Bit Origin (BTOG) Stock: Crypto Miner Bets Big on Nvidia AI Servers

TLDR

• Bit Origin acquired 16 Nvidia Blackwell B300 AI servers for $11 million ($1M cash, $10M in pre-funded warrants)
• The deal triggered a 24% stock plunge on Monday due to dilution concerns from the warrant financing
• BTOG is down roughly 86% in 2026, trading near $1.25 after a 1-for-60 reverse stock split in January
• The servers are expected to generate ~$360,000 in recurring monthly revenue once deployed in Malaysia in Q3 2026
• Bit Origin reported just $39,500 in revenue for fiscal 2025, down 98.6% year-over-year, with a $4.3M net loss

Bit Origin (BTOG) stock dropped 24% on Monday after announcing an $11 million deal to acquire 16 Nvidia Blackwell B300 AI servers. The stock was trading near $1.25 at its low, down from $10.32 following a 1-for-60 reverse stock split in January 2026.

Bit Origin Ltd, BTOG

The deal breaks down as $1 million in cash and $10 million in pre-funded warrants. It’s that second part — the warrants — that spooked investors, raising the prospect of future dilution.

BTOG bounced back over 12% Tuesday morning, but the stock is still down roughly 86% for the year. That’s a tough hole to dig out of.

The servers are set to be delivered and deployed in Malaysia during Q3 2026. Bit Origin says it already has customer and hosting agreements in place, which means revenue could start flowing relatively quickly after deployment.

Management is projecting roughly $360,000 in recurring monthly revenue from the servers. For a company that posted just $39,500 in total revenue for all of fiscal 2025 — a 98.6% drop year-over-year — that would be a dramatic turnaround.

Bit Origin also reported a net loss of $4.3 million for fiscal 2025. Free cash flow was negative $2.3 million, and the company ended the year with only about $210,000 in cash on hand.

From Crypto Mining to AI Infrastructure

The company started as a crypto mining and blockchain business but has spent most of 2026 repositioning itself as an AI infrastructure provider. The Nvidia server purchase is the most concrete move yet in that pivot.

Bit Origin filed interim financial statements on June 30, 2026, reflecting the transaction. The company says it believes its stockholders’ equity now stands at a minimum of $2.5 million, which it believes satisfies Nasdaq’s listing requirements under Rule 5550(b)(1).

This isn’t the first time BTOG has drawn attention in 2026. Back in April, the stock surged nearly 70% in a single session after the company announced plans for an AI infrastructure expansion. That rally faded quickly as investors grew skeptical of the financing plan.

Valuation Still Stretched

Despite losing most of its value this year, BTOG isn’t obviously cheap. The stock currently trades at roughly 6 times book value, compared to a technology sector median of around 3.3 times.

That premium suggests the market is still pricing in future AI potential rather than current results. Until the Nvidia servers are deployed and actual revenue shows up in financial statements, that gap is likely to remain.

The company completed the acquisition on June 28, 2026. Delivery of the servers is expected sometime in Q3 2026.

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