Financials & Investment Thesis
Conservative, auditable modeling — fixed BTC reference price, no appreciation assumed, and every multiple presented as illustrative rather than promised.
The five structural pillars behind the thesis
1. Structural Energy Cost Advantage
The single largest cost line in industrial Bitcoin mining is electricity. SunBit's $0.04/kWh contracted rate against a $0.19/kWh GRU commercial grid alternative is a 79% structural reduction that persists across every phase of the fleet — it is not a promotional rate subject to renegotiation risk in the base case.
2. Non-Dilutive Scalability via SBA Financing
Each hardware phase — 24, then 48, then 96 rigs — is designed to be financed through SBA 7(a) debt rather than successive equity rounds, preserving the Founding Round Investor's and Founders/Management Pool's ownership percentages through the scale-up.
3. Pool Mining at Scale
The June 30, 2026 pivot from solo to pool mining converts binary, lottery-style solo-mining outcomes into steady, forecastable BTC production — the basis for every revenue projection on this page.
4. Operating Discipline & Infrastructure Readiness
Corporate formation, tax compliance, banking, and equipment appraisal work is being completed ahead of the financing and listing timeline — positioning SunBit to move quickly once SBA approval and IPO windows open.
5. Public-Market Pathway
A targeted July 12, 2027 NYSE American (AMEX) listing is the milestone that converts private equity value into a liquid, market-priced asset for shareholders — treated throughout this site as a target, not a guarantee.
What could move the thesis
Four variables carry the most influence over outcomes. Each is shown with its effect in both directions.
| Variable | If It Improves | If It Worsens |
|---|---|---|
| BTC Price | Revenue and NOI scale up directly; EV illustrations understate upside since no appreciation is assumed in the base case. | Revenue and NOI compress; energy cost as a share of revenue rises, pressuring SBA debt service coverage. |
| Network Difficulty | Slower difficulty growth preserves BTC/rig production above modeled levels. | Faster difficulty growth (more global hashrate) reduces BTC produced per rig versus projections. |
| SBA Approval Timing | Faster approval accelerates the Phase 1–3 hardware buildout and IPO-readiness timeline. | Delayed approval pushes phase transitions later, compressing the runway to the IPO target date. |
| Secondary-Market Hardware Pricing | Cheaper used ASIC supply (e.g., from large miners rotating to AI compute) lowers capex per TH/s. | Tighter secondary-market supply raises the cost of reaching Phase 2 and Phase 3 hashrate targets. |
Common stock, single class
| Class | Authorized | Outstanding | Voting |
|---|---|---|---|
| Common Stock | 10,000,000 | 2,000,000 | 1 vote/share |
Converted June 30, 2026.
Founding & reserved pool split
| Holder | Shares | % | Cost Basis |
|---|---|---|---|
| Founding Round Investor | 2,000,000 | 20% | $100,000 |
| Founders / Management / Reserved Pool | 8,000,000 | 80% | — |
Treasury is held in BTC, not converted to cash
SunBit was capitalized with a 1 BTC founder loan, and the company's treasury policy holds mined Bitcoin rather than converting it to USD — a monetary discipline that mirrors the founder's personal investment approach.
| Phase | BTC Produced / Mo | BTC Held, Est. Annual |
|---|---|---|
| Phase 0 | ~0.15 | ~1.80 |
| Phase 1 | ~1.04 | ~12.48 |
| Phase 2 | ~2.07 | ~24.84 |
| Phase 3 | ~4.15 | ~49.80 |
Gross revenue, NOI & energy cost by phase
Modeled with a fixed BTC reference price of $62,530 (July 3, 2026) and no price appreciation assumed — a deliberately conservative base case.
Phase-by-phase financials (annualized, USD)
Gross Revenue vs. Net Operating Income vs. Energy Cost · fixed BTC price, no appreciation assumed
| Phase | Gross Revenue | NOI | Energy Cost |
|---|---|---|---|
| Phase 0 | $21,900 | $15,067 | $6,833 |
| Phase 1 | $87,600 | $57,241 | $30,359 |
| Phase 2 | $175,200 | $114,483 | $60,717 |
| Phase 3 | $350,400 | $228,965 | $121,435 |
Monthly BTC production scales with the fleet
BTC produced per month, by phase
Illustrates production scaling as the rig count grows from 6 to 96
Illustrative Enterprise Value
Applying an 8x NOI multiple as one illustrative example: Phase 1 NOI of $57,241 implies an EV of approximately $457,928; Phase 3 NOI of $228,965 implies an EV of approximately $1.83M. These multiples are illustrative only — investors should substitute their own multiple assumptions. Critically, BTC treasury value is not included in this EV illustration.
Margins hold as the fleet scales
| Metric | Phase 0 | Phase 1–3 |
|---|---|---|
| Gross Margin | ~68.8% | settling to ~65.3% |
| Energy Cost as % of Revenue | ~31.2% | ~34.7% |
| SBA Debt Service Coverage | ~0.82x (pre-scale) | ~1.6x, comfortably covered at full fleet |