Core Insights - SuRo Capital experienced a strong performance in 2025, driven by investments in AI and AI infrastructure, positioning the company well for 2026 [2] - The company generated significant liquidity from its portfolio, including distributions of $0.50 per share, reflecting the strength of its holdings and commitment to long-term value creation [2] - A $20.0 million commitment was made to Magnetar Opportunity 2025-4 LP, which is invested in TensorWave, Inc., a company focused on next-generation AI infrastructure [2][5] Investment Portfolio Update - As of December 31, 2025, SuRo Capital held positions in 35 portfolio companies, including 32 privately held and 3 publicly held [3] - Notable transactions during Q4 2025 included a $9.0 million exit from CW Opportunity 2 LP with a realized gain of $6.7 million, and a $3.1 million exit from Forge Global, Inc. with a gain of $1.1 million [3] - The company also recorded a loss of $1.0 million from Rebric, Inc. during the same period [3] Dividend Declarations - SuRo Capital declared a dividend of $0.25 per share on July 3, 2025, paid on July 31, 2025, and another $0.25 per share on November 3, 2025, paid on December 5, 2025 [6] Future Outlook - The company plans to report its fourth quarter and year-end 2025 results during the week of March 9, 2026, but is not providing a NAV range at this time due to ongoing confirmations of portfolio developments [2][11]

Core Viewpoint - A class action lawsuit has been filed against Fermi Inc. and its executives due to significant stock price drop attributed to potential violations of federal securities laws [1]. Group 1: Lawsuit Details - The lawsuit includes securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Sections 11 and 15 of the Securities Act of 1933 [3]. - Investors have until March 6, 2026, to request to lead the case, which is pending in the U.S. District Court for the Southern District of New York [3]. Group 2: Company Background - Fermi Inc. is an energy and AI infrastructure company aiming to build large-scale nuclear reactors to support grid-independent data centers for AI companies [4]. - The company's flagship project, Project Matador, is designed to provide dedicated power for AI workloads [4]. Group 3: IPO and Allegations - Fermi completed its IPO in October 2025, claiming strong demand for Project Matador and securing a 20-year lease with an investment-grade-rated tenant [5]. - Allegations suggest that Fermi overstated tenant demand and misrepresented the agreement with the First Tenant [6]. Group 4: Stock Price Impact - On December 12, 2025, Fermi's stock dropped by $5.16 per share, over 33%, following the announcement that the First Tenant terminated the construction funding agreement [7].

Core Viewpoint - La Rosa Holdings Corp. has successfully closed an initial tranche of $11 million under its $250 million private placement convertible note facility, enhancing its financial capacity to $1.25 billion, which will be utilized to develop AI infrastructure and a premium real estate portfolio [1][2]. Financing and Capital Structure - The initial closing of the $11 million note is part of a larger $250 million Note Facility, which, when combined with an existing $1 billion equity purchase facility, provides a total financing capacity of $1.25 billion [1][2]. - The notes and shares of common stock from the Note Facility are being offered under an exemption from registration under the Securities Act of 1933 [2]. Strategic Initiatives - The company is evaluating high-potential partnerships and joint ventures with established technology and infrastructure firms to develop advanced AI computing facilities [2]. - The CEO emphasized that closing the initial tranche marks a transition from evaluation to execution, positioning the company to act decisively on its AI infrastructure pipeline [2]. Business Model and Operations - La Rosa Holdings Corp. aims to transform the real estate industry by offering flexible compensation options for agents, including a revenue-sharing model and a 100% commission structure [4]. - The company provides both residential and commercial real estate brokerage services, along with technology-driven products and support for agents and franchise partners [5]. - La Rosa operates 25 corporate-owned brokerage offices across multiple states and has begun its expansion into Europe, starting with Spain [6].

