Core Viewpoint - OpenAI's ChatGPT has identified two stocks, Riot Platforms and AppLovin, as potential candidates for turning $100 into $1,000 by 2026, despite the high-risk nature of such investments [1] Group 1: Riot Platforms (NASDAQ: RIOT) - Riot Platforms is a leading Bitcoin mining company that is aggressively expanding its mining capacity with a goal to increase its hash rate by the end of 2025 [2] - The stock price of Riot Platforms is highly sensitive to Bitcoin's price movements, which can lead to significant gains if Bitcoin surges [3] - As of the latest trading session, RIOT was priced at $8.55, reflecting a 4% decline for the day and an 18% drop year-to-date [3] Group 2: AppLovin Corporation (NASDAQ: APP) - AppLovin specializes in marketing and monetization solutions for mobile applications and has received a consensus "Strong Buy" rating from analysts [5] - The company reported earnings of $1.67 per share, exceeding expectations of $1.45, and generated $1.48 billion in revenue, surpassing the $1.38 billion estimate [6] - AppLovin's stock was trading at $354, up 0.8%, with a year-to-date gain of over 3% [7]

Core Viewpoint - Cipher Mining Inc. intends to offer $150 million in convertible senior notes due 2030, with an option for underwriters to purchase an additional $22.5 million to cover over-allotments [1][2]. Group 1: Offering Details - The notes will be senior, unsecured obligations, accruing interest payable semiannually and maturing on May 15, 2030 [2]. - Noteholders can convert their notes under certain conditions, with settlement options including cash, common stock, or a combination of both [2][5]. - The notes are redeemable at Cipher's option starting May 22, 2028, if the stock price exceeds 130% of the conversion price for a specified period [3]. Group 2: Repurchase Rights - In the event of a "fundamental change," noteholders may require Cipher to repurchase their notes for cash at the principal amount plus accrued interest [4]. - Noteholders can also require repurchase on May 15, 2028, under similar terms [4]. Group 3: Use of Proceeds - The net proceeds from the offering will be used to complete Phase 1 of the Black Pearl data center project, including purchasing mining rigs, paying tariffs, and other capital expenditures [6]. - An amendment to the Future Sales and Purchase Agreement with Bitmain Technologies allows for an updated delivery schedule and a 10% cost reduction for early payment [6]. Group 4: Concurrent Offering - Morgan Stanley will conduct a concurrent delta offering of Cipher's common stock to facilitate hedging transactions for purchasers of the notes [7]. - The completion of both the notes offering and the concurrent delta offering is interdependent [7]. Group 5: Regulatory Compliance - The offerings are made under an effective shelf registration statement with the SEC, and detailed information will be provided in prospectus supplements [8]. Group 6: Company Overview - Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, aiming to be a market leader in innovation [10].

Canaan (CAN) Q1 2025 Earnings Call May 20, 2025 08:00 AM ET Company Participants Gwyn Lauber - Director - Investor RelationsNangeng Zhang - Chairman & CEOJames Cheng - Chief Financial OfficerMichael Donovan - Equity Research AssociateBill Papanastasiou - Vice President Conference Call Participants Kevin Cassidy - Senior Research AnalystMike Grondahl - Head of Equity sales, Trading & Research - Senior Research AnalystNick Giles - Senior Research AnalystJoe Flynn - Senior Research Analyst Operator Ladies and ...

Core Insights - AgriForce Growing Systems Ltd. has completed the installation of 500 Bitmain S19j Pro 100T Bitcoin mining machines at its East Palestine, Ohio facility, marking a significant operational milestone in its Bitcoin mining strategy [1][2][3] Group 1: Operational Capacity - The new installation will add 50 petahash per second (PH/s) to AgriForce's operations, increasing the total active hashrate to 130 PH/s across two sites in Ohio [2][3] - The facility is designed to handle a power draw of 1.475 megawatts (MW) while utilizing efficient load balancing across its 2 MW capacity [3] Group 2: Strategic Goals - The company aims to surpass one exahash in hashrate by Q2 of 2025, demonstrating its commitment to aggressive and capital-efficient scaling [4] - The successful installation reflects the company's logistical coordination and focus on rapid deployment of hashpower [3][4] Group 3: Company Overview - AgriForce is a technology company focused on addressing challenges in agriculture, digital infrastructure, and environmental innovation, emphasizing energy-efficient operations and sustainable growth [4]

