Core Viewpoint - Aurelius Capital Management has taken a significant position in TeraWulf, indicating confidence in the company's potential within the bitcoin mining sector [2][3][10] Group 1: Investment Details - Aurelius Capital Management acquired 450,000 shares of TeraWulf valued at approximately $5.1 million as of September 30 [3][6] - This new position represents 9.3% of Aurelius Capital's reportable assets under management (AUM) [4][6] - TeraWulf is now among the largest holdings in Aurelius Capital's portfolio, which has total U.S. equity AUM of $55.2 million across nine positions [3][4] Group 2: Company Overview - TeraWulf operates bitcoin mining facilities in New York and Pennsylvania, focusing on energy-efficient infrastructure for bitcoin mining [8][9] - The company reported a market capitalization of $5.2 billion and revenue of $167.6 million for the trailing twelve months (TTM) [5] - TeraWulf's net income for the TTM stands at a loss of $586.6 million [5] Group 3: Financial Performance - In the third quarter, TeraWulf reported revenue of $50.6 million, an increase of 87% year over year, driven by higher bitcoin prices and new high-performance computing lease revenue [11] - The company has secured over $17 billion in long-term, credit-enhanced high-performance computing contracts, shifting towards infrastructure-style cash flows [11] - TeraWulf's cash position was approximately $713 million at quarter-end, providing liquidity for expansion amid bitcoin market volatility [11]

Group 1: Bitcoin Mining Industry Overview - Authorities in China have intensified scrutiny on Bitcoin mining operations in Xinjiang, leading to the shutdown of approximately 1.3 GW of power capacity, which may impact gigawatts worth of mining in the region [3][4] - The crackdown is characterized by rolling inspections rather than a single event, with older generation machines being less economically viable for relocation [3][4] - The network is experiencing a significant drawdown in hashrate, attributed to the Xinjiang crackdown and weather-related curtailment in the United States, contributing to a bearish sentiment in the market [5] Group 2: Market Economics and Hashprice - Hashprice has dipped below $40 per PH/s/day, indicating deteriorating Bitcoin mining economics and raising financing concerns for major tech players like Oracle [2][5] - A projected negative difficulty adjustment of over 1% is expected due to the removal of approximately 100 exahash from the network [4] Group 3: Company Developments - Hut 8 has secured a significant hosting agreement with Fluidstack and a global hyperscaler, valued at approximately $7 billion over 15 years, with a potential expansion to $17.7 billion [6][7] - The deal includes a 3% yearly escalator to account for inflation and is similar to agreements made by other companies like TeraWulf and Cipher Mining, which involve revenue backstops from major tech partners [6][7]

Core Insights - Rosenblatt Securities has lowered price targets and financial estimates for several bitcoin mining companies due to a significant decline in mining profitability, emphasizing the increasing importance of AI and high-performance computing (HPC) revenue [1] Company-Specific Summaries - Cipher Mining's price target was reduced to $25 from $33, but it remains a "Top Pick" due to its ability to transition power capacity to higher-margin AI tenants [5] - TeraWulf's price target was cut to $20, with the company being favored for its diversification into AI and computing power [2][5] - Marathon Digital's price target was lowered to $15 from previous levels, with a significant reduction in its 2026 adjusted EBITDA estimate from $281 million to $99 million, highlighting its sensitivity to Bitcoin price changes [4] - Hive Digital's price target was reduced to $6.50 from $10, with its financial results heavily influenced by its mining expansion in Paraguay despite its HPC business growth [6] Industry Trends - The broader mining sector is facing challenges, with Bitcoin prices dropping approximately 30% since early October and Bitcoin's hashprice falling 26% to near all-time lows of $38/PH/day [3] - A shift in industry transparency is noted, as several companies, including Cipher Mining and Marathon Digital, have ceased publishing monthly mining production reports, while Hive Digital continues to provide operational updates [7] - Bitcoin's global hashrate has decreased by 7% since mid-October, although it remains up 34% year-to-date, with expectations that hashrate growth will moderate until Bitcoin prices recover [8]

