Bitcoin Mining Stocks by Enterprise Value

The total Bitcoin mining stock enterprise value is ...

#	Company	Enterprise Value	Market Cap	EV/EH/s	EV/EBITDA	EV/Revenue
1	Galaxy Digital Holdings Ltd. GLXY	$12,810,838,845 ¹ $12.81B ¹	$9,583,450,845 $9.58B		227 227	1 1
2	Bitmine Immersion Technologies, Inc. BMNR	$9,231,088,689 $9.23B	$9,248,463,624 $9.25B		-24,938 -24938	4,498 4.0K
3	IREN Limited IREN	$5,301,223,202 ¹ $5.3B ¹	$5,161,481,202 $5.16B	$106,024,464 $106.02M	62 62	36 36
4	Applied Digital Corporation APLD	$4,856,102,575 ¹ $4.86B ¹	$4,194,777,575 $4.19B		-71 -71	-145 -145
5	Core Scientific, Inc. CORZ	$4,499,849,559 $4.5B	$4,135,230,412 $4.14B	$235,594,218 $235.59M	-171 -171	57 57
6	TeraWulf, Inc. WULF	$3,998,968,529 ¹ $4B ¹	$3,588,082,529 $3.59B	$312,419,416 $312.42M	772 772	83 83
7	Riot Platforms, Inc. RIOT	$3,201,779,488 $3.2B	$4,886,416,060 $4.89B	$90,190,971 $90.19M	10 10	20 20
8	MARA Holdings, Inc. MARA	$2,727,892,982 $2.73B	$6,031,056,240 $6.03B	$46,313,973 $46.31M	3 3	11 11
9	Bitdeer Technologies Group BTDR	$2,521,832,421 $2.52B	$2,628,513,106 $2.63B	$69,281,110 $69.28M	-29 -29	35 35
10	Cipher Mining, Inc. CIFR	$2,331,990,929 $2.33B	$2,513,078,370 $2.51B	$114,313,281 $114.31M	-25 -25
11	Northern Data AG NB2	$1,920,988,756 ¹ $1.92B ¹	$1,327,587,756 $1.33B		44 44	9 9
12	CleanSpark, Inc. CLSK	$1,435,964,081 $1.44B	$2,758,829,645 $2.76B	$28,719,282 $28.72M	3 3	7 7
13	Hut 8 Corp. HUT	$1,381,960,525 $1.38B	$2,466,189,360 $2.47B	$81,772,812 $81.77M	7 7	5 5
14	Bit Digital, Inc. BTBT	$789,913,627 ¹ $789.91M ¹	$927,334,181 $927.33M	$658,261,356 $658.26M	-109 -109	30 30
15	Bitfarms Ltd. BITF	$581,674,348 $581.67M	$708,087,230 $708.09M	$29,829,454 $29.83M	347 347	7 7
16	HIVE Digital Technologies Ltd. HIVE	$500,426,202 $500.43M	$538,977,075 $538.98M	$33,140,808 $33.14M	25 25	15 15
17	Gryphon Digital Mining, Inc. GRYP	$108,865,107 $108.87M	$105,159,048 $105.16M	$118,331,638 $118.33M	-22 -22	79 79
18	Digi Power X Inc. DGXX	$104,268,924 $104.27M	$111,992,538 $111.99M	$52,134,462 $52.13M	-46 -46	11 11
19	Greenidge Generation Holdings, Inc. GREE	$71,680,000 $71.68M	$21,603,040 $21.6M	$22,400,000 $22.4M	-21 -21	5 5
20	Neptune Digital Assets Corp. NDA	$60,967,568 $60.97M	$100,401,890 $100.4M		-104 -104	165 165
21	BIT Mining Limited BTCM	$51,631,256 ¹ $51.63M ¹	$50,893,256 $50.89M	$122,059,707 $122.06M	-7 -7	1 1
22	Canaan, Inc. CAN	$49,682,718 $49.68M	$241,623,613 $241.62M	$6,249,398 $6.25M	-5 -5	0 0
23	Argo Blockchain PLC ARBK	$48,883,860 $48.88M	$17,579,473 $17.58M	$18,105,133 $18.11M	-3 -3	4 4
24	Cathedra Bitcoin, Inc. CBIT	$41,695,321 $41.7M	$43,142,850 $43.14M	$104,238,302 $104.24M	28 28	6 6
25	Bit Origin Limited BTOG	$34,272,249 ¹ $34.27M ¹	$28,604,934 $28.6M		-14 -14
26	Mawson Infrastructure Group, Inc. MIGI	$31,717,494 ¹ $31.72M ¹	$8,354,291 $8.35M	$6,368,975 $6.37M	-5 -5	3 3
27	Soluna Holdings, Inc. SLNH	$26,672,858 ¹ $26.67M ¹	$12,991,858 $12.99M	$10,254,847 $10.25M	-8 -8	4 4
28	DMG Blockchain Solutions, Inc. DMGI	$25,087,933 $25.09M	$40,648,400 $40.65M	$15,204,808 $15.2M	19 19	1 1
29	LM Funding America, Inc. LMFA	$-10,043,442 $10.04M	$7,032,771 $7.03M	$-16,739,070 $16.74M	-5 -5	-5 -5
30	Ebang International Holdings, Inc. EBON	$-184,530,819 ¹ $184.53M ¹	$25,259,932 $25.26M		10 10	-31 -31
31	Cango Inc. CANG	$-248,248,171 $248.25M	$508,816,000 $508.82M	$-4,964,963 $4.96M	1 1	0 0

