$BTBT is roadshowing the IPO of its AI infrastructure subsidiary, White Fiber (WYFI), ~20% of which it plans to spin off this week in a tax-free transaction. $WYFI is a tech-enabled data center platform targeting private cloud and secure AI workloads. It's small, but post-IPO could be one of the cheapest and most overlooked AI infrastructure assets in the public markets. While not a REIT at launch, WYFI has been structurally pre-wired to elect REIT status over time. This offers future potential for tax-efficient cash flow, access to real asset capital markets, and REIT-style valuation multiples. The strategy signals a long-duration infrastructure focus rather than short-cycle compute: This isn’t a GPU trade. WYFI is focused on the real estate, power, and bandwidth layer of AI infrastructure: >Retrofitted urban-edge data centers >Fast build-to-lease execution (2 months vs 9 to 12 for hyperscalers) >7-year customer contracts >5.25% debt from Royal Bank of Canada (vs 10 to 11 percent GPU financing) The flagship 99MW site already has a signed LOI worth $230 million over 7 years, with six more counterparties expressing interest. That facility can scale to 200MW and is supported by a broader 1.3GW pipeline across 7 to 9 locations. 📊 Valuation snapshot: >IPO midpoint equity value: $558 million >Estimated debt capacity: $500 million >Implied enterprise value: ~$1.05 billion >Revenue: $2 million per critical MW per year, higher than CORZ ($1.45M) or APLD ($1.85M) >2026E EBITDA multiple: 8.5 to 9.0x By contrast, CRWV’s acquisition of CORZ implies a valuation of ~14x EBITDA, even with longer lead times and lower revenue per deployed MW. WYFI is earlier-stage and smaller, and could benefit from higher unit economics and build agility. If execution tracks, the current valuation could re-rate meaningfully, a 60 to 70 percent upside just to reach peer-level multiples. An even bigger opportunity lies in pipeline conversion. If WYFI monetizes even 300MW by 2026 at current pricing, that implies $600 million in annual revenue potential, before escalators or ancillary services. WYFI’s capital strategy emphasizes infrastructure-first deployment over hardware ownership. It is avoiding high-cost GPU leases and instead leveraging its real estate footprint, utility positioning, and access to low-cost debt. That said, execution and capital structure will be key. BTBT has historically relied on equity issuance to fund growth. Investors will want to see that WYFI can scale using a mix of institutional debt, anchor customer pre-commitments, and project-level financing, rather than continued dilution. The RBC facility is a strong signal, but sustained discipline will be required to preserve shareholder value. If WYFI can deliver, it offers a differentiated way to gain exposure to the AI infrastructure buildout: less about chasing compute, and more about enabling it through secure, scalable, capital-efficient infrastructure.