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Market Crux Shines the Spotlight On (NASDAQ: LMFA)
This Morning—Tuesday, June 23, 2026
Don’t Miss Our Next Update—Get Real-Time Alerts Sent Directly To Your Phone. Up To 10X Faster Than Email. Pull Up LMFA This Morning… June 23, 2026 Dear Reader, As we head into this morning’s session, Market Crux is taking another look at a company where the latest operating data appears to stand apart from its current public valuation. That company is LM Funding America, Inc. (NASDAQ: LMFA). LMFA recently reported record energized hashrate, record monthly B-T-C production, and continued development of its mining platform across two wholly-owned facilities. In March 2026, the company reached approximately 790 PH/s of energized hashrate and produced 9.6 B-T-C, both records for the organization. Those results followed a significant expansion effort that culminated in Q1 2026, the first full quarter in which LMFA's enlarged mining fleet operated across both of its wholly-owned facilities. With 7,508 machines deployed and additional immersion-cooled capacity now online, the company's operating platform appears materially larger than it was just a year ago. The question now is how those assets translate into future production and treasury growth. But here is the number that cuts through the noise: LMFA’s market cap is under $4M, while its B-T-C treasury stood at 334.0 BTC as of April 30, 2026 — valued at over $20M based on a B-T-C range between $60-$70K. That gap between the company's public valuation and the reported value of its B-T-C holdings is the key disconnect. And the operating results show that this is not just a balance-sheet story. Q1 2026 revenue came in at $2.1M, while mining margin held at approximately 24% — nearly in line with Q4 2025’s 25% margin. During the same period, LMFA also generated additional high-margin revenue through curtailment and energy sales, showing that its mining sites can produce value beyond B-T-C production alone. See the company’s latest earnings presentation here. Management is not operating a concept built around future possibilities. The company is operating two active mining sites, expanding hashrate capacity, producing B-T-C, and building its treasury through ongoing operations. 
The float on LMFA is tiny by the standards of most publicly listed B-T-C miners. With less than 14M shares listed as available to the public, LMFA’s small float could witness the potential for big moves if demand begins to shift. Matthew Galinko, an analyst at Maxim Group, has a $1 target on LMFA, which suggests significant upside potential from its recent $.20 range. A Closer Look At LMFA
Examining the company's mining platform, treasury strategy, and operational footprint. LM Funding America, Inc. is a Tampa, Florida-based B-T-C treasury and mining company founded in 2008 that has evolved its core operating model to center on two principal verticals: digital asset mining and a legacy technology-enabled specialty finance business. The mining operations are anchored by two wholly-owned sites. The Oklahoma facility currently hosts 4,636 active mining machines and operates with approximately 0.56 EH/s of energized hashrate. That site operates immersion-cooled units, including the BC40 Elite system energized in January 2026, a second unit that added approximately 35 PH/s of incremental hashrate capacity. The Mississippi facility hosts 2,368 active miners contributing approximately 0.23 EH/s. The combined operational footprint of 0.79 EH/s — as of both March and April 2026 — represents the highest sustained hashrate level in the company's history. 
