Core Investment Insights - Kintayl Capital LP has initiated a new position in Core Scientific, acquiring 570,054 shares valued at approximately $10.2 million, representing 6.3% of Kintayl's $162.2 million in reportable U.S. equity assets [2][9] - Core Scientific's shares are currently priced at $17.08, reflecting a 2% decline over the past year, underperforming the S&P 500, which has increased nearly 13% in the same period [2][3] Company Overview - Core Scientific is a leading provider of blockchain infrastructure and digital asset mining services, operating extensive facilities across North America [5] - The company utilizes proprietary software and hardware optimization to deliver high-performance mining and hosting solutions, focusing on institutional customers [5] Financial Performance - Core Scientific reported a total revenue of $334.2 million for the trailing twelve months (TTM), with a net income loss of $768.3 million [3] - Despite a 15% year-over-year revenue decline, gross profit improved modestly in the third quarter, indicating some resilience in its financial performance [6] Strategic Focus - The company is undergoing a strategic shift towards high-density colocation services, which have shown growth from $10.3 million to $15 million in the latest quarter [10] - Core Scientific's business model includes generating revenue from mining digital currencies, transaction fees, and offering hosting solutions to institutional clients [7] Market Position and Future Outlook - The new stake by Kintayl Capital suggests a view of Core Scientific as an infrastructure play rather than merely a crypto trade, indicating a fundamental transition in the company's operations [9] - The pending all-stock acquisition by CoreWeave introduces both potential and uncertainty regarding valuation and long-term direction [8]

Core Viewpoint - Core Scientific, Inc. is a significant player in the blockchain infrastructure and digital asset mining sector in North America, utilizing proprietary technology and large-scale facilities to enhance mining efficiency and provide hosting solutions to institutional clients [1] Business Model - The company operates a dual business model, generating revenue from both proprietary digital asset mining and hosting services for third-party clients [2] - Core Scientific's revenue streams include digital asset mining, blockchain infrastructure, and colocation services, with a notable focus on high-density colocation and AI-related workloads [5] Financial Performance - In the third quarter, total revenue decreased to $81.1 million from $95.4 million year-over-year, while high-density colocation revenue increased to $15 million from $10.3 million [6] - The company reported a gross profit of $3.9 million, a significant improvement from a loss of $0.2 million in the previous year, despite a net loss of $146.7 million attributed to non-cash fair-value adjustments [6] - Liquidity remains strong at $694.8 million, including $453.4 million in cash and $241.4 million in bitcoin, providing the company with the capacity to fund its AI-infrastructure initiatives [6] Investment Activity - VR Advisory Services established a new position in Core Scientific, acquiring 1.2 million shares valued at approximately $21.7 million, representing 5.3% of the fund's reportable U.S. equity AUM [3][4] - This investment reflects VR Advisory's confidence in Core Scientific's transition towards more stable revenue streams, moving away from the volatility associated with bitcoin mining [5][7]

Core Viewpoint - Defiance ETFs has launched the Defiance Daily Target 2X Short BMNR ETF (Ticker: BMNZ), aimed at sophisticated traders seeking to express short-term bearish views on BitMine Immersion Technologies, Inc. [1][2] Investment Objective - The BMNZ ETF seeks to deliver -200% of the daily percentage change in the share price of BitMine Immersion Technologies, Inc., focusing solely on daily performance before fees and expenses [3][5]. Underlying Stock - BitMine Immersion Technologies, Inc. specializes in industrial-scale digital asset mining, primarily self-mining bitcoin and hosting third-party mining equipment [4]. Fund Suitability - The BMNZ ETF is designed for knowledgeable investors who understand the risks associated with leveraged investments and are willing to actively monitor their portfolios [5][6]. Performance Characteristics - The Fund's performance is intended for short-term use, and its results may differ significantly from -200% of the underlying stock's performance over longer periods due to compounding effects [5][12]. Risks Associated with the Fund - The Fund is subject to various risks, including market volatility, leverage risk, and the potential for significant losses if the underlying stock's price increases [8][14][21].