Core Insights - Google has provided at least $5 billion in credit support to Bitcoin miners, enabling them to transition into Artificial Intelligence (AI) [1][2] - Stocks of miners like Cipher and IREN have surged between 300-500% in 2025 due to this strategic pivot [1] Group 1: Google's Role - Google acts as a financial guarantor for Bitcoin miners, similar to a wealthy parent co-signing a lease, which allows banks to feel secure in lending money for projects [2] - The financial backing from Google transforms Bitcoin miners into bank-friendly infrastructure projects, making them more appealing to financial institutions [3] Group 2: Infrastructure and Costs - Miners such as Hut 8, TeraWulf, and Cipher Mining provide essential land and power connections, while Fluidstack operates data centers under long-term leases backed by Google [3][4] - The transition to AI requires advanced cooling systems, leading to significantly higher build-out costs compared to traditional Bitcoin mining [4] Group 3: Financial Implications - Google is not providing this credit for free; it has taken equity warrants in the miners, including 14% in TeraWulf and 5.4% in Cipher, aligning its interests with the miners' success [5] - This backing allows miners to secure more reliable revenue streams, which is crucial given the average cost to produce one Bitcoin is nearing $75,000 [7] Group 4: Market Impact - Google's involvement signals a major shift in how Bitcoin miners are perceived, transforming them into stable businesses in the eyes of Wall Street [6][8] - This trend indicates a new wave of institutional demand for the infrastructure supporting Bitcoin, rather than the cryptocurrency itself, linking it to the broader AI narrative [8]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Bitdeer Technologies Group securities between June 6, 2024, and November 10, 2025, of the upcoming lead plaintiff deadline on February 2, 2026 [1] Group 1: Class Action Details - Investors who purchased Bitdeer securities during the specified Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2] - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [3][7] - To serve as lead plaintiff, individuals must file a motion with the Court by February 2, 2026 [3] Group 2: Law Firm Credentials - Rosen Law Firm specializes in securities class actions and has a strong track record, including the largest securities class action settlement against a Chinese company [4] - The firm has been ranked No. 1 for securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions for investors [4] - In 2019, the firm secured over $438 million for investors, and its founding partner was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020 [4] Group 3: Case Background - The lawsuit alleges that defendants provided misleading information regarding Bitdeer's SEALMINER Bitcoin mining machine, specifically about the mass production of its fourth-generation SEALMINER (A4) rigs [5] - Defendants reportedly failed to disclose that the SEAL04 chip, expected to have an energy efficiency of 5 J/TH, would not be ready for use in the A4 rigs until the second quarter of 2025, leading to artificially inflated security prices [6]

Core Viewpoint - Robbins LLP has initiated a class action lawsuit on behalf of investors who acquired Bitdeer Technologies Group (NASDAQ: BTDR) securities between June 6, 2024, and November 10, 2025, alleging that the company misled investors regarding its business prospects [1][2]. Group 1: Allegations and Business Prospects - The lawsuit claims that Bitdeer created a false impression of having reliable information about the development of its fourth-generation SEALMINER A4 machine, which was expected to enhance revenue through self-mining and external sales in fiscal year 2025 [2]. - It is alleged that Bitdeer repeatedly stated that the research and development of the SEAL04 ASIC chip technology was on track, with mass production anticipated in the second quarter of 2025. However, there were significant issues with the chip design that led to delays and a dual-track approach in development [2]. Group 2: Financial Impact - On November 10, 2025, Bitdeer reported a net loss of $266.7 million, or $1.28 per share, primarily due to increased operating expenses related to the R&D of its ASIC roadmap. Following this announcement, the stock price fell over 14%, from $17.65 per share to $15.02 per share [3]. Group 3: Class Action Participation - Shareholders interested in participating as lead plaintiffs in the class action must file their papers by February 2, 2026. They can also choose to remain absent class members without participating in the case [4].

