Public Comps and Valuation Multiples for Crypto Mining

Benchmark revenue and EBITDA valuation multiples for public comps like
IREN, Hut 8, TeraWulf, Cipher Digital and Riot Platforms.

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Viewing 25 of 27 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
IREN	$12B	$14B	$817M	16.9x	37.8x
Hut 8	$10B	$11B	$283M	37.3x	2157.8x
TeraWulf	$9B	$12B	$243M	48.0x	242.3x
Cipher Digital	$7.2B	$11B	$225M	49.9x	(756.4x)
Riot Platforms	$6.9B	$7.6B	$655M	11.6x	(55.3x)
Core Scientific	$6.7B	$7.7B	$498M	15.5x	65.9x
MARA Holdings	$4.1B	$6B	$878M	6.9x	(23.0x)
Cleanspark	$3.3B	$4.2B	$662M	6.3x	24.5x
Bitdeer	$2.6B	$4.4B	$809M	5.4x	34.6x
Bitfarms	$1.7B	$1.8B	$168M	11.0x	(106.8x)
Phoenix Group	$884M	$913M	$118M	7.8x	-
HIVE Digital Technologies	$752M	$790M	$328M	2.4x	9.9x
Jasmine Technology Solution	$620M	$640M	-	-	-
BitGo Holdings	$551M	$867M	$212M	4.1x	33.4x
Bit Digital	$495M	$784M	$129M	6.1x	(14.4x)
Northern Data	$485M	$1.3B	-	-	-
American Bitcoin	$397M	$590M	$185M	3.2x	-
Z Squared	$267M	$262M	-	-	-
BitFuFu	$233M	$211M	$380M	0.6x	(19.8x)
Soluna Holdings	$177M	$137M	$30M	4.6x	-
The9	$60M	$86M	-	-	-
Greenidge Generation	$31M	$67M	$59M	1.1x	-
Dynastar Holdings	$24M	$24M	-	-	-
SOLAI	$17M	$16M	-	-	-
BTC Digital	$14M	$16M	-	-	-
Ebang	$13M		-
Bit Origin	$2M		-