP deployments and a capital-efficient managed services agreement.

So for Bit Digital, for Bit Digital shareholders, that means an increasingly valuable operating asset with greater revenue visibility, stronger cash flow potential and the ability to fund its own growth. That is the model at both levels. Our strategy has never been to passively accumulate Ethe. It is to build a productive balance sheet assets that earn while they appreciate, assets that finance operating businesses, businesses that generate recurring cash flow and cash flow that gets reinvested into productive assets. That is our strategic asset flywheel and we believe we are early, early to running a company where the treasury itself is productive capital rather than a static position.

We expect that to become a more common model we intend to be further along when it does. The transition in our business is already visible. Infrastructure and staking now represent 89% of our revenue against 70% a year ago. Capital is moving out of our mining business with limited terminal value and into assets that produce. Our operating results improved through the quarter. Our valuation did not. Today, the market is to value Bit Digital primarily as a digital asset treasury. A treasury strategy is fundamentally passive. You buy the asset, you hold it, you wait for the next cycle. That's not what happened here. We allocated capital. We financed an asset we already own. We preserved our Etherum position, and we avoided dilution at both companies. Those are growth company decisions. yet our valuation continues to reflect a passive treasury. That is a fundamental disconnect.

Using observable market values for the assets that we own, we believe Bit Digital continues to trade at a significant discount to its intrinsic value. We monitor that discount closely daily. It has been persistent. And at times, it has exceeded 40% by our calculations. At this discount, buying our own equity is 1 of the highest return uses of capital available and the wider the gap the more accretive it becomes. We intend to take an active role in closing that gap. The Board is evaluating those opportunities in real time alongside our liquidity needs and other priorities. Addressing the discount also expands what we can do next. We continue to look for opportunities to deploy capital in revenue-generating businesses.

And based on our current analysis, one conclusion stands out the best investment available to Bit Digital may be ultimately Bit Digital itself. To our long-term shareholders, the reason to own Bit Digital is to gain exposure to the settlement layer of digital finance combined with the HPC infrastructure that will run on top of it. This is all supported by a productive balance sheet that allocates the capital generates into additional strategic assets. That is the strategic asset company model. Markets can take time to recognize a differentiated model. But when the underlying assets begin producing visible cash flow, and management demonstrates that we'll actively defend value per share, that recognition can happen quickly.

We believe Bit Digital is soon approaching that point. And if the market will not close the gap between what we own and how it's valued, we are considering closing it ourselves. We'll now open the line for questions.

Operator

[Operator Instructions] We'll go first to Nick Giles with B. Riley Securities.

質疑応答

Nick Giles

I appreciate the update. Sam, it was really interesting to hear you just speak to the prospect of a buyback there. I was just hoping for more details on potential timing, when the Board would ultimately make a decision on something like that? And then should we assume that it would be using the wind down of the WiFi stake? I heard you kind of recommit to maintaining that ownership position in 2026. So should we think about this as more of a 2027 type of event?

Samir Tabar

Nick, I can't give details on the exact timing of that. The Board is still considering how and when to do that. But I can tell you that it is a very vigorous discussion that we're having. We think the 40% or sometimes even 43% discount to NAV is unacceptable and makes no sense. So the way to close that obviously is considering a buyback. You're right. We did today recommit to not selling our shares in White Fiber. And the reason for that is, frankly, greed. We believe that White Fiber is going to do extraordinarily well. And we just don't want to sell down that position prematurely, that would be shooting ourselves in the foot. So we're very excited by White Fiber's progress. We believe that the market capital continue to be favorable in terms of size and growth, and we're very excited by White Fiber's future.

And of course, as White Fiber becomes larger, when we start selling down that position, it will be even more proceeds that come to Bit Digital, which is a very positive thing for the Digital shareholders. So time is our friend there. And I can't give you the exact time, but we are we are talking about it quite often, and we look forward to future announcements once we get some clear visibility on how and when.

Nick Giles

Well, that's very good to hear. I appreciate that perspective, Sam. I think just next question was you spoke to the different ways you're using the balance sheet kind of getting creative there. And I heard you mention the covered calls, just was curious on potential timing around that opportunity and how you kind of would frame up returns on doing that.

Samir Tabar

Yes. Erke, do you want to take that question?

Erke Huang

Sure. In terms of timing, I think we're coordinating with White Fiber for registration statement potentially later this quarter. And we're working with a few banks for their execution. So currently we do not have an exact like pricing yet, but we should be able to talk about it, and we will have the registration done and more proposals in the execution of our desk.

Operator

We'll take our next question from George Sutton with Craig-Hallum.

George Sutton

So I am confident that you will soon have a facility on NC1. And can you just walk through the scenario of that happening, let's hypothetically assume that has happened? You will then get an inflow of cash. I assume that would be part of the fuel for a significant buyback. Am I thinking about that the right way?

Samir Tabar

I'll let Eric talk about it. But just high level, the buyback can come, there are multiple sources of liquidity for a potential buyback. Of course, there's app, but there's also selling down our our White Fiber shares in the future. So there are different sources of liquidity, not just this facility being paid back. But I'll hand it over to Eric, so he can double-click on that.

Erke Huang

Yes. For the bridge facility we had with White Fiber is relatively short term, is 90 days to like half the year towards the end of this year. So once the NC1 coming on financing down the White Fiber will obviously pay back a bridge and will use the proceeds we received to unwind our [indiscernible] borrowing with tax in this scenario. So not necessarily using to do a buyback, but this is generating additional yield or revenue for the Bit Digital in a meaningful way compared to native staking?

