Core Points - TeraWulf has set December 9 as the mandatory conversion date for all outstanding Series A Convertible Preferred Stock after its shares traded above 130% of the conversion price [1] - The conversion is triggered as TeraWulf's common stock exceeded the $10 threshold for at least five trading days between November 4 and November 24 [2] - Each preferred share will convert into 141.9483 common shares, and early conversions will not include accrued dividends [2] - The conversion aims to simplify the company's capital structure, according to TeraWulf's CFO Patrick Fleury [2] Financial Performance - TeraWulf reported third-quarter revenue of $50.6 million, with $43.38 million from bitcoin mining and $7.2 million from AI infrastructure services [3] Capital Raising Initiatives - On October 29, TeraWulf proposed a $500 million offering of convertible senior notes due 2032, with an option for initial purchasers to buy an additional $75 million of notes [4] - The notes will be senior unsecured obligations and are part of TeraWulf's plan to fund construction at its data center campus in Abernathy, Texas [4] Strategic Partnerships - TeraWulf announced a $9.5 billion extension to its partnership with AI cloud platform Fluidstack, forming a joint venture to build 168 MW of critical IT load at the Abernathy site under a 25-year hosting agreement [5] - This contract represents a long-term expansion of TeraWulf's existing relationship with the Google-backed platform [5] Conversion Process - Holders who choose not to convert early will automatically receive common stock without taking action [6]

Core Insights - Bitcoin miners are experiencing severe economic challenges, with mining revenue dropping to unsustainable levels due to falling Bitcoin prices and high network difficulty [1][4][6] - A significant number of miners are transitioning from Bitcoin mining to AI compute hubs, driven by better return profiles [2][8] Industry Overview - Bitcoin's hashprice has reached an all-time low, falling below $35 per petahash, indicating a critical profitability crisis for miners [3][10] - The profitability of Bitcoin mining has plummeted, leading many operators to shut down their rigs or repurpose their facilities for AI [4][5] Market Dynamics - Despite a decrease in Bitcoin prices, mining difficulty remains high, resulting in miners expending more energy for reduced rewards, creating a historic profitability crunch [6][7] - Miners have been liquidating their Bitcoin reserves rapidly, with 30,000 BTC sold in just 48 hours, marking one of the fastest liquidation events of the year [6] Strategic Shifts - Major mining firms, such as Bitfarms, are pivoting towards AI, with plans to convert significant portions of their mining capacity into AI infrastructure by 2027 [9] - AI workloads are reported to generate 2–5 times more revenue per kilowatt-hour compared to Bitcoin mining, making the transition appealing [11]

Core Points - Cango Inc. plans to release its third quarter 2025 financial results on December 1, 2025, after market close [1] - A conference call to discuss the financial results will be held on December 1, 2025, at 8:00 P.M. Eastern Time [2] - Cango Inc. is primarily engaged in Bitcoin mining and operates an online international used car export business [3] Financial Results Announcement - The earnings release will be available on the Company's investor relations website [1] - The conference call can be accessed through various international and toll-free numbers [2] - A replay of the conference call will be available until December 8, 2025 [3] Company Overview - Cango Inc. entered the crypto asset space in November 2024, focusing on Bitcoin mining across multiple regions [3] - The Company also operates AutoCango.com, facilitating access to high-quality vehicle inventory from China [3]

Core Insights - Cipher Mining Inc. and CleanSpark Inc. received upgrades from JPMorgan following a refreshed outlook on Bitcoin miners and adjustments to price targets for legacy operators [1][4][6] Group 1: Market Outlook - JPMorgan analysts noted a significant shift towards high-power computing (HPC) among miners, with over 600 megawatts of AI-related deals signed since late September [2] - The bank anticipates miners will announce approximately 1.7 gigawatts of additional critical-IT capacity by late 2026, which would represent about 35% of their approved power footprint [2][3] Group 2: Cipher Mining Inc. - Cipher Mining was upgraded to Overweight from Neutral, with its price target raised to $18 from $12, attributed to recent 410-megawatt HPC contracts and a 45% pullback in share price [4] - The company is expected to secure around 480 megawatts of critical-IT capacity by 2026, equating to roughly 64% of its approved footprint [4][5] - Long-duration sites planned for 2028-2029 could enhance valuations if the company successfully transitions to full HPC [5] Group 3: CleanSpark Inc. - CleanSpark was also upgraded to Overweight, with a reiterated price target of $14, supported by the potential of its new 285-megawatt Texas site, which is assigned roughly 200 megawatts of critical-IT capacity [6][7] - The capacity at the Texas site is valued at about $13 million per megawatt, reflecting a stronger revenue profile from high-density IT loads [6] Group 4: Other Companies - IREN Limited's price target was increased to $39 from $28 following a $9.7 billion cloud-capacity deal, with an expected 660 megawatts of contracted critical-IT load by 2026 [8][9] - Price targets for MARA Holdings Inc. and Riot Platforms Inc. were cut due to falling Bitcoin prices and rising network hashrate, with MARA's target reduced to $13 from $20 and Riot's to $17 from $19 [10][11]

