Some 2026 predictions from a handful of market veterans including Steve Eisman, says watch out for old economy stocks to shine this year. ...

Market Overview - Major U.S. stock indexes closed higher, with the Dow Jones Industrial Average up 1.2% to 48,977.18, S&P 500 up 0.6% to 6,902.05, and Nasdaq up 0.69% to 23,395.82 [1] Oil Sector - The U.S. military strike in Venezuela led to the ousting of President Nicolás Maduro, sparking renewed interest in the oil sector, particularly for U.S. companies looking to invest in Venezuela's oil industry [1] - Chevron Corp. shares surged 5.1% to close at $163.85, with an intraday high of $165.75, driven by optimism regarding potential gains from geopolitical developments [2][3] - Exxon Mobil Corp. stock gained 2.21%, closing at $125.36, as political changes in Venezuela create new opportunities for the company, focusing on legal recovery and strategic positioning in the oil market [8] Company Highlights - Novo Nordisk A/S shares rose 5.19% to $55.11, with its Wegovy weight loss pill showing an average weight loss of 17% when combined with diet and exercise, compared to 3% for placebo, indicating strong market potential [5] - Zeta Global Holdings Corp. shares increased by 8.84% to close at $21.67, driven by speculation and investor enthusiasm for its AI-powered marketing solutions [6][7]

Group 1 - The stock of CleanSpark (CLSK) has experienced a significant decline, primarily attributed to Bitcoin volatility rather than weak AI sentiment [1] - The overall market sentiment regarding AI and high-performance computing (HPC) is currently weak, which may impact investment strategies in these sectors [1] Group 2 - The author has a long position in CleanSpark shares, indicating a personal investment interest in the company's performance [2] - The analysis aims to provide insights into macro trends and their influence on asset prices and investor behavior, particularly focusing on equities and derivatives [2]

Core Viewpoint - MicroStrategy is redefining private equity and capital markets by leveraging Bitcoin, achieving what traditional funds have struggled to do for over a decade [1][2] Group 1: Capital Raising and Funding Structures - MicroStrategy has successfully raised capital directly from retail investors and established permanent funding structures [2][3] - The company has created a funding model that does not rely on cyclical capital raises by utilizing publicly listed securities on Nasdaq instead of closed-end private equity structures [3] Group 2: Digital Equity and Digital Credit - Central to MicroStrategy's approach are "Digital Equity" and "Digital Credit," both backed by Bitcoin, which positions Bitcoin as institutional-grade collateral [4] - Digital Equity allows investors to gain leveraged exposure to Bitcoin through MicroStrategy's capital structure, while Digital Credit provides BTC-backed credit facilities [4] Group 3: Future Outlook - MicroStrategy has converted its Bitcoin reserves into a perpetual capital engine, functioning similarly to a public-equity version of a private equity continuation fund [5] - The year 2025 is described as "Year 0" for Digital Credit, focusing on building and scaling BTC-backed credit products during a subdued Bitcoin market [5] - In 2025, MicroStrategy raised approximately $21 billion through various financial instruments, including a notable $2.5 billion perpetual preferred stock issuance, marking the largest US IPO by gross proceeds that year [6]

Core Viewpoint - Bitfarms is strategically exiting its bitcoin mining operations in Paraguay by selling its 70 MW bitcoin mine in Paso Pe to Sympatheia Power Funds for up to $30 million, focusing on North American AI infrastructure instead [1][3]. Group 1: Transaction Details - The purchase agreement includes a $9 million payment upon the deal's projected close in Q1 2026, which consists of a $1 million non-refundable deposit and up to $21 million in additional payments over the following 10 months [2]. - This sale follows Bitfarms' previous $85 million sale of its Yguazú bitcoin mine to Hive Digital, marking a complete exit from Paraguay [3]. Group 2: Strategic Focus - The CEO of Bitfarms emphasized the importance of this transaction in rebalancing the company's energy portfolio to 100% North American, allowing for reinvestment into high-performance computing (HPC) and AI energy infrastructure [3][4]. - The company plans to concentrate on expanding its AI infrastructure at its Panther Creek and Scrubgrass sites in Pennsylvania, which were acquired along with Stronghold Digital in March 2024 [5]. Group 3: Market Reaction - Following the announcement of the sale, Bitfarms' stock (BITF) experienced a 10% increase on the day [5].

