Digi Power X (DGXX) - Value Play?

After seeing some DD composed by others, I've done a bit of my own research to develop a working thesis for DGXX (one of my main 2026 picks). Would be grateful for any counter-points or thoughts others may have on this play. Currently holding 2,750 shares. Digi Power X (DGXX) seems to reflect a major market dislocation, where the prevailing stigma of its legacy cryptocurrency operations has blinded the market to the tangible reality of its balance sheet. At a market cap of roughly $180 million, the company seems to trade at a major discount to its value, underpinned by a liquidity fortress of approximately $100 million in cash and digital assets. Through ther lens of a value investor, my take is that this creates an exceptional margin of safety; effectively purchasing an operating infrastructure business for pennies on the dollar, with liquid assets alone covering nearly 55% of the entry price. My thesis is that this is not a speculative bet on future growth, but a purchase of dollars for fifty cents. The core of the thesis lies in the "replacement cost" arbitrage of its power assets. In an energy-constrained world where grid interconnection queues for data centers stretch 3-5 years, DGXX’s control over 196.7 MW of active capacity (and its newly announced pathway to access 1.3 GW) is a scarcity asset of immense value. The market currently assigns zero enterprise value to this infrastructure, pricing the stock as if its power plants and fiber connections are liabilities rather than the increasingly expensive commodities they are. My take on DGXX is that I'm buying a utility-grade asset base at a distressed miner's multiple, effectively acquiring the "picks and shovels" of the AI boom without paying the premium associated with pure-play AI equities. DGXX's pivot to High-Performance Computing seems to act as a free call option attached to a deep value play. With the current valuation barely covering the cash and power assets, investors are paying nothing for the potential upside of the NeoCloudz AI platform or the ARMS 200 rollout. If the AI execution succeeds, I'm thinking the re-rating will be exponential as the market applies a data center multiple to the earnings; if it stalls, the zero-debt balance sheet and steady energy sales provide a hard floor. With this in mind, current prices lead me to believe I'm holding a position with strictly capped downside and uncapped variance to the upside, validated by the recent "Triple Catalyst" of liquidity confirmation, legal resolution, and massive capacity expansion.