Group 1 - Investors are showing a bullish stance on Cleanspark (NASDAQ: CLSK), with significant options trading activity indicating potential upcoming developments [1][2] - The sentiment among large investors is predominantly bullish at 55%, with 27% bearish, highlighting a strong interest in the stock [3] - The major market movers are focusing on a price range between $10.0 and $20.0 for Cleanspark over the past three months, suggesting a targeted trading strategy [4] Group 2 - The average open interest for Cleanspark options is 3728.08, with a total trading volume of 34,434.00, indicating active trading in the options market [5] - Recent options trades include a notable call option with a total trade price of $312.8K and a put option with a total trade price of $224.6K, reflecting varied investor strategies [9] - Cleanspark is a bitcoin mining company, and its performance is closely tied to the dynamics of the bitcoin market [10] Group 3 - Analysts have set an average price target of $20.33 for Cleanspark, with some analysts maintaining an Overweight rating and targeting prices as high as $24 [11][12] - The stock is currently trading at $11.2, reflecting a 15.06% increase, with upcoming earnings anticipated in one day [14]

Core Insights - The Bitcoin mining sector is facing significant valuation distortions due to inaccurate diluted share counts, which are underreported by 20%–33% for key companies, leading to an understatement of their combined market cap by approximately $8 billion [2][4]. Group 1: Valuation Discrepancies - JPMorgan's analysis indicates that the diluted share counts for Cipher Mining Inc and CleanSpark Inc have increased by about 20%, while Riot Platforms Inc and Marathon Digital Holdings Inc have seen increases of over 30% due to various stock issuances [4][6]. - The reliance on Bloomberg's diluted share counts as a reference point for market cap and enterprise value calculations results in investors undervaluing these companies [4][6]. Group 2: Sector Dynamics - The Bitcoin mining sector is bifurcating, with Cipher and CleanSpark benefiting from multi-year high-performance computing contracts and new data center capacities, which are becoming more valuable than Bitcoin mining itself [5]. - Conversely, Riot and Marathon, as the largest holders of Bitcoin, are experiencing reduced price targets due to deteriorating Bitcoin economics and increasing share counts [6]. Group 3: Implications for Investors - The inaccuracies in share counts lead to flawed financial ratios and valuation comparisons, which are critical for identifying genuine investment opportunities in a sector undergoing a significant business model transition towards AI-driven HPC revenue [7].

Core Insights - JPMorgan upgraded Bitcoin miners Cipher Mining and CleanSpark to Overweight due to increased confidence in miners' colocation strategies driven by high-performance computing agreements [1][3] Group 1: Valuation Changes - A megawatt of critical IT colocation capacity is now valued between $8 million to $17 million, up from $4 million to $9 million [2] - A megawatt of critical IT cloud capacity could be worth as much as $19 million, compared to $12 million previously [2] - Cipher received a new price target of $18 for December 2026, up from $12, while CleanSpark's target remains at $14 [3] Group 2: Capacity Projections - Cipher could reach about 480 MW of critical IT capacity by 2026, reflecting 64 percent of its approved power portfolio [4] - CleanSpark's outlook includes assumptions for a colocation contract at its 285 MW site in Texas by late 2026 [4] - JPMorgan assigned a blended valuation of $14 million per MW for Cipher and $13 million per MW for CleanSpark [4] Group 3: Other Company Targets - IREN's price target was raised to $39 from $28, while Riot Platforms' target was lowered to $17 from $19 and MARA Holdings' target to $13 from $20 [5] - IREN's target is based on a critical IT valuation of $17 million per MW and an assumed 660 MW of HPC load by 2026 [5] Group 4: Share Count Adjustments - JPMorgan's diluted share-count estimates are 20 percent to 33 percent higher than Bloomberg figures due to factors like at-the-market issuance programs and convertible-note dilution [6] - Cipher's diluted share count was revised to 480 million, and CleanSpark's estimate rose to 334 million [7] - Combined diluted market capitalizations for Cipher, CleanSpark, IREN, Riot, and MARA were about $8 billion higher than indicated using Bloomberg share-count data [7] Group 5: Market Conditions - Bitcoin's decline of about 17 percent since the last update led to revisions in mining-related assumptions [8] - The updated baseline network hashrate is now 1,080 EH/s, with daily revenue per EH/s at $39,600 [8] - Mining businesses were valued using a range of $1 million to $2 million per MW based on cost structures and expected post-halving margins [8]

