Group 1 - U.S. cryptocurrency-related stocks experienced a decline, with Coinbase Global falling by 2.1% [1] - Riot Platforms saw a decrease of 2% [1] - Mara Holdings dropped by 2.8% [1] - Strategy Inc. declined by 2.9% [1] - Bitfarms' U.S. listed stock fell by 2.3% [1] - Bit Digital experienced a drop of 3.2% [1]

Group 1 - The core viewpoint of the articles highlights significant stock movements in the Hong Kong and US markets, driven by company announcements and strategic partnerships [1][2][5][6][7]. Group 2 - Gilead Sciences-B (01672) saw a nearly 9% increase after announcing a share buyback plan, utilizing up to 300 million HKD for repurchases [1]. - OSL Group (00863) rose nearly 2% as it plans to offer compliant digital asset trading services in Europe by Q1 2026 [1]. - Gako Science-B (01167) increased over 5% following a 125 million RMB payment from Haisheng Capital, enhancing its cash reserves for oncology therapy development [1]. - Zhida Technology (02650) surged over 4%, reaching a new high, after signing a sales order exceeding 100 million RMB with Saudi Controls Ltd for a five-year collaboration [2]. - Capital界金控 (00204) fell over 40%, marking a historical low, with a cumulative decline exceeding 80% for the week [2]. - Semiconductor stocks performed well, with Huahong Semiconductor (01347) up 3.18%, Shanghai Fudan (01385) up 2.79%, and SMIC (00981) up 1.86% [2]. - Pacific Shipping (02343) rose nearly 5% as the Baltic Dry Index reached 2845 points, a 9.42% increase, marking the largest rise since October 2025 [3]. - Aoda Holdings (09929) resumed trading with a surge of over 200%, following a major share sale involving 1.5 billion shares at a price of 0.11 HKD per share [4]. - Robotics stocks saw significant gains, with Dechang Motor Holdings (00179) up 9.11% and Sanhua Intelligent Control (02050) up 9.06% [4]. - Ansem Semiconductor (ON.US) rose 11.01% after announcing a strategic partnership with Innosec to advance GaN technology applications [5]. - The Nasdaq Golden Dragon Index fell 1.38%, with notable declines in popular Chinese stocks like Xpeng Motors (XPEV.US) down 4.02% and Alibaba (BABA.US) down 1.89% [5]. - Microchip Technology (MCHP.US) increased by 12.17% after raising its revenue and earnings per share forecasts due to strong booking performance [6]. - Bitcoin-related stocks saw gains, with Iren Ltd (IREN.US) up 6.91% and Coinbase (COIN.US) up 5.19% [6]. - The robotics sector in the US experienced a boost, with Richtech Robotics (RR.US) up 18.54% and iRobot (IRBT.US) up 73.85% amid government support for the industry [7].

Group 1 - Bitcoin price has dropped to a six-month low, impacting the pre-market performance of U.S. digital currency stocks [1] - Riot Platforms shares fell by 2.4%, indicating a negative market reaction [1] - Hut 8 Mining experienced a decline of 3.7%, reflecting investor concerns [1] - Mara Holdings saw a decrease of 1.3%, contributing to the overall downward trend in the sector [1]

>> LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK. I'M SCARLET FU. TIM STENOVEC IS ON ASSIGNMENT."BLOOMBERG CRYPTO," PEOPLE, OPTIONS SHAPING THE WORLD IN FINANCE. A BITCOIN UNDER PRESSURE WITH FINANCIAL MARKETS AND RISK OFF MODE. THE ORIGINAL COIN AT A SESSION LOW AS IT'S FALLING TO THE SLOTH -- LOWEST LEVEL SINCE JUNE.ELECTION DAY IN THE U.S., WE FOCUS ON THE GROWING INFLUENCE OF THE CRYPTO INDUSTRY ON POLICY AND REGULATION. SENATOR CYNTHIA LUMMIS WILL JOIN US. IN A MOMENT, WE WILL SPEAK WITH THE FOU ...