Core Insights - The Bitcoin mining sector is transitioning towards digital infrastructure and AI hosting to diversify revenue streams [2] - TeraWulf focuses on zero-carbon energy and expanding AI and high-performance computing (HPC) capacity, while Riot Platforms is one of the largest pure-play miners with a growing data-center footprint [2][3] TeraWulf (WULF) Overview - TeraWulf has 245 megawatts of mining capacity but faces revenue risks due to Bitcoin price volatility and rising network difficulty [4] - The company raised over $5 billion in 2025, increasing total debt to approximately $1.5 billion, which raises refinancing and interest expense risks [5] - TeraWulf's stock fell nearly 11% to $11.57 as investors expressed concerns over heavy AI spending [6] - The company secured over $16 billion in long-term HPC contracts, providing strong revenue visibility [7] - Management targets 250-500 MW of new HPC capacity annually, supported by various expansion projects [8] Riot Platforms (RIOT) Overview - Riot Platforms operates 1.86 GW of power capacity, positioning itself for future AI and HPC growth [9] - The company reported Q3 revenues of $180.2 million and net income of $104.5 million, benefiting from operating leverage and power curtailment credits [11] - Growth opportunities include AI and HPC development at the Corsicana site, with plans to scale to 1 GW over time [12] - Production fell 14% year-over-year to 428 BTC in November 2025, influenced by market volatility [13] Stock Performance and Valuation - TeraWulf shares increased by 215.3% over the past six months, while Riot Platforms gained 40% [14] - TeraWulf trades at a forward price-to-sales (P/S) multiple of 13.71, significantly higher than Riot Platforms' 6.8, indicating higher execution and financing risks for TeraWulf [18] - Riot Platforms offers a more balanced profile with lower EV per available megawatt and a proven in-house development team [15][16] Conclusion - TeraWulf presents strong growth potential in AI and HPC but carries higher risks due to premium valuation and leverage [21] - Riot Platforms is seen as a better investment choice due to greater scale, lower valuation, and stronger financial flexibility [21][22]

Core Insights - The Bitcoin network quickly recovered from alleged mining shutdowns in Xinjiang, with only a brief and modest impact on hashrate observed [1] - Initial reports suggested a significant disruption of 100 EH/s due to shutdowns, but data indicates a smaller, temporary effect [2] - The majority of the mining power dip occurred in North America, not primarily in China, with specific drops reported from Foundry USA and Luxor [3] Mining Power Dynamics - Chinese-origin mining pools experienced a combined decline of about 100 EH/s, but this does not confirm that all losses were from Xinjiang, as these pools operate across multiple regions [4] - The rapid recovery of mining power challenges the notion of a long-term drop of 100 EH/s, with most major mining groups returning to pre-peak levels shortly after the incident [5] Industry Resilience - The Bitcoin mining sector remains robust, with the 7-day simple moving average hashrate showing only a marginal decline, and 30-day averages near recent highs [6] - By 2025, Bitcoin's mining power increased from approximately 700 EH/s to over 1 ZH/s (1,000 EH/s), driven by upgrades from large mining companies and expansion into more locations [7]

Core Thesis - Hut 8 Corp. is positioned as a high-upside investment in the convergence of Bitcoin adoption, AI/HPC infrastructure demand, and North American energy development, transitioning from a pure-play Bitcoin miner to a vertically integrated energy infrastructure platform [2] Company Overview - Hut 8 Corp. operates as a vertically integrated operator of energy infrastructure and Bitcoin miners in North America, generating revenue across Bitcoin mining, managed services, power infrastructure, and emerging HPC use cases [2] - The company has a current energy platform of 1,020 MW and an expansive development pipeline of 8,650 MW, with 1.5 GW in active development [3] Financial Position - Hut 8 holds a strategic Bitcoin reserve of 13,696 BTC, valued at approximately $1.6 billion, providing embedded leverage to Bitcoin price appreciation [3] - The company's share was trading at $40.16 as of December 17th, with trailing and forward P/E ratios of 20.70 and 128.21 respectively [1] Operational Strategy - The company has rapidly scaled its mining footprint, expanding its hashrate to 26.8 EH/s while improving fleet efficiency [4] - Hut 8 benefits from diversified revenue streams through its Power, Digital Infrastructure, and Compute segments, and the creation of an American Bitcoin subsidiary adds further optionality [4] Market Position and Risks - The investment case is tempered by risks, including dependence on unrealized Bitcoin gains and core operations being marginal or loss-making [5] - The significant development pipeline requires substantial capital and faces competition from larger, better-capitalized peers and hyperscalers [5] - Current market valuation prices in meaningful execution success, limiting margin of safety [5]

J.P. Morgan issued an overweight rating for Riot Platforms (NASDAQ: RIOT) and set a price target of $20 in a 2026 equity trade ideas outlook report. The target represents a 45% increase from the closing price of $13.71 recorded on Monday. The report, titled U.S. Equity Year Ahead Stocks for 2026, includes the firm’s 57 stock picks for the upcoming year. Analysts highlighted that Riot is transitioning from bitcoin mining into an AI infrastructure provider as we’ve seen with other bitcoin mining companie ...