Group 1 - Bitdeer Technology Group (BTDR) stock received a positive adjustment to its Relative Strength (RS) Rating, increasing from 84 to 91, indicating improved market leadership [1] - Galaxy Digital's RS Rating has also improved, entering the 80-plus level, reflecting a positive trend in its stock performance [2] - Iren stock has achieved a Composite Rating of 96, indicating strong market performance, driven by updates in Bitcoin mining and AI cloud services [4] Group 2 - Bitdeer Technology's RS Rating has shown improvement, now at 83, suggesting a strengthening position in the market [4] - The performance of Bitcoin miners, particularly Iren, has been positively influenced by recent earnings reports and developments related to Nvidia [4] - The overall market for Bitcoin mining stocks appears to be experiencing rallies, supported by advancements in AI technology [4]

Core Insights - Bitcoin mining profitability decreased by 5% in August due to an increase in network hashrate, according to Jefferies [1] - A hypothetical mining fleet of 1 EH/s generated approximately $55,000 per day in revenue in August, down from $58,000 in July and up from $44,000 a year ago [1] Industry Overview - The hashrate, a measure of total computational power for mining and processing transactions, serves as an indicator of competition and mining difficulty in the industry, measured in exahashes per second (EH/s) [2] - U.S.-listed mining companies mined 3,573 bitcoins in August, a slight decrease from 3,598 in July, maintaining a 26% share of the Bitcoin network [2] Company Performance - MARA Holdings (MARA) led the group in bitcoin mining with 705,703 tokens, followed by IREN [3] - MARA holds the largest energized hashrate at 59.4 EH/s, with CleanSpark (CLSK) in second place at 50 EH/s [3]

Group 1 - Bitdeer Technologies Group (NASDAQ:BTDR) experienced a significant increase of 30.77% week-on-week due to improved Bitcoin mining operations, with the company mining 375 new Bitcoins in August, a 33% increase from 282 in July [1][2] - The company's self-mining hash rate improved to 30 EH/s in August, up from 22 EH/s in July [2] - For October, Bitdeer is targeting a self-mining hash rate of 40 EH/s, indicating plans for expansion and positioning to become one of the largest vertically integrated miners globally [3] Group 2 - Bitdeer Technologies is set to pay off $7.7 million of outstanding debt through the early redemption of its 8.5% convertible senior notes due in 2029 [4] - Noteholders have the option to convert the notes into shares, with a conversion rate of 127.9743 Class A shares for every $1,000 note [5] - The conversion includes an additional upside of 10.9536 shares for every $1,000 principal amount due to the cleanup redemption [6]

Core Viewpoint - Iris Energy Ltd. (IREN) is a bitcoin mining and AI cloud computing company that has experienced significant performance growth, particularly in recent weeks [1] Group 1: Company Performance - IREN's bitcoin mining segment generated approximately $76.7 million in revenue in August 2025, while its AI cloud business contributed around $2.4 million [2] - The company is actively purchasing GPUs to expand its cloud business in response to increasing demand for AI [2] Group 2: Leadership Changes - Anthony Lewis has been appointed as the new chief financial officer, having played a crucial role in IREN's GPU financings [2] Group 3: Investment Opportunities - Advisors and investors are encouraged to consider adding exposure to IREN to leverage its growth potential, ideally through diversified means to manage risk [2] - The CoinShares Bitcoin Mining ETF (WGMI) offers a diversified investment option, with IREN being the top holding, accounting for over 20% of the fund's assets as of September 12, 2025 [3][4]

Core Viewpoint - Bitdeer Technologies Group has reported significant operational updates for August 2025, highlighting a 35% increase in self-mining hashrate to 30.0 EH/s and a target of reaching 40 EH/s by the end of October 2025 [1][4]. Operational Update - The company mined 375 Bitcoins in August 2025, representing a ~33% increase from July 2025 due to higher average self-mining hashrate [4]. - The total hash rate under management increased to 44.2 EH/s in August 2025, up from 36.4 EH/s in July 2025 and 16.8 EH/s in August 2024 [5]. - The self-owned mining rigs increased to 143,000, up from 127,000 in July 2025 and 87,000 in August 2024 [5]. Mining Rig Manufacturing and R&D - A total of 27.8 EH/s in mining rigs have been manufactured, with 6.0 EH/s shipped to external customers [4]. - The SEALMINER A1 has been energized to 4.1 EH/s, while 1.2 EH/s of additional rigs are in final assembly [4]. - The company is preparing for mass production of new mining rigs, expected to begin in late September or early October 2025 [4]. Infrastructure Construction Update - Total electrical capacity across various sites reached 1,424.55 MW, with several sites fully online [8][9]. - New projects are in progress, including a 221 MW site in Massillon, Ohio, expected to be energized by Q1 2026, and a 570 MW site in Clarington, Ohio, expected to be completed by Q2 2027 [10][11]. HPC/AI Developments - Bitdeer.AI achieved an annualized run-rate revenue of US$8 million in August 2025 from GPU cloud services, with growth anticipated in Q4 2025 [4]. - The company is actively developing AI technologies to enhance its cloud services and is investigating modular data centers for deployment [4].