Core Insights - TeraWulf Inc. reported a third-quarter 2025 adjusted loss of 7 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 4 cents and 40% wider than the loss of 5 cents from the same quarter last year [1] - Revenues reached $50.6 million, marking an 87% year-over-year increase, although it fell short of the consensus estimate by 1.26% [1] - The increase in revenue was attributed to higher bitcoin output, expanded mining capacity, and the initiation of High-Performance Computing (HPC) lease revenues [1] Quarterly Financial Performance - Revenues for the third quarter increased by 87% year over year, driven by a higher average bitcoin price, expanded mining capacity, and the first-time recognition of HPC lease revenues [2] - Non-GAAP adjusted EBITDA was $18.1 million, a 203% increase compared to $6.0 million in the prior-year quarter [2] Segment Performance - Digital asset revenues in the third quarter were $43.4 million, up 60% year over year from $27.1 million in the third quarter of 2024, primarily due to expanded Bitcoin mining capacity and higher average Bitcoin prices [3] - The HPC segment generated its first reported revenues of $7.2 million in the third quarter, indicating a significant operational shift for the company [6] Mining Capacity and Operations - As of September 30, 2025, the Lake Mariner facility has energized 245 MW of Bitcoin-mining capacity, benefiting from low-carbon energy sources [4] - During the third quarter, TeraWulf's power costs averaged approximately 5 cents per kWh, with cost of revenues rising 17% year over year to $17.1 million [5] Strategic Partnerships and Expansion - TeraWulf formed the Abernathy Joint Venture in Texas, initially designed for 240 MW of capacity with potential expansion to 600 MW, backed by a $1.3 billion Google credit enhancement [11] - The company secured a 51% interest in a future 200 MW Fluidstack-led project, enhancing its long-term growth pipeline [12] Capital and Financing - TeraWulf completed over $5 billion in long-term financings to support its expansion, including a $1.0 billion offering of Convertible Notes and a $3.2 billion private offering of Senior Secured Notes [13][14] - The company ended the third quarter with cash and equivalents of $712.8 million, compared to $274.1 million at the end of 2024, with total outstanding debt around $1.5 billion [15] Future Guidance - TeraWulf reaffirmed its growth strategy targeting 250-500 MW of new contracted HPC capacity annually, with a focus on execution for growth beyond 2027 [16][17] - The company aims to have 200-250 MW of HPC capacity operational by year-end 2026, with phased delivery of the 450 MW Akela capacity scheduled through 2026 [18]

Group 1 - BitFuFu Inc. (NASDAQ:FUFU) is recognized as one of the best stocks under $5 with significant upside potential [1] - The company announced the offering of NTMINER S21+ Hyd. Bitcoin miners at a special rate of $15.3 per terahash (TH/s) [1] - The ANTMINER S21+ Hyd. delivers a hashrate of 358 TH/s at 5370 W, achieving an energy efficiency of 15 J/TH [3] Group 2 - BitFuFu Inc. provides digital asset mining and cloud mining services, catering to both individual enthusiasts and institutional customers [4] - The company emphasizes a compliant, secure, and transparent blockchain infrastructure [4] - The hosting fee for mining services is competitively priced at $0.078/kWh, appealing to miners preparing for a potential Bitcoin bull market [2]

Core Viewpoint - Core Scientific shareholders have rejected a proposed $9 billion merger with AI computing company CoreWeave, ending a significant transaction in the high-power computing sector [1][2]. Company Summary - Core Scientific is a leader in digital infrastructure for high-density colocation services and digital asset mining [2]. - The merger was intended to provide CoreWeave with 1.3 gigawatts of gross power across Core Scientific's data center footprint, with potential for an additional 1 gigawatt [3][4]. - Core Scientific's stock rose by 0.3% following the announcement, while CoreWeave's shares fell nearly 4% [3]. Industry Context - The Bitcoin mining industry has faced increasing challenges, including rising operational costs and reduced rewards due to last year's halving, which cut Bitcoin earnings from 6.25 to 3.125 [5]. - Miners are exploring new revenue sources, such as high-performance computing for AI, to cover operational costs [5]. - Transitioning to AI data centers is complex, requiring advanced heating, ventilation, and air conditioning systems compared to traditional Bitcoin mining setups [6].