Core Viewpoint - Cango Inc. reported solid operational metrics in Q1 2025, with Bitcoin mining revenue meeting expectations and a positive outlook for future growth despite a temporary adjusted EBITDA loss due to Bitcoin price volatility and legacy business expenses [1][2]. Financial Performance - Cango's Q1 2025 Bitcoin mining revenue was RMB 1,046 million, aligning with estimates [2]. - The adjusted EBITDA loss in Q1 2025 was primarily due to Bitcoin price fluctuations and costs from the legacy auto business [2]. - The full-year 2025 revenue estimate was increased to RMB 5,173 million, reflecting higher Bitcoin price assumptions, partially offset by increased network difficulty [2]. Operational Metrics - Cango's deployed hash rate reached 32 EH/s by the end of Q1 2025, with an industry-leading productivity of 16.6 Bitcoin mined per EH/s in March 2025 [3]. - The company mined a total of 1,541 Bitcoins in Q1 2025 and held 2,475 Bitcoins as of March 31, 2025, with no sales during the quarter [3]. Future Growth Projections - Apollo Insights projects significant hash rate growth, estimating Cango will exit fiscal 2025E with 42 EH/s (+10 EH/s year-over-year) and fiscal 2026E with 54 EH/s (+12 EH/s year-over-year) [4]. - This growth includes a planned acquisition of 18 EH/s expected to be completed by the end of July 2025 [4]. Strategic Initiatives - Cango aims to secure more favorable mining contracts, explore self-operation of its mining equipment, invest in low-cost, clean energy projects in the Middle East and Australia, offer various digital financial services, and develop an "asset light" used car platform [5].

Core Points - Cango Inc. announced that all resolutions presented at its extraordinary general meeting on May 16, 2025, were passed with over 99.3% approval from total votes cast [1] - The resolutions included the approval for Cango to sell its existing business in the PRC to Ursalpha Digital Limited for approximately US$351.94 million in cash [2] Company Overview - Cango Inc. primarily operates a leading Bitcoin mining business, with operations in North America, the Middle East, South America, and East Africa [4] - The company expanded into the crypto assets market in November 2024, driven by advancements in blockchain technology and the increasing prevalence of crypto assets [4] - Cango has been operating automotive transaction services in China since 2010, aiming to simplify car purchases [4]

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, down from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [7][20] - Gross profit was negative $3.2 million compared to positive $34.1 million, resulting in a gross margin of negative 4.6% versus 28.6% [22] - Adjusted EBITDA was negative $56.1 million compared to positive $27.3 million in the previous year [22] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [23] Business Line Data and Key Metrics Changes - Self-mining revenue decreased by 23.1% to $37.2 million, impacted by the halving event and increased global hash rate [20] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [21] - General hosting revenue dropped to $9.6 million from $29 million, while membership hosting revenue decreased to $16.3 million from $19.5 million [21] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new power capacity located in Norway and Bhutan [8] - The company expects to reach a self-mining hash rate of 40 exahash per second by October 2025, driven by new power capacity and ASIC production [14][68] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [7] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [10] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for potential partnerships [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [10] - The company is optimistic about the impact of recent trade negotiations on U.S. manufacturing for Bitcoin mining [9] - Management acknowledged uncertainties in capacity availability due to market dynamics but remains confident in their partnerships with TSMC [32] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [16] - The total available power capacity is expected to reach over 1.8 gigawatts by the end of 2025, including new projects in Ohio and Ethiopia [17] Q&A Session Summary Question: Interest in A2 and chip demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains a priority [31] Question: 40 exahash target considerations - Management indicated that the target is influenced by machine availability and power capacity, with confidence in meeting the goal [32] Question: Demand for Clarington site and customer interest - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [36] Question: Recent loan agreement rationale - The company is cautious about dilution and sees responsible debt as a viable option for financing chip purchases [37] Question: Strategy for Seal A4 ASIC - The company plans to transition to external sales as internal capacity fills up, with expectations for significant external sales once production ramps up [41] Question: Power cost trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: ASIC machine performance tracking - Customers can expect to test the efficiency of the new ASIC machines starting in October [50] Question: Average fleet efficiency targets - Management anticipates average efficiency to improve as newer rigs are deployed, with expectations for lower energy consumption in the future [55] Question: Tariff impact on external sales strategy - Management believes tariffs will not significantly hinder operations, with plans to adapt manufacturing strategies accordingly [78] Question: Customer interest trends and global sales composition - U.S.-based miners continue to dominate the market, but there is potential for increased international sales as the market evolves [86]

