Key Takeaways Riot’s Bitcoin mining profits are declining sharply due to lower prices. Activist investor Starboard urges Riot to accelerate its shift to AI data centers. Many Bitcoin miners are pivoting to AI hosting for steadier, higher margins. Riot Platforms, one of the largest U.S. Bitcoin mining companies, is under growing pressure to pivot to Artificial Intelligence (AI). This trend has gained momentum amid declining mining profitability. The company owns large power sites in Texas that c ...

据 TheEnergyMag 报道，激进投资者 Starboard Value 正敦促 Riot Platforms 加快从比特币挖矿向 AI 数据 中心和高性能计算（HPC）转型。Starboard 在致 Riot 董事会的信中指出，Riot 在德克萨斯州的 Corsicana 和 Rockdale 拥有约 1.7 吉瓦的电力容量，若能像同行一样将这些资源货币化用于 AI/HPC，预 计每年可产生超过 16 亿美元的 EBITDA。 （来源：吴说） ...

Bitdeer Technologies Group (NASDAQ:BTDR) is among the 11 Best Bitcoin and Blockchain Stocks to Invest in. Roth Capital is Bullish on Bitdeer Technologies Group (BTDR) Bitdeer Technologies Group (NASDAQ:BTDR) is among the Best Bitcoin Stocks.   On February 13, Darren Aftahi of Roth Capital decreased Bitdeer Technologies Group (NASDAQ:BTDR)'s price target from $40 to $30. The analyst maintained a Buy rating, noting "some puts and takes" on the earnings call and mixed Q4 results. The corporation expressed ...

Cipher Mining Inc. (NASDAQ:CIFR) is among the 11 Best Bitcoin and Blockchain Stocks to Invest in. Is Cipher Mining Inc. (CIFR) among the Best Bitcoin and Blockchain Stocks to Invest in? Cipher Mining Inc. (NASDAQ:CIFR) is among the Best Bitcoin Stocks.   Cipher Mining Inc. (NASDAQ:CIFR) named Drew Armstrong as Head of Strategic Initiatives and Lee Bratcher as Head of Policy and Government Affairs on January 6, 2026. Bratcher provides industry experience in the Texas and federal energy regulatory sectors ...

Core Insights - Bitcoin's price has dramatically dropped from a high of $126,000 in October to below $60,000 in February 2026, primarily due to a series of chain reactions rather than a single cause [1] - The market is experiencing a vicious cycle of price drops leading to liquidations and further sell-offs, exacerbated by high leverage among traders [3] Market Dynamics - On February 6 alone, over 590,000 liquidations occurred, totaling $2.7 billion, with Bitcoin accounting for more than half of this amount [3] - The regulatory environment has intensified market panic, particularly due to China's strict cryptocurrency ban and the lack of progress in the U.S. regarding Bitcoin as a strategic reserve [4] - Bitcoin's correlation with tech stocks has increased, diminishing its status as "digital gold," leading to sharper declines in price during stock market downturns [4] Mining Sector Challenges - Bitcoin miners are facing significant survival pressures, as operational costs have surpassed revenues when Bitcoin prices fell below $60,000 [5] - The average production cost of Bitcoin is estimated at $87,000, leading to frequent sell-offs by miners as prices remain below this level [7] Expert Opinions - Some experts, like Richard Farl and Michael Burry, have raised concerns about Bitcoin's potential to drop to zero due to its reliance on trust and the risk of forced liquidations if prices fall further [7] - Conversely, JPMorgan's strategy team argues that Bitcoin's value proposition is becoming more attractive compared to gold, despite its recent price drop [9] Investor Behavior - There is a notable divergence in market sentiment, with institutional investors quietly accumulating Bitcoin while retail investors are forced to sell at losses [9] - Small investors are particularly vulnerable, often using high leverage and facing significant losses during price corrections [10] Regulatory Environment - Global regulatory attitudes are creating uncertainty in the market, with the EU imposing strict limits on stablecoins and the U.S. SEC delaying Ethereum ETF approvals [12] - The mixed regulatory landscape is contributing to market chaos, as some regions push for development while others impose strict bans [12] Technological Concerns - Advances in quantum computing pose potential risks to Bitcoin's security, although the network has not yet been compromised [13] - Historical precedents of asset price collapses highlight the significant impact of market sentiment and liquidity on prices, but Bitcoin's reliance on global consensus and computational power makes its complete disappearance unlikely [13] Resilience of Bitcoin - Despite numerous predictions of its demise, Bitcoin has shown resilience and the ability to rebound, indicating a potential for new price equilibrium through miner cost adjustments and network difficulty mechanisms [15]

HIVE Digital Technologies (Nasdaq: HIVE), the Bitcoin mining giant, announced its financial results for the third quarter ended Dec. 31, 2025, on Feb. 17. The company registered a record revenue of $93.1 million in the third quarter of 2025, a growth of 219% year-over-year (YoY). Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $5.7 million. It generated a digital currency hashrate revenue of $88.2 million during the quarter. The hashrate revenue was achieved at ...