Core Insights - Mara Holdings presents an alternative investment opportunity in the Bitcoin space, offering a business model that includes assets, revenue, and financial statements for analysis [2][3] - The company has evolved from being solely a Bitcoin miner to incorporating data center operations and energy production, thus diversifying its revenue streams [4][5] Company Overview - Mara Holdings, previously known as Marathon Digital Holdings, has rebranded to distance itself from other companies with similar names, particularly Marathon Petroleum [4] - The company has made significant investments in data center infrastructure and energy generation equipment, indicating a shift in its business strategy [5] Operational Strategy - By vertically integrating power production with Bitcoin mining, Mara is able to reduce costs and enhance operational efficiency [6] - The company has invested more in its mining infrastructure compared to competitors like Riot Platforms and Cleanspark, and is exploring international expansion to increase revenue from overseas [6] Revenue Generation - Currently, the majority of Mara's revenue is derived from Bitcoin mining, but the company also resells surplus energy during peak demand periods, such as the Texas heatwaves in summer 2024 [7] - Mara is positioning its data centers to attract enterprise-class computing firms for AI workloads, which could further diversify its revenue sources [7] Financial Position - Mara Holdings owns over 52,850 Bitcoins valued at $6.59 billion, which constitutes 86% of the company's total market value [8] - The company's evolution into data centers and energy production is seen as a way to create multiple revenue streams, complementing its Bitcoin holdings rather than replacing them [8]

Core Insights - The investor adopts a contrarian investment style, focusing on high-risk, illiquid options and shares, with a balanced portfolio of approximately 50% in each [1] - The investment strategy emphasizes buying stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insiders are purchasing shares at lower prices [1] - Fundamental analysis is utilized to assess the health of companies, including leverage and financial ratios compared to sector and industry averages [1] - Technical analysis is employed to determine optimal entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1] Investment Strategy - The investor's timeframe for holding positions ranges from 3 to 24 months [1] - A thorough screening process is conducted to identify potential investment opportunities, primarily focusing on U.S. stocks but also considering international options [1] - Professional background checks are performed on insiders who buy shares post-sell-off to gauge the credibility of their investments [1]

Bitcoin Production vs ETF Demand - Mara Holdings mines 736 BTC monthly, while BlackRock purchases 3,800 BTC weekly, indicating significantly higher demand from ETFs [1] - ETFs are purchasing 19 times more Bitcoin than the total network production [1] Mara Holdings Valuation - Mara Holdings holds 52,850 BTC worth $6 billion [1] - Mara Holdings' market capitalization is $5.8 billion [1] - The market may be undervaluing Mara Holdings, as its Bitcoin holdings alone exceed its market cap, offering potential investment opportunity with mining cash flow [1]

Core Insights - Public companies have added a total of 415,000 BTC to their treasuries in 2025, surpassing the 325,000 BTC acquired in the entirety of 2024 [1] - The dominance of MicroStrategy, now known as Strategy, in corporate Bitcoin treasuries has decreased from 76% in January to 64% as other corporate buyers have increased their acquisitions [1][5] - Despite record-high corporate Bitcoin holdings, the pace of accumulation has slowed, with companies now purchasing smaller amounts per transaction [3][5] Corporate Accumulation Trends - November 2024 was a significant month for Strategy, with a notable accumulation of Bitcoin, but the company has since seen a decline in monthly purchases, dropping from 134,000 BTC in November 2024 to just 3,700 BTC in August 2025 [4][5] - Corporate treasuries reached a record of 1,011,387 BTC in 2025, valued at over $118 billion, but the overall demand has slowed sharply [8][9] - Analysts attribute the slowdown in corporate accumulation to macroeconomic uncertainties, including higher global interest rates and stricter regulatory oversight [11][12] Market Dynamics and Institutional Sentiment - The market's valuation of Strategy's Bitcoin strategy has changed significantly, with its modified Net Asset Value (mNAV) dropping from 3.89x to 1.44x since November 2024, indicating a shift in investor sentiment [6][7] - The concentration of Bitcoin in corporate treasuries is seen as a double-edged sword, providing stability against market sell-offs while also raising systemic risks if corporations decide to change their investment strategies [13][14] - Retail interest in Bitcoin remains strong, with around 75% of Bitcoin ETF shares held by non-13F filers, indicating robust participation from retail investors [14][15] Future Outlook - The creation of 28 new Bitcoin treasury firms in July and August 2025 has contributed to an increase in corporate holdings by 140,000 BTC, suggesting ongoing interest in Bitcoin despite the cautious approach [10] - Analysts believe that while institutional demand has softened, retail flows have played a crucial role in maintaining support levels for Bitcoin prices during periods of uncertainty [15][16]

