Question: What's different about traditional REITs than a digital one like this one?
Answer: Traditional REITs own long lived assets from which they derive long lived and real cash flow leverage.
Any shift in competitive landscape or meaningful change in infrastructure capability or deliver model could wipe out the vast majority of the "value" of this company in a very short period of time.
If there are any retail investors here, PLEASE get out while you can. This is a ponzi scheme and soon enough investors will sell and get out and buy back in at much lower prices, where they get more ownership from the "non cash dividend" (read dilution).
Bottom line is this. Any real investor needs to look at FCF yield at this point (EBITDA is meaningless here because the required reinvestment and depreciation cycles are so rapid... It's like NFLX years ago capitalizing DVDs... A joke. It was an operating cost in the real world...).
Have fun folks. Again, any retail please protect yourself and sell half now while you still have gains that never should have happened. Let the other half ride if you actually believe this story (again, it is a story that will not hold up over time, but if you believe it, so be it).