Group 1 - The anticipation of the U.S. SEC's decision on Bitcoin ETF approval has led to a rise in Bitcoin prices, indicating strong investor interest in cryptocurrency investments [2] - MARA has reported strong revenue of $0.919 billion but faces significant profitability challenges with a -68.0% operating margin and -1.439 LTM free cash flow margin, which may hinder its competitiveness in the crypto mining sector [2] - Compared to its peers, MARA's P/E ratio stands at 3.4, which is lower than that of its competitors, reflecting investor concerns regarding its profitability and operational efficiency [7] Group 2 - MARA's revenue growth of 53.5% is higher than CORZ and CIFR but lags behind RIOT, CLSK, and HUT, suggesting potential issues with hash rate efficiency or limited diversification into AI and HPC [7] - The stock price of MARA has decreased by 31.0%, indicating underperformance relative to its peers and raising concerns about profitability and challenges following the Bitcoin halving [7]

Vertiv Industrializes AI Deployment with Digitally Orchestrated Infrastructure, Collaborates with Hut 8 to Scale [Accessibility Statement] Skip NavigationVertivâ"¢ OneCore factory-integrated, digitally validated infrastructure reduces on-site deployment complexity and accelerates schedule certainty amid tightening construction constraintsCOLUMBUS, Ohio, Feb. 26, 2026 /PRNewswire/ -- Vertiv (NYSE: VRT), a global leader in critical digital infrastructure, today announced a major evolution in high-density data ...

Building America's Bitcoin Infrastructure Backbone FEBRUARY 2026 AMERICAN BITCOIN CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of United States and other applicable securities laws. All statements, other than statements of historical fact, in this presentation that address activities, events or developments that Am ...

Shifted from cyclical Bitcoin mining CapEx to contracted infrastructure cash flow via the ABC carve-out and River Bend development. Adopted a 'power-first' development strategy, viewing electrons as strategic assets rather than commodities to control the foundational layer of AI infrastructure. Rebuilt the company around capital efficiency and durable cash flow, focusing on compounding assets like power control and scalable campuses. Prioritized institutional credibility, increasing institutional ow ...

The company’s first AI data center transaction, centered on its River Bend development, was described as a validation of that model. Genoot characterized River Bend as a “true greenfield development,” built from the ground up with a “power-first thinking” framework, and described it as “the first domino” in building an AI infrastructure platform.Management pointed to the carve-out of its legacy Bitcoin mining business into American Bitcoin (referred to on the call as “ABC”) as a central milestone. Genoot sa ...

Investor sentiments might be influenced by geopolitical developments. The U.S. has positioned military forces in the Middle East. The precious metal prices are on a positive note. On Tuesday, the benchmark S&P/TSX Composite Index closed higher. It settled with a gain of 193.88 points, or 0.57%, at 33,970.38.Gold surged toward $5,200 an ounce on Wednesday while the dollar declined. Spot gold traded up 0.8 percent at $5,187.20 an ounce. U.S. gold futures were up 32.40 points or 0.62 percent at $5,209.20.Silv ...

Bitcoin may have sold off today, but bitcoin mining stocks that are pivoting to AI enjoyed a strong rally alongside tech stocks. Tech in general bounced back from a selloff yesterday that was spurred by market jitters over workforce disruptions from AI, with the Nasdaq and S&P 500 respectively gaining 1% and 0.8%. In the realm of bitcoin mining stocks, companies leaning into AI saw the greatest rebound. Attesting to the cohort-wide rise, Hashrate Index’s Bitcoin Mining Stock Index – an industry benchmar ...

Group 1 - The US stock market rebounded this week, with all three major indices recording weekly gains, including the S&P 500 and Nasdaq Composite, both up over 1% [2] - Nvidia's upcoming earnings report is seen as a critical indicator for the sustainability of the AI boom, with Oppenheimer expecting results to exceed market expectations, although there are concerns about the difficulty of delivering surprises [4][5] - The software sector's earnings are becoming increasingly important due to the intensifying impact of AI, with BakerAvenue Wealth Management highlighting the need for companies to adapt and innovate [5] Group 2 - The market is facing uncertainty due to President Trump's announcement of a potential increase in tariffs from 10% to 15% on global goods, which may require market participants to digest this new information [3] - Upcoming economic events include speeches from Federal Reserve officials and key economic indicators such as the US consumer confidence index and PPI, which could influence market sentiment [6]