This is Bloomberg Businessweek Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies and trends shaping today's complex economy. Plus, global business, finance and tech news as it happens, Bloomberg Businessweek Daily with Carol Massar and Tim Stennett event live on Bloomberg Radio, Television, YouTube and Bloomberg Originals. And a very good afternoon, everyone, live on Bloomberg TV, radio streaming on YouTube and Bloomberg originals.I'm Jess and with ...

Summary of Conference Call on Bitcoin Mining and HPC Industry Industry Overview - The conference focused on the Bitcoin mining and high-performance computing (HPC) sectors, highlighting the evolution of business models and the integration of AI technologies into data center operations [2][4][72]. Key Companies Discussed 1. **CleanSpark** - Operates 50 exahash across 33 data centers in four states [6]. - Transitioned into Bitcoin mining through energy management expertise, focusing on utility market opportunities [7][8]. 2. **Mara Holdings** - Controls approximately 1.7 gigawatts of power and operates 60 exahash [9]. - Shifted from an asset-light model to owning 70% of its operations, significantly reducing electricity costs [10][11]. 3. **Cypher Mining** - Developed five data centers with a capacity of 477 megawatts, producing about 23 exahash [14]. - Positioned to capitalize on the demand for large power interconnects due to the rise of AI and HPC [15][16]. 4. **Galaxy Digital** - Operates a digital asset business and a data center business, with $6 billion in assets under management [18]. - Transitioned its Helios site from Bitcoin mining to a traditional data center model, securing significant lease agreements [19][20]. 5. **Hut 8** - Merged with US Bitcoin Corp, focusing on energy infrastructure for technology [21][22]. - Holds about 1 gigawatt of capacity, with 90% contracted and 30% from owned power generation facilities [25]. 6. **Bit Digital / White Fiber** - Transitioned from Bitcoin mining to HPC, securing a $150 million contract and generating $100 million in annual revenue [30][31]. - Recently IPO'd White Fiber, focusing on AI and HPC services [32]. Core Insights and Arguments - **Energy Management**: Companies are leveraging their expertise in energy management to optimize Bitcoin mining operations and reduce costs [7][10][11]. - **HPC Demand**: The rise of AI and HPC is creating new opportunities for data centers, with companies pivoting to meet this demand [15][72]. - **Cost Efficiency**: Many companies are focusing on reducing operational costs through innovative energy solutions, such as utilizing low-cost renewable energy sources [10][11][49]. - **Market Positioning**: Companies are positioning themselves to capture market share by securing large power contracts and developing data centers that can accommodate both Bitcoin mining and HPC needs [15][19][20][67]. Additional Important Points - **Talent Acquisition**: The importance of attracting skilled personnel in the energy and technology sectors is emphasized as a key asset for companies [44][46][51]. - **Long-term Strategy**: Companies are focusing on long-term growth strategies, including the development of new sites and innovative infrastructure to meet future demand [63][67]. - **National Security**: The role of Bitcoin mining in national security is highlighted, with concerns about foreign ownership of data centers and energy assets [82][83]. - **Market Evolution**: The industry is expected to evolve with increasing demand for AI and HPC, necessitating innovative approaches to data center operations and energy management [72][88]. This summary encapsulates the key discussions and insights from the conference, reflecting the current state and future outlook of the Bitcoin mining and HPC industries.