Core Insights - Nebius Group N.V. (NBIS) is focusing on expanding and monetizing data center capacity in a competitive AI infrastructure market, with customer demand for AI compute remaining strong but limited by available data center capacity [1][9] - The company's expansion strategy emphasizes accelerating data center buildouts and securing long-term power capacity to support AI-driven growth [1][2] Expansion Strategy - Nebius is aggressively investing in expanding its global data center footprint, prioritizing securing power capacity ahead of deployment [2] - Management has contracted substantial power capacity, which provides visibility into future expansion and reduces execution risk [2][3] - Much of the upcoming data center capacity is presold, improving capital efficiency and lowering risks associated with large upfront investments [3] Growth Projections - The company is targeting 2.5 gigawatts of contracted power by 2026, an increase from the earlier projection of 1 gigawatt [4] - Nebius plans to have approximately 800 megawatts to 1 gigawatt of fully built and connected data center power by the end of 2026 [4] - The company aims for $7–$9 billion in annual recurring revenue by 2026 [5] Competitive Landscape - Competitors like CoreWeave are also scaling their data center footprint, with CoreWeave expanding its active power footprint to about 590 megawatts and increasing contracted power capacity to approximately 2.9 gigawatts [7] - Microsoft plans to increase its total AI capacity by over 80% in 2025 and double its data center footprint in the next two years, indicating a highly competitive environment [10][11] Financial Performance - Nebius shares have gained 213% in the past year, outperforming the Internet – Software and Services industry, which grew by 29.4% [12] - However, Nebius appears overvalued with a Price/Book ratio of 5.04X compared to the industry average of 3.92X [13]

Core Viewpoint - Fermi, Inc. is facing a class action lawsuit due to alleged misrepresentations regarding tenant demand and agreements related to its Project Matador, which has led to significant stock price declines [1][5][6]. Company Overview - Fermi, Inc. is an energy and AI infrastructure company focused on building large-scale nuclear reactors to support grid-independent data centers for AI companies [3]. - The company's flagship project, Project Matador, aims to provide dedicated power for AI workloads [3]. IPO and Initial Representations - Fermi completed its IPO in October 2025, claiming strong demand for Project Matador and securing a 20-year lease agreement with an investment-grade-rated tenant [4]. - The First Tenant was reported to advance up to $150 million for construction costs of Project Matador [4]. Allegations and Stock Impact - Allegations have surfaced that Fermi overstated tenant demand and misrepresented the agreement with the First Tenant [5]. - Following the termination of the Advance in Aid of Construction Agreement by the First Tenant, Fermi's stock price dropped by $5.16, or over 33%, from $15.25 to $10.09 per share [6].

Financial Data and Key Metrics Changes - Revenues for the fiscal second quarter of 2026 were $126.6 million, up 250% from $36.2 million in the prior year [12] - Adjusted EBITDA for the quarter totaled $20.2 million [15] - Net loss was $31.2 million, or $0.11 per share, while adjusted net income was positive $100,000 or $0 per share [15] Business Line Data and Key Metrics Changes - The data center hosting segment generated $41.6 million of revenue, up 15% compared to the prior year, driven by increased capacity online [13] - Turnkey fit-out services associated with the HPC hosting business contributed $73 million to revenue [12] Market Data and Key Metrics Changes - The company has secured two hyperscale leases in North Dakota, representing 600 MW of lease capacity and approximately $16 billion in prospective lease revenue [6] - Inbound demand has increased significantly, with advanced discussions ongoing with another investment-grade hyperscaler across multiple regions [6] Company Strategy and Development Direction - The company aims to surpass its long-term goal of $1 billion in NOI within five years, leveraging low-cost energy and a supportive regulatory environment in the Dakotas [17] - A non-binding letter of intent has been entered to combine Applied Digital Cloud with Exo to form Chronoscale, allowing each to scale independently [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the contracting environment has become more favorable over the past six months, with stable to slightly better pricing and improved contract terms [31] - The company is focused on scaling construction across multiple sites and ensuring timely delivery to customers [49] Other Important Information - The company ended the second fiscal quarter with $2.3 billion in cash and cash equivalents, compared to $2.6 billion in debt [15] - The company is exploring ways to add power to the grid without increasing costs to customers, reinforcing its leadership in data center design [18] Q&A Session Summary Question: Growth appetite in the cloud business and future GPU purchases - Management highlighted the advantage of having access to large-scale data center facilities for deploying accelerated compute, which will benefit the cloud business as it spins out [22][23] Question: Landscape for leases and pricing changes - Management indicated that pricing has been stable to slightly better, with more favorable terms in contracts [30][31] Question: Advanced discussions on new sites - Management confirmed advanced discussions on three sites totaling 900 MW [46][47] Question: Expansion opportunities at PF1 and PF2 - Management stated that each campus has the potential to scale to at least a gigawatt, with a clear path to grow capacity to 5 GW by 2030 or 2031 [72][75]

