Bit Digital (BTBT) 2026财年第二季度业绩电话会：云业务增长、White Fiber融资与回购回顾

要点速览

• 第二季度营收环比增长15%至3210万美元，毛利润达1860万美元，毛利率为57.9%。
• 归属于 Bit Digital 股东的净亏损为1.072亿美元，即每股亏损0.31美元。管理层将约8600万美元的亏损归因于数字资产项目、衍生品重估及利息费用。
• 随着新合同投入运营及现有协议扩增，云服务营收环比增长42%至2380万美元。
• Bit Digital 以其持有的部分以太坊进行抵押融资5000万美元，并向 White Fiber 提供了高达1.5亿美元的延迟抽款定期贷款额度。管理层表示，该结构保留了其以太坊持仓，并避免了两家公司进行股权增发。
• 截至季度末，剩余履约义务约为10亿美元。公司预计将在2026年剩余时间确认5770万美元，2027年确认1.367亿美元，2028年确认1.051亿美元，其余部分在此后确认。
• 鉴于管理层估计 BTBT 股票交易价格有时较其净资产价值折价超过40%，董事会正在评估潜在的股份回购计划。目前尚未公布任何决定或时间表。

核心财务数据

业务与运营表现

云服务是主要的增长驱动力。在新合同投入运营及现有协议扩增的支撑下，该业务营收环比增长42%至2380万美元。上半年，云服务营收同比增长29%，毛利率达58%。

托管服务创造了170万美元的营收，毛利率为63%。上半年托管服务营收同比增长182%。管理层表示，NC1 尚未对已报告的业绩做出贡献，预计将于第三季度开始产生贡献。

在 White Fiber 位于北卡罗来纳州的旗舰设施中，初始产能已交付，客户部署和测试正在进行中，并已开始计费。管理层表示，根据与 Enscale 签署的10年期协议，White Fiber 预计将于8月晚些时候达到完全签约计费年化率，这代表约8.65亿美元的签约收入。

White Fiber 还签署了总价值超过5亿美元的新合同，其中包括下一代 GPU 部署和一项托管服务协议。

以太坊质押收益环比下降至90万美元。Bit Digital 获得了440枚 ETH 的质押奖励，而第一季度为949枚 ETH。管理层将这一下滑归因于在 White Fiber 融资交易中使用了部分以太坊持仓，以及该季度以太坊价格有所下跌。

由于 Bit Digital 继续缩减挖矿业务，挖矿营收降至240万美元。公司挖出32.3枚比特币，低于第一季度的48.1枚，同时保持了26%的正毛利率。基础设施和质押业务占总营收的89%，而上年同期这一比例为70%。

截至6月30日，Bit Digital 直接持有75,757枚 ETH，公允价值为1.189亿美元。在该季度内，公司以2000万美元购买了8,568枚 ETH，平均成本为每枚 ETH 2,334美元。公司还报告通过分类为投资证券的外部管理基金拥有4790万美元的以太坊相关风险敞口。

管理层展望

管理层预计 NC1 将在第三季度开始贡献营收。White Fiber 正在为该设施寻求永久性项目融资。如果完成，该融资将偿还 Bit Digital 的过桥贷款，释放相关的以太坊抵押品，并使在北卡罗来纳州投资的资金能够回收并投入未来的数据中心项目。

在约10亿美元的剩余履约义务中，Bit Digital 预计将在2026年剩余时间内确认5770万美元，2027年确认1.367亿美元，2028年确认1.051亿美元，其余部分在此后确认。

Bit Digital 重申其不打算在2026年期间出售 White Fiber 股份。公司正在评估针对部分持股实施有限的备兑看涨期权（covered-call）策略，以获取期权费收入，但这尚需完成股票登记并获得董事会批准。

风险与关注要点

该季度亏损包括数字资产的2880万美元公允价值亏损、与 White Fiber 融资中所用流动性质押资产相关的4600万美元非现金减值、重估可转换债券衍生负债带来的1400万美元亏损，以及810万美元的利息费用。

使用以太坊作为融资抵押品带来了追加保证金风险。管理层表示，公司保留了额外的以太坊缓冲区，旨在抵御超出其合理预期范围的市场波动。

NC1 的永久性融资尚未完成。抵押品的释放、White Fiber 担保的终止以及过桥贷款的偿还均取决于该融资。

潜在的股份回购计划仍处于董事会审查阶段。管理层未提供具体时间、规模或资金来源。备兑看涨期权策略也仍在评估中，并需要获得董事会批准。

分析师问答要点

管理层表示，正在积极讨论股份回购事宜，因为公司认为 BTBT 较其净资产价值的折价（有时估计在40%至43%之间）是不可接受的。然而，公司尚未确定是否或何时推进。

Bit Digital 不计划通过出售 White Fiber 股票来资助2026年的回购，因为该公司已承诺今年不减持该仓位。未来潜在的流动性来源可能包括最终出售部分 White Fiber 股权，但未提供具体时间表。

White Fiber 过桥贷款的预期偿还资金将主要用于平仓由以太坊抵押担保的借款，而不是自动用于回购。管理层强调，该过桥贷款产生的收益高于所放弃的以太坊质押收益。

当被问及最近的股权增发时，管理层表示，按市价增发（ATM）计划为资本建设支出提供了现金，而购买以太坊则是一项独立的资本配置决策。管理层补充称，在当前估值水平下，公司对于增发股权会持极大犹豫态度。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.