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Company Overview - Strategy Inc (NASDAQ:MSTR) is an analytics and Bitcoin holding company [2] - The company's shares have lost 48% year-to-date, reflecting the performance of Bitcoin, which has dipped by 5% year-to-date and 28% since early October [2] Analyst Ratings - Citi lowered Strategy Inc's share price target to $485 from $325 while maintaining a Buy rating on December 21st [2] - Bernstein also reduced its price target for Strategy Inc to $450 from $600 on December 8th, citing excessive market concerns despite the cut [2] Market Sentiment - Jim Cramer has discussed Strategy Inc multiple times, acknowledging the company's troubles but referring to CEO Michael Saylor as "Houdini" [2] - Cramer described Strategy Inc as "one of the worst stocks of the year" but still sees potential in the company [3] Future Outlook - Citi remains optimistic about the digital assets group, suggesting that legislative changes could benefit the sector in 2026 [2] - There is a belief that some AI stocks may offer greater promise for higher returns compared to Strategy Inc [3]

Core Insights - MARA Holdings has reported significant financial growth, with a 92% year-over-year revenue increase to $252.4 million and a net income of $123.1 million in Q3 2025, compared to a net loss of $124.8 million in Q3 2024 [1][2]. Financial Performance - The revenue increase was primarily driven by an 88% rise in the average Bitcoin price, contributing $113.3 million to the revenue [4]. - MARA holds 53,250 BTC, valued at approximately $4.7 billion as of December 25 [4]. - Despite the positive financial results, MARA's share price has decreased by 49% over the last year, while Bitcoin has lost 12% [6]. Business Model and Strategy - MARA is heavily reliant on Bitcoin mining, which is a competitive and volatile industry, making it challenging to maintain profits [4]. - To diversify its revenue streams, MARA plans to leverage its data center infrastructure for potential sales to AI companies, although no deals have been secured yet [5].

Company Performance - Stone Ridge Holdings Group reported $3 billion in trading profits for 2025 and a 50% annualized return for founding investors since 2012 [1] - The company generated a total of $10 billion in trading profits over the last three years, with original investors receiving distributions totaling 32 times their initial capital [1] Advocacy for Bitcoin - CEO Ross Stevens advocated for Bitcoin as a necessary instrument for protecting human rights and resisting authoritarian regimes, countering claims that Bitcoin lacks a serious use case [2] - Stevens highlighted the financial privilege of critics who ignore the reality faced by billions lacking access to stable banking systems or property rights [2] Currency Crisis Example - The 2023 currency crisis in Malawi was cited as a key example, where the central bank devalued the kwacha by 44% overnight, confiscating nearly half the wealth of citizens holding the currency [3] - Stevens described fiat currency as "always and everywhere a ponzi phenomenon" [3] Case Study: Venezuela - The experience of Venezuelan opposition leader María Corina Machado was emphasized, noting her use of Bitcoin to bypass government financial blockades while in hiding from the Maduro regime [4] - Machado envisions Bitcoin becoming part of national reserves to help rebuild what was stolen by the dictatorship, stating that Bitcoin donations "cannot be seized" unlike traditional bank wires [5]

Core Insights - Cleanspark Inc. (NASDAQ: CLSK) is recognized as a top bitcoin mining stock, with a strong consensus 1-year average price target of $24.30, indicating an upside potential of over 113% for investors after a nearly 74% yield in 2025 [1] - Analyst Gregory Lewis from BTIG has reiterated a bullish stance on Cleanspark, assigning a Buy rating with a price target of $26, suggesting an upside potential of around 128% [2] Company Performance - In November, Cleanspark mined 587 bitcoins and increased its contracted power by 11%, reaching over 1.4 GW [3] - CEO Matt Schultz highlighted the successful closing of a $1.15 billion zero-coupon convertible notes offering and emphasized the company's focus on expanding contracted power and efficient mining [3] Strategic Direction - Cleanspark is pivoting towards high-performance computing and AI, leveraging its existing infrastructure to enhance its business model [3]