Shares of MARA Holdings (MARA -11.72%) are falling on Wednesday, down 13.8% as of 2:58 p.m. ET. The drop comes as the S&P 500 and Nasdaq Composite gained 0.7% and 0.5%, respectively.The Bitcoin mining company's stock is falling today after the company announced a private offering of $850 million, sparking fears of dilution.MARA's financial moveThe company announced it intends to initiate a $850 million private offering with convertible notes due in 2032. Initial purchasers may be granted an option to acquir ...

SINGAPORE, July 23, 2025 (GLOBE NEWSWIRE) -- BitFuFu Inc. ("BitFuFu" or the "Company") (NASDAQ: FUFU), a world-leading Bitcoin miner and mining services innovator, today announced that its private-label Bitcoin mining pool, BitFuFuPool, has surpassed 20 exahashes per second (EH/s) in hashrate, just eight months after its public launch. This achievement places BitFuFuPool among the top 11 largest Bitcoin mining pools worldwide. | BitFuFuPool | | | | | | | --- | --- | --- | --- | --- | --- | | Deep Focus on B ...

MARA Holdings, the world's largest public bitcoin miner, raises $850 million to continue buying bitcoin. MARA Holdings currently holds more than 50k BTC. https://t.co/ZxeujEwGFk ...

JUST IN: 🇺🇸 Bitcoin miner MARA Holdings to raise $850 million to buy more #Bitcoin and other purposes. https://t.co/Y7FBeTM7rk ...

Core Viewpoint - Digi Power X Inc is transitioning from Bitcoin mining to focus on AI data centers, aiming to leverage its existing power infrastructure for higher-value opportunities in the AI sector [1][2]. Company Strategy - The company is rebranding itself as a power infrastructure provider, specifically targeting Tier 3 NeoCloud AI data centers [1][2]. - Digi Power X has four operational sites and approximately 100 megawatts of Bitcoin mining capacity, with plans to develop its first Tier 3 AI data center in Alabama [2][3]. - The economic valuation of AI infrastructure is significantly higher than Bitcoin mining, with AI infrastructure valued at $10 million to $12 million per megawatt compared to $500,000 per megawatt for Bitcoin mining [2]. Infrastructure and Deployment - The Alabama site is expected to be operational by late 2025, initially using 200 Nvidia B200 chips, with plans to upgrade to B300s in early 2026 [3]. - The company can build a Tier 3 data center in six to nine months, significantly faster than the typical three to five years required by new entrants [4]. - Digi Power X's partnership with Super Micro Computer enhances its capabilities, allowing for rapid deployment of AI data centers optimized for high-performance computing [6][7]. Financial Performance - The company's model aims to deliver predictable cash flow and strong margins, with a payback period of less than three years [8]. - Digi Power X's power generation assets have been profitable, supplying electricity to the grid at margins described as "exceptional" during recent heatwaves [11]. - The company is rebating gas at $2.55 per gigajoule, resulting in an effective cost of around $31–32 per megawatt-hour, while the grid pays up to $150 per megawatt-hour [11]. Market Positioning - Digi Power X positions itself as a complementary infrastructure provider to major tech companies, focusing on dedicated AI infrastructure solutions [12]. - The company is refining its execution strategy to convert megawatts into higher-value infrastructure, aiming for a 20 to 25 times multiple [12].

Core Insights - Cathedra Bitcoin Inc. has successfully repaid its bitcoin-backed loan of approximately US$2.560 million, which was secured by about 50.5 bitcoin and had an interest rate of 13.0% per annum [1][2] - The company liquidated approximately 21.6 bitcoin to fund the early repayment, with the remaining collateral of approximately 28.9 bitcoin returned to the company [2] - Since the loan was received, the price of bitcoin has appreciated by over 50%, allowing the company to strengthen its balance sheet [2][3] Company Overview - Cathedra Bitcoin Inc. develops and operates digital infrastructure assets across North America, hosting bitcoin mining clients in three data centers with a total capacity of 30 megawatts [4] - The company has also developed and sold a 60-megawatt data center in North Dakota, where it held a minority interest, with the closing anticipated in 2025 [4] - Cathedra operates a fleet of proprietary bitcoin mining machines, producing approximately 400 PH/s of hash rate [4]

Core Viewpoint - Riot Platforms, Inc. is set to hold its second quarter 2025 earnings conference call on July 31, 2025, to discuss the financial results for the quarter ending June 30, 2025 [1] Company Overview - Riot Platforms, Inc. aims to be the leading Bitcoin-driven infrastructure platform, focusing on innovative solutions and community partnerships to achieve best-in-class execution [3] - The company operates Bitcoin mining facilities in central Texas and Kentucky, along with electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas [4] Conference Call Details - The earnings conference call will be accessible via an audio-only webcast, with registration links provided for participants in the United States and internationally [2]

