Season 1 Episode 270
The Bitcoin mining sector witnessed significant volatility with major miners dropping 6-9% despite Bitcoin only declining by about 1-1.5%, revealing a puzzling disconnect between the cryptocurrency and mining stock performance.
• CleanSpark announces a strategic shift with a $200 million Bitcoin-backed credit facility from Coinbase while changing their approach from 100% hodling to selling Bitcoin to fund operations
• This represents a move away from equity dilution through ATM offerings, which the company has paused until share prices exceed $20
• CleanSpark currently holds over 12,000 Bitcoin worth approximately $1 billion
• Soluna Holdings stands out as the only miner in positive territory, announcing land agreements for their 166-megawatt Project Katy in Texas
• Despite positive updates, Soluna trades at just $7 million market cap despite controlling over 200 megawatts of power infrastructure
• Bitdeer demonstrates vertical integration advantages by planning to deploy their SEAL miners outside the US to avoid potential tariffs
• Morgan Stanley analysis shows Bitcoin mining companies valued below $1 per watt while similar data center assets trade above $5 per watt
• The disparity between infrastructure value and market capitalization suggests significant undervaluation across the mining sector
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Published on 8 months, 2 weeks ago
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