Core Insights - Ongoing datacenter growth and regulatory support create a favorable environment for bitcoin miners in the latter half of 2025 [1] - The AI-driven data center boom is significantly benefiting bitcoin mining companies, which have expanded their infrastructure in recent years [2][3] Industry Developments - Bitcoin mining intensity has increased, necessitating more sophisticated mining rigs and larger volumes, leading to the industrialization of mining models [2] - Companies are now operating large warehouses of mining rigs powered by reliable energy sources in regions attractive for data centers, positioning them as valuable partners in the AI datacenter boom [3] Investment Opportunities - The CoinShares Valkyrie Bitcoin Miners ETF (WGMI) offers pure-play exposure to North American bitcoin miners and has outperformed bitcoin price gains year-to-date, making it a strong diversification option for equity and crypto investors [4][5] - WGMI targets companies earning at least half their profits or revenue from bitcoin mining, including those providing hardware, software, or services, as well as manufacturers of specialized chips for mining [6] Fund Management - The fund is managed by a team of industry experts with deep knowledge of cryptocurrencies and finance, featuring well-known companies like Nvidia and established bitcoin miners such as Riot Platforms and Hut 8 Corp [7]

Group 1 - IREN Ltd. has achieved a new all-time high, extending its winning streak to four consecutive days, driven by a price target upgrade from an investment firm and optimism in the AI sector [1][3] - The stock reached a 52-week peak of $33.64 during the session, closing just 1 cent lower, marking an increase of 11.39 percent [2] - BTIG raised its price target for IREN Ltd. to $32 from $22 while maintaining a "buy" recommendation, reflecting positive market sentiment [3] Group 2 - The company's expansion of its GPU portfolio included the acquisition of 9,000 Nvidia GPUs, increasing total ownership to 10,900 units, a fivefold increase from 2,000 GPUs in early 2024 [4] - IREN Ltd. is focusing on Bitcoin mining while also expanding its AI business by enhancing digital infrastructure to meet sector demands [4] - In August, revenues from IREN Ltd.'s AI cloud business grew by 4.34 percent to $2.4 million from $2.3 million in July [5]

Group 1 - Cipher Mining Inc. (NASDAQ:CIFR) has experienced a significant rally, reaching a new 52-week high amid growing investor interest in digital infrastructure related to artificial intelligence [1][3] - On Wednesday, Cipher Mining's stock climbed to a peak price of $10.43 before closing at $10.25, marking an 11.17% increase and its fourth consecutive day of gains [2][3] - The company's expansion of its Black Pearl sites is aimed at meeting the increasing demand for high-performance computing (HPC) driven by both AI and hydro-Bitcoin mining [3][4] Group 2 - CEO Tyler Page indicated that the Black Pearl site is expected to be fully leased by HPC tenants, allowing for flexibility in monetizing access to power through either HPC tenants or Bitcoin mining [4]

Group 1 - Riot Platforms (RIOT) has experienced a breakout after a three-day rally, driven by rising bitcoin prices, which have recently surpassed significant levels [1][4] - Core Scientific has seen a surge in stock price following reports of a potential acquisition attempt by AI infrastructure provider CoreWeave [2][4] - Analysts are optimistic about the bitcoin market, with predictions of a significant bull market and targets set as high as $225,000 for bitcoin [4] Group 2 - Riot Platforms has achieved an impressive Relative Strength (RS) rating, reaching 89, indicating strong price performance compared to other stocks [4] - The overall sentiment in the cryptocurrency market is positive, with bitcoin prices hitting new highs and increased inflows into ETFs [4] - The cryptocurrency sector is witnessing increased interest from institutional investors, as evidenced by the recent activities and market movements [4]

Group 1 - TeraWulf Inc. (NASDAQ:WULF) has seen significant stock performance, rallying for three consecutive days and nearing its 52-week high due to investor optimism in the high-performance computing (HPC) sector [1][3]. - On Tuesday, TeraWulf's stock price increased by as much as 12% to $10.32, closing the day up by 11.96% at $10.30, just 3.6% below its 52-week high of $10.71 [2][3]. - The company is benefiting from renewed AI optimism, alongside peers such as Riot Platforms and Hut 8, particularly after Nebius Group's announcement of an $18 billion cloud computing deal with Microsoft [3]. Group 2 - TeraWulf has expanded its partnership with Google and Fluidstack to supply 360 MW of IT capacity, which is a significant development for the company [3]. - Google plans to invest $3.2 billion in TeraWulf to support this project, in exchange for warrants to acquire 32.5 million common shares, representing a 14% pro-forma equity stake [4].