OPEN LETTER · OCT 6, 2026
We theShareholders
To Sam Tabar and the Bit Digital board. You called a 40% discount unacceptable. Then you watched $BTBT sit in the basement.
Said it
Aug 13
Post and the Q2 call
Days since
54
Still “evaluating”
Shares retired
0
The whole history
Last ETH buy
May 28
8,568 coins, then silence
The clock
August 13, 2026. You posted it, and you said it on the Q2 call the same afternoon.
“BTBT continues to trade at a discount to NAV. Share repurchases can be an accretive use of capital. The Board is now evaluating this potential path.”
On the call you dropped the soft language. A 40% discount, sometimes 43%. “Unacceptable.” “A very vigorous discussion.” The way to close it, you said, is a buyback.
That was 54 days ago. Buyback authorized: none. Shares retired: zero. Dollars spent on the stock you called cheap: $0.
The stock on August 13: $1.49. The stock on October 6: $1.53. Up 3%. Fifteen days before you spoke, on July 29, $BTBT printed $1.21. You saw the low. You did not buy a share.
Where is the urgency?
A stock at a 40% discount to assets the CEO just told the market are mispriced is the buyback. “Evaluating” is what a board says when it wants the headline without the trade.
Since that morning: SharpLink +50% ($6.32 to $9.51). BitMine +45% ($18.29 to $26.45). Bit Digital +3%.
BitMine has bought ETH every week since June 30, 2025. Last week, another 15,112. Treasury: 6,016,414 ETH, about 4.9% of supply. In 2026 alone, 21 million shares repurchased.
SharpLink, the week ETH was cheap: 10,000 ETH at $1,611 and 2,132,773 shares retired at $4.69, in the same release. One ugly week in June did more for holders than Bit Digital has done in the life of the company.
Why haven’t you bought the ETH?
Last announced purchase: May 28, 2026. 8,568 ETH for $20 million. Then June, July, August, September, and October: nothing announced. 131 days.
Holdings have sat around 158,000 to 165,000 ETH. The July 31 deck said 164,842. The drift looks like staking yield, not a bid. Yield is interest on a position you froze.
Why not monthly? First week of every month: ETH bought, dollars, average price, new total. If you will not match their week, match a month.
ETH went on sale near $1,600 in June. SharpLink bought it. You were strategic about it.
The capital went somewhere. Just not to us.
You pledged the ETH, borrowed against it around 5.45%, and lent to WhiteFiber — the majority-owned related party — at 9.5% plus fees, to bridge NC-1. You still own the coins. You also said you will not sell a WYFI share in 2026, and that a buyback would not be funded by selling WhiteFiber.
Then what is the buyback funded with? The incremental dollars had a destination, and it was not the equity you had just called senselessly cheap.
Remarking the July 31 inventory (164,842 ETH, ~27 million WYFI, the $150 million note, ~360 million shares) at early-October prices is about $2.14 a share against a $1.53 stock. Still roughly a 28% discount. Shareholder math, not your print. Show us yours.
The name
You killed DAT. Digital Asset Treasury. An ugly acronym with a job inside it: hold the asset, buy the asset, report the asset.
You replaced the job with an adjective. Strategic Asset Company. The deck prints SAC and lines it up against DAT so everyone knows you evolved past the crude business of buying the thing.
Say it in a room full of people who are down 60%. We do not hear SAC. We hear SAT. Still Awaiting Treasury. Sitting And Talking. Shareholders Are Trapped.
“Strategic” is what you call it when the verb is embarrassing. Buying ETH is a verb. Buying back stock is a verb. Strategic is a costume.
What we are asking
- 1Start the buyback. Authorize it, announce it, and use it in the open market while the stock is still this close to the lows.
- 2Make ETH purchases monthly, and publish them. Size, price, new total. If the treasury is full, say so — then a buyback is the natural next use of capital.
- 3Write down the order of operations when the stock trades at a discount: buy back stock, add ETH, then related-party lending. The NC-1 bridge already went first.
- 4Say what this is — an ETH treasury with a controlling stake in WhiteFiber — or let “strategic” mean the two things holders can see: buying the asset and buying the stock.
The board has been evaluating for 54 days. The low already printed. Time to act.
SAT, as holders hear it
- SATStill Awaiting Treasury
- SATSitting And Talking
- SATShareholders Are Trapped
The deck prints SAC, Strategic Asset Company, the rename from DAT. In a room of people down 60%, it lands as SAT.
Prices are Oct 6, 2026 closes. BMNR’s 21 million shares are 2026; SBET’s 4.1 million is the program since August 2025. A blank month on the ETH chart means no purchase found in a company release. Illustrative per-share value is shareholder math on the July 31 inventory, not a company NAV. Not investment advice.