The hardware mix includes Bit-main S19 XP, S21, and S21 immersion-cooled machines. Management has noted that ASIC efficiency gains compressing across recent hardware generations positions the deployed fleet to retain competitive placement on the network for a meaningfully longer window than equivalent hardware would have in prior halving cycles. Beyond mining, LMFA maintains a B-T-C treasury strategy. As of March 31, 2026, the company held 338.2 BTC, of which 174 BTC are held by Galaxy Digital under a digital assets receivable arrangement tied to the company's Galaxy loan facility. The facility was extended to June 26, 2026 during Q1 2026. The specialty finance segment — which provides funding to non-pro-fit community associations in Florida — contributes a modest but stable revenue stream alongside the primary mining business. Digital Asset Infrastructure B-T-C mining has entered a structurally different phase following the April 2024 halving. Block rewards compressed from 6.25 BTC to 3.125 BTC per block, fundamentally changing the economics for operators across the network. The miners that survived the post-halving compression are the ones who had locked in low-cost power, deployed efficient hardware, and built operating leverage before the reward cut arrived. That separation is now visible in financial results across the sector. LMFA sits in a specific segment of this industry: the small-to-mid tier of publicly listed B-T-C miners with direct site ownership, a developing B-T-C treasury strategy, and a meaningful share structure relative to its asset base. This is distinct from the mega-miners operating at multi-EH/s scale, and it carries a different risk-return calculus. Smaller hashrate bases mean single-site events have larger relative impact. But they also mean that capital allocation decisions — like deploying 300 Bit-main S19 XPs in a single quarter — can produce measurable jumps in production volume. The broader institutional narrative around B-T-C as a corporate treasury asset has evolved materially since 2020. With spot B-T-C ETFs now listed in the U.S. market, institutional adoption pathways have expanded, and publicly listed B-T-C holders like LMFA benefit from that macro backdrop — both in terms of B-T-C range sensitivity and in the category awareness that larger holders bring to the sector. For LMFA specifically, the most analytically relevant dynamic is the gap between its market capitalization and the fair value of its B-T-C treasury. That gap — where a company trends significantly below the value of its B-T-C holdings on a per-share basis — represents one of the central narratives in the small-cap B-T-C mining sector right now. The CEO has publicly acknowledged the priority of closing that gap through continued execution. Recent Milestones Show Why LMFA’s Latest Quarter
Deserves A Closer Look Record Hashrate and B-T-C Production Per the Q1 2026 earnings release, LMFA reached approximately 790 PH/s of energized hashrate in March 2026 — the highest level in company history. March 2026 also represented the highest single-month B-T-C production in company history, with 9.6 BTC mined. The quarter-over-quarter increase in B-T-C produced — from 22.0 BTC in Q4 2025 to 26.1 BTC in Q1 2026 — reflected the full deployment of the expanded fleet at both operating sites. Second BC40 Elite Immersion Unit Energized
In January 2026, LMFA energized its second BC40 Elite immersion-cooled unit at its Oklahoma facility, adding approximately 35 PH/s of incremental energized hashrate. This followed the deployment of the first immersion unit and formed part of the multi-stage Oklahoma site expansion that drove the Q1 2026 hashrate record. Production Update — Steady-State Operations Confirmed The April 2026 operational update confirmed the company mined 9.4 BTC in April — a slight sequential increase on a per-day basis from March — with 7,508 total machines deployed and 0.79 EH/s of sustained energized hashrate. The B-T-C treasury as of April 30, 2026 was 334.0 BTC, valued over $20M based on a B-T-C in the $60-$70K range. Q1 2026 Financial Results — Operational Strength in
Softer B-T-C Environment Q1 2026 total revenue was $2.1M. Mining margin held at approximately 24%, supported by approximately $368K in curtailment and energy sales — a key indicator of operational flexibility. Total assets were $41.8M as of March 31, 2026, with total liabilities of $22.7M, leaving a balance sheet that management described as positioned to support continued execution and selective growth. The Case For Watching LMFA: 7 Reasons To Pull It Up
This Morning—Tuesday, June 23, 2026…
1. Multiple Revenue Streams: LMFA supplemented its mining operations with curtailment and energy sales during Q1 2026, adding an additional source of revenue alongside B-T-C.
2. Analyst Coverage: Matthew Galinko, an analyst at Maxim Group, has a $1 target on LMFA, which suggests significant upside potential from its recent $.20 range. 3. Small Float: LMFA has fewer than 14M shares listed as available to the public, a share structure that is considerably smaller than many publicly listed B-T-C miners. 4. Treasury Gap: LMFA reported 334 B-T-C as of April 30, 2026, valued at more than $20M based on the B-T-C price range cited, while the company's market capitalization remained below $4M. 5. Production High: LMFA mined 9.6 BTC during March 2026, marking the strongest single month of B-T-C production the company has ever reported. 6. Two Active Sites: LMFA operates wholly-owned mining facilities in both Oklahoma and Mississippi, giving the company direct control over its infrastructure and mining operations. 7. Record Hashrate: LMFA reached approximately 790 PH/s of energized hashrate in March 2026, representing the highest sustained operating level in company history. Pull Up LMFA This Morning…

LMFA has spent the past several quarters expanding capacity, deploying additional equipment, and growing its mining platform. Today, the company is reporting record production, record energized hashrate, and a B-T-C treasury that remains a central part of the discussion surrounding its valuation. Whether the market ultimately re-rates the company remains to be seen, but the recent operating progress is difficult to ignore. We're keeping a close eye on LMFA this morning. Sincerely, Gary Silver
Managing Editor
Market Crux |