Core Insights - The company reported a net loss of $91 million, primarily due to non-cash charges including $57 million in depreciation and a $31 million fair value adjustment on derivatives [1] - Quarterly revenue reached a record $93 million, driven by an increase in Bitcoin mining capacity to 25 exahash, maintaining 2% of the global network [1] - Strategic geographic diversification between the Northern and Southern Hemispheres helped mitigate seasonal curtailments, with operations in Paraguay achieving nearly 100% uptime during Canadian winter [1] Financial Performance - The $91 million net loss was largely attributed to non-cash charges, indicating a focus on long-term asset depreciation rather than immediate cash flow issues [1] - The record revenue of $93 million reflects successful scaling of operations and effective management of mining capacity [1] Strategic Initiatives - The company implemented a 'dynamic HODL' strategy, realizing $14 million in value through call options on pledged Bitcoin, allowing for fleet upgrades without cash outlay [1] - The '10/10' Binance flash crash was noted as a significant event that disrupted institutional trust and initiated a prolonged bottoming process in the crypto ecosystem [1] - The company is avoiding high-leverage debt for expansion, opting for a pragmatic approach to build tier three data centers to meet high-margin AI and HPC demand [1] Market Positioning - The company is transitioning from a pure-play miner to a diversified infrastructure provider, focusing on sovereign data needs and military spending in NATO and Latin American markets [1]

Core Insights - Riot Platforms, Inc. (NASDAQ:RIOT) is recognized as one of the best Bitcoin and blockchain stocks to invest in [1][2] Group 1: Analyst Ratings and Price Targets - Cantor Fitzgerald maintained an Overweight rating for Riot Platforms and increased its price target from $25 to $31, citing the company's land acquisition at Rockdale and a data center lease with AMD [3] - Keefe Bruyette reiterated its Outperform rating and raised its price target from $16 to $23, highlighting the long-term income visibility from the 10-year AMD lease, which secures approximately 21% of Rockdale's total capacity [4] Group 2: Financial Transactions and Performance - Riot Platforms purchased 200 acres at its Rockdale site for $96 million, funded by the sale of about 1,080 bitcoin [5] - The company secured a data center lease with AMD for an initial deployment of 25 MW starting in January 2026 [5] - As of February 11, 2026, the stock has increased by 4.52% year-to-date [5] Group 3: Business Overview - Riot Platforms is primarily engaged in bitcoin mining and provides specialized machines for cryptocurrency mining [5] - The company has made investments in Tess, Coinsquare, and Verady [5]

Financial Data and Key Metrics Changes - The company reported a record revenue of $93 million for the quarter, with a gross operating margin of $32 million, despite a net loss of $91 million primarily due to non-cash charges [44][45] - Adjusted EBITDA for the quarter was $5.7 million, with an annualized revenue run rate of $385 million [45] - The company ended the quarter with 481 Bitcoin in treasury, having mined 879 Bitcoin during the period [45] Business Line Data and Key Metrics Changes - The Bitcoin mining segment achieved approximately 10 Bitcoin mined per day, contributing to an annualized revenue of $350 million [51][60] - The HPC (High-Performance Computing) business reported a significant increase, with a target of $35 million ARR by the end of the current quarter, up from $20 million [48][49] - The Buzz cloud segment generated $5 million in revenue for the quarter, on track to reach a target of $20 million ARR [48] Market Data and Key Metrics Changes - The company operates with 440 MW of capacity globally, with an additional 100 MW expected to come online [46][61] - The company has seen a 70% increase in HPC ARR, driven by new contracts and market demand [48][49] Company Strategy and Development Direction - The company is focused on a conservative growth strategy, avoiding excessive debt while expanding its GPU cloud revenue to $140 million annually [27][28] - The company aims to build out Tier-I and Tier-III data centers in Paraguay, positioning itself as a major player in the region [34][60] - The strategy includes a dynamic HODL approach to Bitcoin management, allowing the company to realize value from its Bitcoin holdings without cash calls [52][63] Management's Comments on Operating Environment and Future Outlook - Management highlighted the volatility in the crypto market, referencing significant events that impacted Bitcoin prices and the overall ecosystem [3][10] - The company remains optimistic about future growth, particularly in the HPC and GPU cloud sectors, citing strong market demand and strategic partnerships [34][49] - Management emphasized the importance of geographic diversification, noting that operations in Paraguay benefited from favorable conditions during colder months in Canada [46] Other Important Information - The company has secured a two-year contract for NVIDIA GPUs, which will enhance its HPC capabilities and revenue potential [48][49] - The company is actively managing its energy consumption and operational efficiency, with a focus on reducing costs per terahash [63] Q&A Session Summary Question: What is the outlook for the company's growth in the HPC sector? - Management indicated a strong growth trajectory, with expectations to reach $225 million ARR in the HPC business by the end of the year, driven by new contracts and market demand [48][49] Question: How does the company manage its Bitcoin holdings? - The company employs a dynamic HODL strategy, allowing it to realize value from Bitcoin without cash obligations, effectively managing risk in a volatile market [52][63]

HIVE Digital Technologies (NasdaqCM:HIVE) Q3 2026 Earnings call February 17, 2026 08:00 AM ET Company ParticipantsAydin Kilic - CEODarcy Daubaras - CFOFrank Holmes - Executive ChairmanGareth Gacetta - Equity Research AssociateNathan Fast - Director of Marketing and BrandingConference Call ParticipantsDarren Aftahi - Managing Director and Senior Research AnalystFedor Shabalin - Equity Research AnalystMichael Grondahl - Head of Equity Research and Senior Research AnalystNathan FastHello, and welcome to today' ...