A huge jump, How LM Funding America (NASDAQ: LMFA) Expanding their Bitcoin Treasury: From $16.7 Million to $36 Million in 3 months
LMFA’s value proposition starts with its Bitcoin treasury. In February 2025, the company held 165.8 BTC. By August 22, 2025, that figure nearly doubled to 311 BTC. Two drivers explain this surge: (1) direct Bitcoin purchases, including a strategic acquisition of 164 BTC in August funded with cash rather than dilution, and (2) steady mining output despite the April halving. After averaging ~6.5 BTC/month in the spring, production dipped slightly to 5.5–5.9 BTC in June–August due to summer curtailments. Yet, with LuxOS firmware boosting efficiency by 10–15% and optimized machine deployment, LMFA exited August producing 7–9 BTC/month. By September–December 2025, output is projected at 30–35 BTC, driving full-year mining production to 82–87 BTC and lifting the year-end treasury to ~343 BTC. At $116,000 per BTC, this equates to ~$39.8 million in holdings, or ~$2.56 Bitcoin-per-share (BPS) versus LMFA’s September 19, 2025, stock price of just $1.26. Put simply, LMFA trades at a 50% discount to its BTC holdings alone, before accounting for infrastructure valued at over $11 million or ongoing monthly production of ~8–10 BTC.
Strategic Infrastructure: Oklahoma + Mississippi = 26 MW Capacity
The company’s infrastructure strategy has been equally transformative. In December 2024, LMFA acquired a 15 MW facility in Oklahoma for ~$7.3 million, partially funded by a $5 million Bitcoin-backed loan. This site delivers ~0.48 EH/s of LMFA’s current ~0.72 EH/s hashrate and benefits from stable, low-cost power. In August 2025, LMFA added an 11 MW facility in Columbus, Mississippi from Greenidge Generation Holdings for ~$3.9–4.0 million in cash. Already energized at ~7.5 MW and on track for full 11 MW capacity by early 2026, the Mississippi site features ultra-low power costs of just $0.036/kWh, among the lowest in the U.S. mining industry. Combined, these two sites provide LMFA with ~26 MW of total owned capacity, expected to translate into ~1.5–1.7 EH/s when fully deployed. Importantly, LMFA’s vertically integrated model eliminates expensive third-party hosting fees, ensuring structurally higher margins and long-term resilience. The company is also deploying immersion cooling in Oklahoma, targeting an additional 2 MW online in 2025, and continues to optimize efficiency via firmware. Strategically, LMFA focuses on acquiring smaller undervalued power assets rather than building new facilities, accelerating its ability to scale at low cost.
2025 Valuation: Discount Too Large to Ignore
As of August 31, 2025, LMFA held ~311 BTC, with year-end projections of ~343 BTC. At current prices, the treasury would be worth ~$39.8 million, or ~$2.56/share, versus LMFA’s ~$1.26 market price. Even assigning zero value to its $11m+ infrastructure, cash reserves, or ongoing production, LMFA’s stock reflects just half of its Bitcoin-per-share value. This stark undervaluation provides a margin of safety rarely seen in the Bitcoin mining sector, especially given LMFA’s structurally lower operating costs and growing production base.
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