Core Viewpoint - Cango Inc. successfully passed all resolutions at its extraordinary general meeting, enabling significant corporate actions including a secondary share sale and an increase in authorized share capital [1][2]. Group 1: Shareholder Meeting Outcomes - All resolutions presented at the extraordinary general meeting were approved with no less than 99.3% of total votes cast in favor, and at least 81% of non-affiliate shareholders supporting each resolution [1]. - The approved resolutions include the execution of a Securities Purchase Agreement for the secondary sale of 10 million Class B ordinary shares for US$70 million [2]. Group 2: Corporate Actions - The resolutions authorize the repurchase of automatically converted Class A ordinary shares and the issuance of an equivalent number of Class B ordinary shares [2]. - Shareholders also approved an increase in the Company's authorized share capital to support future financing and corporate needs [2]. Group 3: Future Steps - The Company plans to file the Fourth Amended and Restated Memorandum and Articles of Association with the Cayman Islands Registrar following the meeting [3]. - The closing of the secondary sale is anticipated around July 22, 2025, subject to customary closing conditions [3]. Group 4: Company Overview - Cango Inc. is primarily engaged in the Bitcoin mining business, with operations across North America, the Middle East, South America, and East Africa [5]. - The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology and the growing adoption of digital assets [5]. - Cango also operates an online international used car export business through AutoCango.com, facilitating access to high-quality vehicle inventory from China [5].

Core Viewpoint - Hut 8 Corp. has announced a corporate rebrand to better align its external positioning with its strategic focus on energy and digital infrastructure, emphasizing a disciplined capital allocation and operational rigor [1][2] Company Developments - The rebrand reflects a power-first, innovation-driven approach to developing and operating energy and digital infrastructure [2] - Since the merger with U.S. Data Mining Group in November 2023, Hut 8 has expanded its energy infrastructure platform to 1,020 megawatts (MW) under management across 15 sites as of March 31, 2025 [2] - The company has built a utility-scale power origination pipeline of approximately 10,800 MW, a more than threefold increase from over 3,000 MW at the end of Q2 2024 [2] - Hut 8 is advancing AI data center development opportunities with a total capacity of 430 MW, including a 592-acre campus in Louisiana [2] - The company has restructured its Bitcoin mining business into a standalone entity, American Bitcoin Corp., allowing for independent scaling [2] Financial Strategies - Hut 8 executed innovative financings, including an upsized Coinbase credit facility from $65 million to $130 million at a fixed interest rate of 9.0% [2] - A Bitcoin-backed call option structure was utilized to fund machine purchases from BITMAIN, and a covered call program generated over $20 million in net proceeds in fiscal year 2024 [2] - An at-the-market equity offering program raised $275.5 million in net proceeds at a weighted average price of $28.23 per share as of March 31, 2025 [2] Institutional Growth - Institutional ownership increased from approximately 12% at the end of Q1 2024 to about 55% by year-end 2024, supported by strategic investments and the onboarding of a Big 4 audit firm [8] - The company has realigned its reporting structure to provide a clearer view of how each layer of its platform contributes to growth and profitability [8] Brand Legacy - The Hut 8 name remains unchanged, honoring the legacy of technical innovation associated with Alan Turing's work at Bletchley Park [3]

Core Viewpoint - Cathedra Bitcoin Inc. has appointed Joel Block as the new Chief Executive Officer, marking a significant leadership change aimed at pursuing the company's strategic objectives in the bitcoin infrastructure sector [1][3]. Management Changes - Joel Block will also serve as a member and chairman of the Board of Directors, while former CEO AJ Scalia and former President Drew Armstrong have resigned but will remain in advisory roles during the transition [2][3]. - The Board expressed confidence in Block's leadership skills and experience, believing he will provide new guidance and vision for the company [3]. Joel Block's Background - Block previously served as Chief Financial Officer of US Bitcoin Corp., where he led a major merger with Hut 8 Corp, and was involved in a $750 million spin-off of Celsius Network's bitcoin mining subsidiary [4]. - His experience includes roles at Credit Suisse, focusing on institutional fixed income and interest rate derivatives [4]. Company Overview - Cathedra Bitcoin Inc. develops and operates digital infrastructure assets across North America, hosting bitcoin mining clients in three data centers with a total capacity of 30 megawatts [6]. - The company has produced approximately 400 PH/s of hash rate through its proprietary bitcoin mining machines [6].