Samir Tabar

We're still trying to figure out what source of liquidity will do to consider a buyback. It hasn't been decided yet. But I do want to highlight that the return that we got on the bridge facility is higher than what we would have received on staking.

George Sutton

Understand. And sorry to get geeky on Ethereum, but a couple of things. I'm just curious your thoughts on EIP-8363, which would reduce the issuance relative to staking. Just curious your thoughts on that. And then also on the Glamsterdam hard floor coming up later this year, what do you think that does for Ethan your stake?

Samir Tabar

I've been looking at the Athyrium ecosystem and what's happening on the moves that are being taken to promote the price of Ethereum. So as mentioned, there's been some companies that have launched recently like Ethe Institutional Atheriaize and to other companies such as EtheLabs and Ethe Systems. And those companies are focused on not the geeky part of Ethereum, but rather getting institutional adoption accelerated and protecting and promoting the price out there. So that's where my focus has been, and I haven't been really focused on the engineering aspect of Ethereum block space. I'm not informed enough to give you a good answer on those questions.

Operator

We'll take our next question from Brian Dobson with Clear Street LLC.

Brian Dobson

So in the press release, you mentioned, of course, that White Fiber is a core holding, would you consider selling just a portion of it in order to finance a repo and take advantage of the valuation discrepancy between the 2 stocks. And I guess on that subject, is there anything in your, call it, portfolio potential investments that, in your view, might generate a greater return than repurchasing the digital shares?

Samir Tabar

Well, we think that repurchasing Bit Digital shares could be a pretty good investment. But again, that's a discussion happening at the Board. And going back to your question about whether we would use the proceeds from selling down White Fiber and buying back our shares. That is definitely something we're considering. But in terms of the timing, I don't think we'll be doing that. We won't be using proceeds from white fiber to do that only because we've already committed to the markets that we will not be selling down our White Fiber shares this year. If we were to do a buyback program this year, it will not be with the proceeds of White fiber. But we have no idea what the timing of the -- we're just considering it. We're just talking about it. It's on our menu, and it's a very attractive dish on our menu for obvious reasons. But in terms of whether we do it and the timing is still up in the air.

Brian Dobson

Yes, very good. And then yesterday's White Fiber call was very positive. [indiscernible] business is very encouraging. I suppose is that part of the business as that company continues to gain traction? Do you think that, that will help to erode the NAV discount that the Bit Digital is experiencing

Samir Tabar

Well, I think so. I mean look, if you compare -- I don't want to -- this is kind of a tough thing to say, but if you compare Bit Digital to its peers. Now we're not a digital asset treasury company, so it's a bit apples-to-apples. But we're performing -- we're outperforming on a relative basis. And I think a lot of that has to do with the White Fiber holding. So I think the white fiber holding very much helps the share price. I can't talk too much about the share price, but I think it's -- it's a positive thing towards the share price, but it does sometimes create a larger disconnect on the NAV. And it's -- and that's why we think there's a capital markets disconnect on BTBT, and we're thinking about correcting it but considering a buyback program because of that disconnection.

Operator

Our next question from Raymond Edings with Missouri Trust.

Unknown Analyst

Thanks for the call today. If we can talk for a second about I guess, the opposite of a buyback. It looks like share count went up about 25 million shares in the last quarter. And I know you said you didn't issue shares for the White Fiber allocation or to fund Ethereum purchases. Wondering if you can just talk a little bit about what were shares issued for this quarter.

Samir Tabar

Yes. I mean, look, we would strongly hesitate to issue equity at these levels today. There would be some pretty strong hesitation. Our capital priorities changed as the discount widened through the quarter. And that change is exactly why the Board is now evaluating a buyback program. The Ethereum purchase and equity issuance were separate decisions. We bought Ethereum to lower our average cost while the ATM provided cash for construction spending, each decision made sense based on the circumstances at the time. I think what changed is the gap between our market value and the value of our assets. That is the allocation test working and at that point, somewhere different than it did in spring.

Unknown Analyst

Okay. What was the approximate at the money sales pricing.

Samir Tabar

I'll leave that with Eric. I don't have that exact data point, and I'm unsure if we're...

Erke Huang

Could you repeat your question again? I'm sorry.

Unknown Analyst

Yes. And I guess, really, my question is relative to the discount. So I know you've said 40% or more is way out of line. I was wondering if we can expect you may issue shares for corporate purposes at a 10% or 20% discount but buy them back in at a 30% or 40% discount.

Erke Huang

I see. It's not -- I understand your question now. It's not a -- there's no certain number in mind it will depend on what those purposes are and if the purpose is for a better return than what the discount is, then obviously, we think about it. But there's no specific number in mind that we have. There's no like, oh, it's minus -- it's like 20% disconnect now. we can use the ETM, but we don't think of it that way. It's not a quantifiable number.

And just want to add probably for technical reasons and legal reasons we do not want to ingesting position like we're sort of trading our own stock. So like in a sense that all the decisions are made based on certain circumstances based on your working capital as capital allocation, et cetra. And we try to make decisions as long term as possible -- should not by the short-term rates.

Unknown Analyst

Okay. So the dilution this quarter -- all right. Sorry. Thanks, guys, for your time today.

Operator

Thank you. With no additional questions in queue. At this time, I'd like to turn the call back over to Sam for any additional or closing remarks.

Samir Tabar

Thank you for joining us today. We appreciate your continued interest and support. We look forward to speaking with you again next quarter. This officially concludes our call, and have a great day.

Operator

Thank you. That will conclude today's call. We appreciate your participation.