Core Viewpoint - JPMorgan is enhancing its outlook on U.S.-listed bitcoin miners due to a shift towards high-performance computing (HPC) deals, which are expected to provide long-term revenue clarity [1][3]. Company Summaries - Cipher Mining (CIFR) has been upgraded to overweight from neutral, with a price target increase from $12 to $18, reflecting a 4.2% rise in early trading to $14.74 [1]. - CleanSpark (CLSK) was also upgraded to overweight from neutral, with shares rising 4.6% in pre-market trading to $10.18 [1]. - IREN's price target was raised to $39 from $28, while maintaining an underweight rating; shares increased by 2.2% to $43.20 [2]. - MARA Holdings (MARA) and Riot Platforms (RIOT) saw their price targets reduced due to lower bitcoin prices, with MARA's target cut to $13 from $20 and RIOT's to $17 from $19; MARA shares rose 2.8% to $10.35 and RIOT gained 1.8% to $12.94 [2]. Industry Insights - JPMorgan noted over $19 billion in contracted revenue across 600 megawatts (MW) of IT capacity signed by IREN and Cipher, indicating a shift from bitcoin-only operations to hybrid HPC models [3]. - The bank anticipates approximately 1.7 gigawatts (GW) of critical IT capacity across its coverage by late 2026, primarily driven by IREN and Cipher [3]. - Cipher's recent 45% pullback from highs presents a strong entry point, supported by 600 MW of contracted capacity with major clients like AWS and Fluidstack [4]. - CleanSpark's upgrade reflects around 200 MW of potential HPC capacity at its new Texas site [4]. - The analysts have assigned higher equity values per megawatt, estimating $8 million to $17 million for colocation and up to $19 million for integrated cloud services, influenced by lower discount rates and improved cash-flow visibility [4]. - Riot and CleanSpark exhibit significant upside potential under a full HPC conversion, while Cipher retains the largest long-term optionality when considering unapproved future capacity [5].

Core Viewpoint - BMNR price has dropped nearly 22.7% this week, reaching new lows below $26, but remains up over 160% in the past six months, indicating potential for a rebound despite current volatility [1] Price Movement and Trends - BMNR's long-term downtrend shows stress across major moving averages, with the 20-day EMA crossing under the 100-day EMA on November 14, signaling potential further downside risk if the 50-day EMA also crosses below the 100-day [2] - Short-term charts suggest a possible rebound, but the outcome is closely tied to Ethereum's performance, as BMNR and ETH have a correlation of 0.47, indicating they tend to move in the same direction [9][10] Volume Analysis - On-Balance Volume (OBV) indicates a bullish divergence, with real buyers accumulating shares while the stock price continues to decline, suggesting room for a short-term rebound [4] - The Chaikin Money Flow (CMF) also shows a bullish divergence, having made a higher low while the price made a lower low, indicating larger wallets are re-entering the market [5] Institutional Interest - Tom Lee highlights that institutional investors building large BMNR positions often use this capital to buy Ethereum, suggesting that rising CMF could indicate both accumulation of BMNR and a potential increase in ETH demand [7] Future Outlook - The potential for a rebound in BMNR is contingent on Ethereum's stabilization or price increase, as historical trends show that BMNR typically follows ETH's movements [10]

Group 1: Bitcoin Mining - Hash price has collapsed to an all-time low of $36.97 per PH per day, breaking the previous low of $38/PH/day recorded in August 2024 [2] - Mining difficulty has decreased slightly, but the relief is limited as transaction fees have dried up and the fee market is described as "a barren wasteland" [3] - Despite the severe compression in mining economics, the global hashrate continues to climb, raising concerns about a potential capitulation event [3] Group 2: Nvidia and AI Infrastructure - Nvidia reported a significant Q3 earnings increase, with revenue up 62% and data-center sales reaching $51.2 billion, forecasting Q4 revenue of $65 billion (±2%) [4] - Initial market enthusiasm following Nvidia's earnings report was short-lived, as investor fears regarding AI payback periods and market concentration risks led to a rapid retracement of gains [5] - The U.S. load growth is projected to reach 166GW by 2030, with AI demand accounting for more than half of this increase, indicating a shift towards higher power costs driven by unprecedented AI-driven demand [6][7] Group 3: Energy Demand Projections - Data centers are expected to account for 55% of the total demand growth, contributing 90GW of the projected 166GW increase in U.S. electricity consumption [7] - Total U.S. electricity consumption is anticipated to rise by 32% by 2030, with six regions driving 80% of the growth, particularly ERCOT, which alone is projected to contribute 53GW [7]