Abits

Management prioritized capacity expansion (new miners and a Memphis-hosted site) funded by a 12 percent secured loan and follow-on equity.

While reinvestment is logical for a miner, serial small raises via F-3/424B5, the shift to unlimited authorized shares, and the March 2025 1-for-15 reverse split indicate dilution risk and pressure to finance operations externally. There is no buyback or dividend policy.

Hosting terms with profit share reduce long-term owner economics relative to fully owned low-cost power.