Big breaking news late at night! Has Jito been seriously undervalued? JTX data leaks—market makers are quietly building positions, targeting 267%!

Bro, let me tell you something. Yesterday the crypto market saw a broad pullback, but one sector kept its red candles on its own—miners. It surged 27% in a week. Why? Because AI data center transactions.

On July 20, Hut 8 announced that its Beacon Point facility signed a 15-year, $9.8 billion lease, covering 352 megawatts of power. With this signing, the contracted capacity already signed doubled to 704 megawatts, and the total base contract value jumped to $19.6 billion. The same day, IREN also won a $2.8 billion AI cloud contract, raising its year-end utilization target from $3.7 billion to over $4.0 billion—about 85% of capacity has already been sold to Microsoft, NVIDIA, and Perplexity.

The market reaction was immediate. In the past week, Greenidge rose 59.6%, Cipher up 51.4%, Hut 8 up 31.4%, Riot up 30.4%, and CleanSpark up 22.9%. See it? Investors no longer treat these companies as Bitcoin miners, but as owners of scarce power and data centers. As long as AI compute demand stays higher than supply, this narrative will keep driving the sector—even if BTC is still ranging.

Alright, here are the key points. Jito’s JTX launched on July 14, but the market still prices it as Solana back-end infrastructure—basically a price taker that makes money by looking at block space. However, JTX has already turned it into a price setter for user traffic. Our team’s buying logic is that we’re betting Jito can truly control these flows, not just a bounce in traditional business.

Since JTX launched, over 77k transactions have already produced data. The median execution price and the price in the oracle deviated by only 5.5 basis points. 77.6% of trades landed within 25 basis points, and 29.1% were even better than the oracle quotes. The liquidity gap is also obvious: $SOL median deviation is 3.9 basis points, while $JitoSOL is only 0.5 basis points—the long-tail thin-liquidity assets have a wider spread. The advantage brought by BAM is not obvious: BAM-led blocks are 4.6 basis points, and other blocks are 4.8 basis points.

Why is Jito doing this? It intentionally sacrifices short-term revenue, shuts off predatory MEV flow, and prioritizes BAM—this directly cuts the high-profit Jito tip revenue of the past. We keep extremely conservative assumptions for the traditional business: we don’t expect tip revenue to return to its peak, we don’t assume JitoSOL LST will recover, and we don’t assume BAM will fully monetize.

The base case only assumes that by Q2 2027, JTX captures 15% of Solana DEX trading volume, bringing net income of $5.8 million per quarter, total revenue of $8.2 million, annualized about $32.7 million, with JTX contributing 72%. Based on this annualized revenue, the sales multiple after treasury adjustments is under 15x. You know how much cheaper than 15x? Even if revenue is declining, the average sales multiple for back-end infrastructure business since early 2025 has still been 38x.

Even with conservative assumptions, valuing the base case’s annualized revenue at 30x implies a price of $1.18, about 57% upside. For a growing business, 30x isn’t excessive—especially compared with that old business, which is shrinking yet still enjoys a 38x multiple.

The valuation range is wide. In the optimistic scenario (probability 40%), assume JTX share reaches 25%, valuing at 45x, implying a price of $5.31, up 600%. In the pessimistic scenario (probability 10%), assume the share stalls at 5%, and the sales multiple falls to 15x commodity level, implying $0.36, down 52%. After weighting the three scenarios, the target price is $2.75, implying 267% upside versus the current $0.75.

Valuation is highly sensitive to Solana DEX trading volume. We lean optimistic because we believe tokenized stocks and real-world assets will scale on-chain, which will both boost trading volume and JTX’s share. One more thing: JTX makes JTO value capture clearer—expectedly, 80% of revenue is used for buybacks. In the base case, buybacks over the next 12 months are about $8.6 million, and after treasury-adjusted share cancellations, that’s about 1.5% of the supply (about 5.7% in the optimistic case). The flywheel is still small, but it will scale directly as JTX succeeds.

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