Core Insights - Bitcoin mining equities are experiencing a sell-off at the start of 2026, raising questions about the profitability of Bitcoin mining despite infrastructure expansions and partnerships [1][3] - Bitcoin's price is hovering around $88,900, showing a modest increase but a decline of approximately 2.8% month-over-month, negatively impacting publicly traded miners [2][3] Company Developments - Companies like Marathon Digital, CleanSpark, and Riot Platforms have seen their stock prices decline despite ongoing expansion news, with Marathon and CleanSpark reporting modest weekly losses and Riot's stock slipping even with a bullish outlook from JPMorgan Chase [3][4] - Cipher Mining has added a 200-megawatt site in Ohio, increasing its total development pipeline to 3.4 gigawatts, while TeraWulf secured $1.3 billion in debt financing for high-performance computing infrastructure in Texas [4] - Hut 8 has entered a long-term hosting agreement with Fluidstack to support AI workloads, projected to generate $7 billion over 15 years [4] Industry Challenges - The Bitcoin mining industry faces a significant challenge in 2026, characterized by cash-flow optimism that is insufficient to counteract short-term pressures from Bitcoin's price stagnation [5] - The perception of miner firms is shifting; they are increasingly viewed as leveraged beta rather than growth infrastructure plays or security for Bitcoin [5][6] - Newer entrants like DL Holdings Group reported production of 25.2 BTC in December and aim to reach 600-700 BTC annually by 2026, but the overall sentiment remains cautious until Bitcoin establishes a clear upward trend [6]

Core Viewpoint - Riot Platforms has initiated a $500 million at-the-market offering, replacing a previous equity sale agreement established in August 2024 [1] Group 1: Financial Developments - The new $500 million facility allows Riot discretion over the timing and volume of sales [1] - Prior to the cancellation of the 2024 agreement, Riot sold approximately $600.5 million worth of stock, with about $149.5 million in unsold capacity remaining [2] Group 2: Market Projections - Institutional analysts project growth for Riot's infrastructure, with J.P. Morgan forecasting a "45% upside" for Riot shares through 2026 [2] - Analysts expect the company to sign a "600 MW colocation deal" at its Corsicana site by the end of 2026 [2] Group 3: Operational Capacity - Riot owns 1.7 GW of power capacity across two large-scale sites in Texas, which are located in tier-1 markets, considered "rare" for the Bitcoin mining industry [3]

Core Insights - HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is experiencing a decline in stock performance, with a 5.17% drop to close at $2.57, attributed to profit-taking by investors amid a lack of new catalysts [1][3]. Group 1: Company Performance - HIVE Digital has extended its losing streak to three days, indicating ongoing investor concerns [1]. - The company recently listed on the Colombian Stock Exchange, marking it as the first Bitcoin-and-AI infrastructure company to do so, which aims to enhance visibility and attract more investors [2][3]. Group 2: Strategic Positioning - The listing in Colombia is part of HIVE's expansion strategy to strengthen its position as a renewable-powered data center operator in Latin America, complementing its existing listings in Canada, Germany, and on Nasdaq [3].

Market Overview - Bitcoin mining equities experienced a downward trend as the price of bitcoin struggled for momentum following a monthly decline [1] - Major operators such as Marathon, CleanSpark, and Riot reported losses despite infrastructure and financing updates in the sector [1] Bitcoin Price Movement - As of the latest update, bitcoin is priced at $88,900, reflecting a 1.5% increase on the day and a 1.3% increase week-over-week, but still down 2.8% month-over-month [2] - The stagnation in bitcoin's price is impacting mining stocks as investors react to new developments [2] Company Performance - Marathon (NASDAQ: MARA) shares fell 0.21% week-over-week [2] - CleanSpark (NASDAQ: CLSK) dropped 1.79% over the same period [2] - Riot (NASDAQ: RIOT) declined by 1.23% week-over-week [5] - Cipher (NASDAQ: CIFR) saw a 2.90% decrease week-over-week despite expanding its development pipeline with a new site in Ohio [3] - TeraWulf (NASDAQ: WULF) shares slid 3.79% after finalizing a $1.3 billion debt financing agreement for a joint venture in Texas [4] - Hut 8 (NASDAQ: HUT) dropped 3.08% week-over-week, entering a hosting agreement expected to generate $7 billion in revenue over 15 years [6] - Core Scientific (NASDAQ: CORZ) declined 2.42% week-over-week, with Two Seas Capital increasing its ownership stake following a failed acquisition [7] Development and Financing Updates - Cipher's acquisition of a new site in Ohio aims to provide 200 megawatts of capacity, increasing its total development pipeline to 3.4 gigawatts across eight sites [3] - TeraWulf's $1.3 billion debt financing is designated for constructing high-performance computing infrastructure in Texas [4] - Hut 8's partnership with Fluidstack is projected to significantly boost revenue over a long-term contract [6] - Analysts at J.P. Morgan forecast a 45% upside for Riot's stock through 2026, anticipating a significant colocation deal [5]