Core Insights - ORG Wealth Partners, LLC initiated a new position in ARMOUR Residential REIT, acquiring 315,000 shares valued at $4.71 million during Q3 2025, representing 1.0% of the fund's total reportable assets of $470.31 million [1][2][3] Company Overview - ARMOUR Residential REIT primarily invests in residential mortgage-backed securities (MBS) issued or guaranteed by U.S. government agencies and government-sponsored entities, operating as a mortgage real estate investment trust (REIT) [5][6] - The company reported a trailing twelve months (TTM) revenue of $116.8 million and a net income of $52.54 million, with a dividend yield of 17.57% as of October 23, 2025 [4] Recent Performance - As of October 23, 2025, ARR shares were priced at $15.94, reflecting an 18.6% decline over the past year and underperforming the S&P 500 by 19.02 percentage points during the same period [3] Investment Strategy - The investment in ARMOUR Residential REIT by ORG Wealth Partners may indicate a strategy to diversify its portfolio, which is heavily weighted towards technology stocks, by adding a high dividend yield asset [9]

Core Points - Enlightify Inc. has received notification from the NYSE regarding the commencement of delisting proceedings for its common stock due to non-compliance with listing standards [1][2] - The company does not intend to appeal the NYSE's determination, and the delisting will be effective 10 days after the filing of Form 25 with the SEC [3] - Following delisting, the company's common stock is expected to be quoted on the OTC Markets under the same ticker symbol (ENFY) [4] Company Overview - Enlightify Inc. produces and distributes humic acid-based compound fertilizers and other agricultural products through its subsidiaries [5] - In 2023, the company expanded its operations by purchasing digital asset mining machines and established Antaeus Tech Inc. for bitcoin mining [5]

Group 1 - Core Scientific Inc. is viewed positively by Wall Street analysts, with Cantor Fitzgerald raising its price target to $26 from $18 while maintaining an Overweight rating [1][2] - The potential acquisition by CoreWeave Inc. is a focal point, with two scenarios anticipated if the deal is rejected: either CoreWeave renegotiates or Core Scientific pursues its own high-performance computing (HPC) strategy [1][2] - B. Riley has also upgraded Core Scientific to Buy from Neutral, increasing its price target to $30 from $17, indicating a strong likelihood of shareholders voting against the acquisition [2] Group 2 - Core Scientific operates in the digital asset mining sector in the US, divided into three segments: Digital Asset Self-Mining, Digital Asset Hosted Mining, and HPC Hosting [3] - CoreWeave Inc. provides a cloud platform that supports scaling and acceleration for Generative AI, focusing on infrastructure for enterprise compute workloads [3]

Core Viewpoint - Core Scientific, Inc. (NASDAQ:CORZ) is viewed as capable of thriving independently, with opposition to its proposed $9 billion acquisition by CoreWeave [2][3][5] Group 1: Acquisition Opposition - Institutional Shareholder Services (ISS) recommends voting against CoreWeave's acquisition, citing Core Scientific's historical success [2] - Two Seas Capital, the largest active shareholder of CORZ, supports ISS's recommendation and emphasizes the company's potential for significant upside independently [3] - Concerns are raised regarding the valuation and fixed exchange ratio of the proposed deal, which may expose shareholders to increased risks [5] Group 2: Market Reaction - Following ISS's recommendation, CORZ shares surged over 5% in post-market trading, indicating growing investor support for independence [5] - In contrast, CoreWeave's shares have declined approximately 15% since the announcement of the proposed transaction [5] Group 3: Company Operations - Core Scientific, Inc. operates in digital asset mining and high-performance computing services through its self-mining, hosted mining, and HPC segments in the U.S. [6]