The Halving Lens: BTBT Points to What’s Next.

⟁ DeltaSignal Alpha Layer

This Alpha Layer expands on our recent Deep Dive into Bit Digital (BTBT).

BTBT’s Q2 2025 flagged an odd fact: the balance sheet doubled, but not from Bitcoin. It came from investors. That pivot toward custody, staking, and infrastructure may not be unique.

Our sector-wide delta tracking suggests this is not a BTBT anomaly — it’s the next chapter for miners under halving math.

We keep the Alpha Layer exclusive to founder members.