BTC Digital is a small bitcoin mining company that operates roughly 3,000 ASIC mining machines at a self-operated facility in Manila, Arkansas, generating approximately 390 PH/s of hash rate. BTC Digital runs its mining operations through mining pools (BTC.com and F2Pool), which aggregate hash rate across many miners and distribute rewards proportionally. Beyond mining, BTC Digital's largest revenue source is reselling Bitmain ASIC mining machines — sourcing hardware from suppliers and reselling to a handful of customers, though margins on resale are volatile and turned negative in FY25. BTC Digital also rents machines to a single customer, DDACE LTD, with rental fees calculated based on bitcoin mined by those machines. The customer base is extremely concentrated: two customers account for 100% of resale revenue, and one accounts for 100% of rental revenue. The business is highly exposed to bitcoin price volatility across all three activities, and BTC Digital tends to hold mined bitcoin rather than selling it immediately. Electricity costs are the primary mining expense, at approximately $0.045/kWh in FY25. Beyond its core operations, BTC Digital is pursuing an early-stage push into AI computing infrastructure, having built a 10 MW facility in Vienna, Georgia, though no customer agreements or committed financing exist for that initiative. BTC Digital also holds a 44.53% stake in Met Chain, which is exploring proprietary ASIC hardware development.