Core Viewpoint - Defiance ETFs has launched the Defiance Daily Target 2X Long BITF ETF (BTFL), aimed at active traders seeking amplified exposure to Bitfarms Ltd. (BITF) [1][2] Group 1: Fund Overview - The BTFL ETF is designed to provide 200% of the daily percentage change in the share price of Bitfarms Ltd., allowing investors to express short-term bullish views on the stock [2][3] - The fund is not a direct investment in Bitfarms Ltd. but offers a leveraged exposure through financial instruments [5] Group 2: Underlying Company - Bitfarms Ltd. is a global energy and computer infrastructure company based in Toronto, Canada, focusing on bitcoin mining through energy-efficient data centers [4] - The company operates server farms that validate transactions on the Bitcoin blockchain, emphasizing vertically integrated operations [4] Group 3: Investment Strategy - The fund seeks to achieve its investment objective on a daily basis, meaning it is designed for short-term use and may not perform as expected over longer periods due to compounding effects [3][6] - The fund's strategy involves entering into swap contracts and options contracts based on the share price of Bitfarms Ltd., exposing it to similar risks as owning the underlying security [9][10]

Core Insights - MARA Holdings is recognized as a significant player in Bitcoin mining, holding approximately 53,000 Bitcoins, which positions it as the second largest holder globally [1] Company Overview - The company is primarily associated with Bitcoin mining activities, distinguishing itself from traditional cryptocurrency investments [1]

Group 1 - Terawulf Inc. (NASDAQ:WULF) is recognized as a top bitcoin mining stock, with a Buy rating from Rosenblatt Securities analyst Chris Brendler, who has set a target price of $20, indicating a potential upside of over 62% [1] - As of December 24, the stock has yielded nearly 118% in 2025, with all 10 analysts covering the stock assigning Buy ratings and a 1-year average price target of $21.73, suggesting an upside potential of 76.5% [2] - The company announced a significant update regarding its financial and strategic position, revealing that Flash Compute LLC issued $1.3 billion in senior secured notes to support its infrastructure operations, with a maturity in 2030 and an interest rate of 7.25% [3] Group 2 - Terawulf Inc. operates in the digital asset technology sector, focusing on bitcoin mining and high-performance computing, with a commitment to sustainability through energy-efficient data centers powered by 90% zero-carbon energy [4]

Group 1 - Riot Platforms Inc. (NASDAQ:RIOT) is recognized as one of the best bitcoin mining stocks to buy, with a significant increase of over 36% in 2025 despite a major dip since late October [1] - The broader analyst coverage estimates a 95% upside for Riot Platforms from the current level, with a consensus 1-year median price target of $27.19, supported by 16 analysts giving 100% Buy ratings as of December 24 [1] - Citi analyst Peter Christiansen has reiterated a Buy rating for Riot Platforms, lowering his price target from $28 to $23, indicating an upside potential of more than 65% [2] Group 2 - Christiansen maintains a positive sector outlook for the coming year, suggesting that legislative reforms related to AI infrastructure data centers will act as a major catalyst for Riot Platforms [3] - Riot Platforms operates large-scale digital infrastructure and data centers, focusing primarily on bitcoin mining, and employs a vertically integrated strategy to meet the growing demand for high-density computing [4]

Group 1 - Core Scientific Inc. (NASDAQ:CORZ) is viewed positively by hedge funds, with 12 out of 13 analysts rating it as a Buy and 1 as a Hold, indicating a bullish market sentiment [1] - The median 1-year price target for Core Scientific is projected at $28.27, suggesting a potential upside of 81.6% from current levels [1] - Analyst Gregory Miller upgraded Core Scientific's rating to Buy with a target price of $30, indicating an upside potential of approximately 93% [2] Group 2 - Core Scientific is transitioning towards AI-enabled data centers to diversify income streams amid the volatility of crypto markets, seeking partnerships with large AI businesses for quicker access to data centers [3] - The company utilizes high-density computing solutions for large-scale bitcoin mining and offers hosting services for third-party clients, while focusing on AI-based revenue streams through competitive pricing [4]

Group 1 - Cipher Mining Inc. is experiencing significant analyst attention, with price target adjustments reflecting market conditions and company performance [1][2] - The company has shifted focus from traditional Bitcoin mining to high-performance computing (HPC) and AI infrastructure, which has led to a substantial revenue increase [3] - In Q3 2025, Cipher Mining reported a 65% quarter-over-quarter revenue surge to $72 million, driven by Bitcoin mining and facility expansion [3] Group 2 - Rosenblatt has lowered its price target for Cipher Mining to $25 from $33 while maintaining a Buy rating, indicating cautious optimism amid challenging market conditions for Bitcoin miners [1] - JPMorgan upgraded Cipher Mining to Overweight with a new price target of $18, citing the company's strong position to secure further HPC contracts as a growth catalyst [2] - The company’s financial position improved significantly due to a $1.3 billion convertible note offering, increasing cash and equivalents to approximately $1.2 billion [3]