Learn more about Enterprise Value and our calculations.

¹Indicates company has no reported Bitcoin holdings, and thus the fair value of any holdings were not subtracted in the EV calculation.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a financial metric that measures a company’s total value by considering not only its market capitalization but also its debt and cash levels. EV can be thought of as the effective cost of buying a company or the theoretical price of a target company before factoring in a takeover premium. This offers a more comprehensive reflection of a company's true worth than market capitalization alone.

How is Enterprise Value Calculated?

EV = Current Market Cap + Total Debt - Cash & Cash Equivalents - Fair Value of Bitcoin Holdings. Enterprise Value is calculated by taking a company’s market capitalization and subtracting cash & cash equivalents as well as the fair value of the company's Bitcoin Holdings (if reported), as cash on hand reduces the net value of a company’s obligations. We then add the company’s total debt to reflect any outstanding liabilities.

Where Do We Source the Data for Enterprise Value Calculations?

We obtain figures for cash & cash equivalents and total debt from the latest financial statements published by Bitcoin mining stock companies. Most companies release their financial statements on a quarterly basis, though some only report annually. The fair value of a company's Bitcoin holdings is calculated by multiplying their last reported Bitcoin holdings by the current Bitcoin price. As for the market cap component, we use the current market cap value which is calculated by current share price by the current number of shares outstanding.

Why is Enterprise Value Important When Analyzing Bitcoin Mining Companies?

Enterprise Value is critical for evaluating Bitcoin mining companies because it accounts for the full scope of a company’s financial obligations. Bitcoin miners often take on significant debt to finance equipment and infrastructure, making EV a more accurate measure of their overall value. Additionally, EV serves as the basis for many financial ratios used to measure a company's performance, providing deeper insights into its operational efficiency and profitability.

Can Enterprise Value Help Identify Undervalued Bitcoin Mining Stocks?

Analyzing Enterprise Value can provide investors with insights into the valuation of Bitcoin mining stocks. While a low EV relative to a company’s earnings or revenues might suggest potential undervaluation, it is important to consider other factors such as growth prospects, industry conditions, and the company's financial health. EV is just one tool among many that can help investors assess whether a stock is priced appropriately.

What is the EV/EH/s Metric?

Enterprise Value per Exahash per second (EV/EH/s) is a key indicator used to assess the efficiency and valuation of Bitcoin mining companies. It is calculated by dividing a company’s Enterprise Value by its latest Installed Hash Rate (measured in Exahash per second, EH/s), which reflects the company's Bitcoin mining capacity. The higher the EH/s, the more mining power a company possesses.

The Installed Hash Rate is typically reported in a company's monthly operational update. However, if a company does not disclose its Installed Hash Rate, we use its Operating Hash Rate as an alternative. The EV/EH/s metric allows investors to compare how effectively different companies are utilizing their mining resources relative to their overall valuation, offering insight into which mining stocks may be undervalued or overvalued based on their hashing power.