Core Viewpoint - MSTR shares have significantly underperformed, dropping 59.7% over the past year, contrasting sharply with the Zacks Finance sector's increase of 10.4% and the Zacks Financial - Miscellaneous Services industry's decline of 24.4% [1][8] Performance Comparison - MSTR has lagged behind peers such as Hut 8 Corp. and Riot Platforms, which saw gains of 164.6% and 26.5%, respectively, while HIVE Digital Technologies experienced a decline of 22.9% [2] Company Model and Market Sensitivity - The company's highly leveraged model has made MSTR a volatile proxy for Bitcoin, leading to increased sensitivity to fluctuations in the crypto market [3] - Institutional exits, potential MSCI exclusion, and rising competition from spot Bitcoin ETFs are diminishing its proxy premium, while ongoing equity issuance to fund Bitcoin purchases is pressuring long-term returns [3] Technical Indicators - MSTR is trading below both its 50-day and 200-day simple moving averages, indicating sustained bearish momentum and limited near-term upside potential [6] Bitcoin Treasury - MSTR holds 717,131 bitcoins valued at $58.9 billion, making it the largest corporate Bitcoin treasury globally, representing approximately 3.4% of all BTC ever to exist [10][12] - The treasury has been built through disciplined accumulation since Q3 2020, with a total acquisition cost of about $54 billion at an average price of $76,000 per bitcoin [11] Capital Raising and Growth Strategy - In 2025, MSTR raised $25.3 billion, becoming the largest U.S. equity issuer for the year, which accounted for about 8% of total U.S. equity issuance [13] - The capital raised has been primarily allocated to increasing Bitcoin holdings and strengthening the balance sheet, enhancing liquidity and supporting disciplined treasury expansion [14] Shareholder Security - MSTR's Bitcoin reserve provides a strong foundation for shareholder security, with net leverage near 10% relative to BTC reserves, maintaining a conservative capital structure [15] - The reserve supports long-term dividend sustainability, with $888 million in dividends estimated to provide approximately 67 years of coverage based on the current BTC reserve [17] Valuation - MSTR is currently trading at a premium valuation, with a forward 12-month price-to-sales (P/S) ratio of 74.18X, significantly above the sector average of 9.23X [18] - This premium valuation is supported by MSTR's ability to consistently grow BTC per share, even amid Bitcoin price volatility [19] Investment Recommendation - Despite the recent decline, MSTR's strong Bitcoin treasury and disciplined capital deployment create a structurally advantaged model, presenting a strategic buying opportunity for investors comfortable with volatility [22]

Core Viewpoint - Activist investor Starboard Value suggests that Riot Platforms can significantly increase its share value by transitioning its focus from bitcoin mining to AI and high-performance computing (HPC), estimating a potential share price between $23.55 and $52.60 [1] Group 1: Performance Comparison - Riot Platforms has underperformed compared to AI/HPC peers such as TeraWulf, Core Scientific, Hut 8, and Cipher Mining since January 2024 [2] - Immediate execution on large-scale data center deals is deemed necessary to close the valuation gap with peers [2] Group 2: Strategic Initiatives - The January 16 deal with AMD is highlighted as a proof of concept, involving an initial 25 MW of critical IT load expandable to 200 MW, projected to generate $311 million in revenue over ten years with an estimated 80% EBITDA margin [3] - The retrofit cost for this deal is noted to be $3.6 million per MW [3] Group 3: Financial Projections - Annual EBITDA from AI/HPC operations could reach approximately $1.627 billion if Riot successfully manages all 1.7 GW of power in the AI/HPC market [4] - A price target range of $23.55 to $53 is derived using a 12.5x to 20.0x EBITDA multiple, adjusted for $1.005 billion in net cash, excluding potential value from bitcoin mining operations and other assets [4] Group 4: Operational Improvements - Recent operational improvements include an increase in mining uptime to 86% in Q3 2025 and the settlement of a lawsuit with Rhodium to free up 125 MW of capacity [5] - Stock-based compensation is expected to decrease significantly over the next two years, which is crucial for transitioning to a "best-in-class" data center company [5] Group 5: Market Sentiment - Market analysts are closely monitoring the sector as miners leverage power assets for high-performance computing, with J.P. Morgan recently rerating mining stocks based on power capacity potential [6]