{
  "symbol": "BTBT",
  "company": "Bit Digital, Inc.",
  "generated_at": "2026-06-24T07:36:45.910Z",
  "event_count": 3,
  "events": [
    {
      "type": "pipeline_event",
      "ts": "2026-06-15T21:09:24.469Z",
      "stage": "scout",
      "outcome": "failed",
      "reason": null,
      "trigger": "[options_flow_bullish] 2 OTM call whale blocks · 20% net $ bullish bias · moderate · expiry 2026-07-17",
      "source": "hunter"
    },
    {
      "type": "scout_dossier",
      "ts": "2026-05-27T23:45:32.963Z",
      "summary": "Bit Digital is an Ethereum treasury and AI infrastructure hybrid that reported a $146.7M Q1 2026 net loss driven by ~$121M in ETH mark-to-market losses as crypto prices fell sharply. The company holds ~155K ETH (~$295M fair value at March 31), owns 70% of WhiteFiber (WYFI) — an HPC data center/cloud services spinout that IPO'd at $17 in August 2025 and trades near its cash burn rate — and is winding down BTC mining operations. The May 20, 2026 8-K revealed a $100M delayed-draw term loan from Bit Digital Capital to WhiteFiber's NC-1 data center subsidiary (with B. Riley taking a $20M piece), funded via a Galaxy Digital repo at 5.45%. The company has a massive accumulated deficit ($326M vs. $469M equity), negative operating cash flow in Q1, and is burning cash while building HPC infrastructure capital expenditures of ~$169M in one quarter. No insider open-market purchases found; the only recent Form 4 was a tax-vesting sell by a VP (Justin Zhu). There is no smart-money cluster. The stock has fallen roughly 50% from its October 2025 highs. EV/EBITDA is deeply negative, forward P/E is meaningless given persistent losses, and FCF yield cannot be computed on an operating cash-flow-negative business. The AI infrastructure thesis for WhiteFiber has a plausible long-term catalyst but faces steep capital needs and execution risk.",
      "verdict": "no_anomaly",
      "confidence": 4,
      "tool_calls": 16,
      "walltime_min": 23,
      "debug_path": "dossiers/2026-05-27-BTBT.scout.debug.json"
    },
    {
      "type": "scout_dossier",
      "ts": "2026-05-23T09:12:46.399Z",
      "summary": "Bit Digital has completed a dramatic strategic pivot — moving from bitcoin mining to become a pure-play Ethereum treasury and AI infrastructure company through majority-owned subsidiary WhiteFiber (WYFI). The thesis sounds compelling in isolation: 155k+ ETH holdings at year-end 2025, growing staking revenue, institutional custody via Figment/Cactus/Fireblocks. However, the data does not support an asymmetric setup. Q1 2026 produced a $147M net loss driven by $121M in ETH mark-to-market writedowns; cash burned from operations (-$1.1M operating CF); significant dilution through ATM equity raises and convertible note issuances ($334M in convertible notes on the balance sheet); multiple hosting contract expirations for legacy mining with miners currently sitting idle in storage; no open-market insider purchases in 90 days (all Form 4s reflect RSU vest-for-tax sales or exercise conversions, not discretionary buys). The stock is 56% below its 52-week high of $4.55 and technically broken — below the 200DMA. The EV/EBITDA is negative (-7.8x), FCF yield is deeply negative, and forward estimates show continued losses. While WhiteFiber's cloud services revenue ($16.8M in Q1) provides a real business floor, BTBT as a holding company with a ~70% subsidiary stake and heavy ETH price exposure does not present the kind of mispricing + catalyst + edge combination that justifies an asymmetric long or structured income thesis at current levels.",
      "verdict": "no_anomaly",
      "confidence": 4,
      "tool_calls": 19,
      "walltime_min": 18,
      "debug_path": "dossiers/2026-05-23-BTBT.scout.debug.json"
    }
  ],
  "lessons": [],
  "chart_signal": {
    "ticker": "BTBT",
    "call": "HOLD",
    "confidence": 2,
    "score": -2,
    "factors": {
      "below_200dma": "-2",
      "above_50dma": "+1",
      "momentum_down": "-1 (-20.5%)",
      "rsi_neutral": "0 (60.3)",
      "macd_above_signal": "+1",
      "recent_macd_bullish_cross": "+1 (3d ago)",
      "broken_below_high": "-2 (-49.3% from high)"
    },
    "summary": "HOLD (score -2) · 12-1 mom -20.5% · RSI 60.3 · above_50_only · -49.3% from high",
    "last_close": 2.14,
    "one_month_ago_close": 1.94,
    "twelve_month_ago_close": 2.44,
    "twelve_one_momentum_pct": -20.49,
    "rsi_14": 60.3,
    "ma_stack": "above_50_only",
    "from_period_high_pct": -49.29,
    "period_high": 4.22,
    "price_targets": {
      "bear": 2.25,
      "fair": 2.85,
      "bull": 7,
      "bear_return_pct": 5.1,
      "fair_return_pct": 33,
      "bull_return_pct": 227.1,
      "method": "street_targets ⨯ chart_floors",
      "street": {
        "target_low": 3,
        "target_mean": 4.6,
        "target_high": 7,
        "analyst_count": 5
      }
    },
    "generated_at": "2026-06-24T07:36:45.907Z"
  }
}