Financial Data and Key Metrics Changes - Revenues for the fiscal second quarter of 2026 were $126.6 million, up 250% from $36.2 million in the prior year [12] - Adjusted EBITDA for the quarter totaled $20.2 million [16] - Net loss was $31.2 million, or $0.11 per share, while adjusted net income was positive $100,000 or $0 per share [16] Business Line Data and Key Metrics Changes - The HPC hosting business generated $73 million in revenue from turnkey fit-out services, and $12 million from the first CoreWeave lease at Polaris Forge One [13] - The data center hosting segment contributed $41.6 million in revenue, up 15% compared to the prior year, driven by increased capacity online [14] Market Data and Key Metrics Changes - The company has secured two hyperscale leases in North Dakota, representing 600 megawatts of lease capacity and approximately $16 billion in prospective lease revenue [5] - Inbound demand has increased significantly, with advanced discussions ongoing with another investment-grade hyperscaler across multiple regions [5] Company Strategy and Development Direction - The company aims to maintain a competitive advantage in the Dakotas due to low-cost energy and ample land for expansion [7] - Plans to spin out Applied Digital Cloud to form Chronoscale, a dedicated GPU-accelerated compute platform, allowing each business to scale independently [20] - The company is committed to responsible development and community partnerships, investing in initiatives that support local development [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in surpassing the long-term goal of $1 billion in NOI within five years, driven by robust hyperscaler investment exceeding $400 billion annually [18] - The company is focused on maintaining a strong balance sheet and liquidity position to support future investments [16] Other Important Information - The company completed a $2.35 billion private offering of senior secured notes to finance the Polaris Forge One site [12] - The company has a multi-layered financing framework that allows leveraging third-party capital while retaining majority ownership of each site [11] Q&A Session Summary Question: Growth appetite in the cloud business and Chronoscale's future - Management highlighted the advantage of having access to large-scale data center facilities for Chronoscale, which will help attract customers [24] Question: Landscape for leases and pricing changes - Management noted that lease pricing has been stable to slightly better over the past six months, with more favorable contract terms being secured [31] Question: Expansion opportunities at PF1 and PF2 - Management confirmed that each campus has the potential to scale to at least a gigawatt, with a clear path to grow capacity to 5 gigawatts by 2030 or 2031 [72]

Core Insights - Bitcoin miners are transitioning from cryptocurrency mining to high-performance computing infrastructure, with mining revenue expected to drop from approximately 85% of total revenue in early 2025 to less than 20% by the end of 2026 for companies with AI contracts [1] - This shift indicates a move from low-margin mining operations to high-margin data center contracts, with companies generating 80% to 90% operating margins from AI deals compared to the thin margins of Bitcoin mining [2] Financial Projections - By October 2025, Bitcoin miners had secured $65 billion in contracts with major technology companies and cloud service providers, with AI contracts generating three times the revenue per megawatt compared to traditional mining [3] Company Developments - Six publicly traded mining companies have announced high-performance computing contracts: Core Scientific, Cipher Mining, TeraWulf, Applied Digital, Galaxy Digital, Iris Energy, and Bit Digital [4] - Despite the pivot to AI, publicly traded mining companies increased their Bitcoin mining operations in 2025, adding more computing power in the first nine months than in the same period of 2024, driven by equipment orders placed in 2024 [5] Investment Opportunities - The CoinShares Bitcoin Mining ETF (WGMI) offers exposure to this evolving sector, investing at least 80% of its net assets in companies deriving at least 50% of their revenue from Bitcoin mining or related services, with an expense ratio of 0.75% and a return of 72.05% over the past year [6]

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

Company Overview - Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies, operating one of the largest institutional Ethereum staking infrastructures globally [1] - The company began accumulating and staking ETH in 2022 and aims to provide secure, scalable, and compliant access to on-chain yield through strategic partnerships across the Ethereum ecosystem [1] December 2025 Metrics - As of December 31, 2025, the company held approximately 155,227.3 ETH, with a market value of approximately $460.5 million based on a closing ETH price of approximately $2,967 [5] - During December 2025, the company acquired approximately 366.8 ETH, with a total average acquisition price of approximately $3,045 for all holdings [5] - The company staked an additional 642 ETH in December, bringing total staked ETH to approximately 138,263, which is about 89% of its total ETH holdings [5] - Staking operations generated approximately 389.6 ETH in rewards during the period, representing an annualized yield of approximately 3.5% [5] Equity Holdings - The company maintains ownership of approximately 27.0 million shares of WhiteFiber (WYFI), with a market value of approximately $427.3 million as of December 31, 2025 [5]