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, a decrease from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [6][19] - Gross profit was negative $3.2 million compared to positive $34.1 million in the previous year, resulting in a gross margin of negative 4.6% versus 28.6% [21] - Adjusted EBITDA was negative $56.1 million, down from positive $27.3 million in Q1 2024 [21] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [22] Business Line Data and Key Metrics Changes - Self-mining revenue was $37.2 million, down 23.1% year-over-year, influenced by the halving event and increased global hash rate [19] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [20] - General hosting revenue decreased to $9.6 million from $29 million, while membership hosting revenue dropped to $16.3 million from $19.5 million [20] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new self-mining power capacity located in Norway and Bhutan [7] - The company anticipates a self-mining hash rate of 40 exahash per second by October 2025, supported by new power capacity coming online [13] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [6][12] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [9] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for development partnerships [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [9][12] - The company is optimistic about the impact of recent trade negotiations on tariffs, which may encourage more Bitcoin mining-related manufacturing in the U.S. [8] - Management acknowledged the uncertainty in capacity availability due to market dynamics but remains confident in their partnerships with technology providers [31] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [14] - A loan agreement for up to $200 million was established to finance chip purchases, secured by the miners themselves [26][72] Q&A Session Summary Question: Interest in ASIC chips and demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains the priority [30] Question: Clarington site development and customer demand - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [35] Question: Capital structure and loan agreement rationale - The decision to enter a loan agreement was influenced by market conditions, with a focus on minimizing dilution while financing growth [36] Question: ASIC sales strategy and external sales capacity - The company plans to transition to more external sales as internal capacity fills up, with expectations for significant external sales of the A4 ASICs [40] Question: Power costs and future trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: Customer interest and tariff impacts - Management believes that U.S. miners will continue to expand operations despite potential tariff challenges, with a strong capital market supporting growth [86]

An emerging leader in Bitcoin mining Q1 2025 Supplemental Investor Presentation Nasdaq: LMFA Forward-Looking Statements This presentation may contain forward-looking statements the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions bu ...

Core Viewpoint - Bitdeer Technologies Group reported a significant decline in revenue and gross profit for Q1 2025 compared to Q1 2024, while achieving a net income of $409.5 million primarily due to non-cash gains from derivative liabilities [4][16]. Financial Highlights - Total revenue for Q1 2025 was $70.1 million, down from $119.5 million in Q1 2024 [4][12]. - Cost of revenue decreased to $73.4 million from $85.4 million, leading to a gross loss of $3.2 million compared to a gross profit of $34.1 million in the previous year [4][10]. - Self-mining revenue was $37.2 million, down from $48.4 million, attributed to the April 2024 halving and increased global network hashrate [12]. - Adjusted EBITDA was negative $56.1 million, a decline from positive $27.3 million in Q1 2024 [4][18]. Operational Summary - The total hash rate under management increased to 24.2 EH/s from 22.5 EH/s year-over-year, with self-mining hash rate rising to 11.5 EH/s from 6.7 EH/s [2]. - The company aims to reach a self-mining hashrate of 40 EH/s by October 2025 [2]. - Bitcoin mined through self-mining was 350 BTC, down from 911 BTC in Q1 2024 [4]. Power Infrastructure - As of April 30, 2025, Bitdeer has a total electrical capacity of 1,098 MW, with plans to reach nearly 1.6 GW by the end of Q2 2025 [5]. - The company is engaged in developing HPC/AI data center strategies, with discussions ongoing for large-scale sites in the U.S. [2]. Balance Sheet and Cash Flow - Cash and cash equivalents stood at $215.6 million as of March 31, 2025, down from $476.3 million at the end of 2024 [4][21]. - The company reported net cash used in operating activities of $284.0 million, primarily due to working capital payments for SEALMINER production [21]. - Total assets increased to $1.6 billion, with total liabilities at $804.0 million [28]. Research and Development - R&D expenses surged to $59.0 million from $21.2 million, driven by costs related to the SEAL03 chip development and higher engineering costs [14]. Market Position - Bitdeer is positioned as a leading supplier of energy-efficient mining rigs, with ongoing efforts to enhance chip efficiency through the SEALMINER A4 project [2].