Core Thesis - Cipher Mining (CIFR) is positioned to benefit from the shift of bitcoin miners to high-performance computing (HPC) infrastructure, driven by increasing demand for AI and HPC [2][3] Company Overview - Cipher Mining's shares were trading at $15.09 as of March 17th, with trailing and forward P/E ratios of 59.75 and 70.42 respectively [1] - The company owns large-scale, grid-connected power infrastructure with long-term, low-cost contracts, providing a structural advantage in a power-constrained environment [2] Revenue Generation Strategy - Currently, most revenue is generated from bitcoin mining, but this is a transitional strategy as the company shifts to HPC colocation [2] - A megawatt deployed to colocation can generate significantly higher EBITDA compared to bitcoin mining, supported by high-margin, long-duration contracts [3] Growth Potential - Cipher has secured substantial agreements with major hyperscalers like AWS and Google/Fluidstack, validating its sites and reducing execution risk [3] - The company controls approximately 1.1 GW of approved power and has a ~2.5 GW unapproved expansion pipeline, indicating potential growth through 2028-29 [3] Valuation Insights - Conservative modeling suggests a valuation of $22 per share by the end of 2026, with potential long-term upside to $50–80 per share if unapproved sites are successfully built out [4] Strategic Advantages - Cipher's cost advantage, contiguous site scale, and established credibility with hyperscalers differentiate it from other miners transitioning to HPC [4] - The strategy is flexible to serve both AI-driven and non-AI HPC workloads, ensuring monetization across multiple compute generations [5] Upcoming Catalysts - Key upcoming catalysts include ERCOT power approvals and continued execution in HPC co-location, which could lead to a significant re-rating of the stock as the market recognizes Cipher as a digital infrastructure platform rather than just a bitcoin miner [5]

Core Viewpoint - Cipher Digital (NASDAQ:CIFR) is transitioning from Bitcoin mining to high-performance computing, which may lead to short-term losses but aims for long-term growth driven by the artificial intelligence sector [2][3]. Group 1: Company Overview - Cipher Digital is a high-performance computing (HPC) data center developer and operator, focusing on industrial-scale infrastructure for both Bitcoin mining and AI computing [4]. Group 2: Analyst Ratings and Price Target - Cantor Fitzgerald has reiterated an Overweight rating on Cipher Digital but has reduced the price target from $26 to $24, reflecting a decreased valuation of Bitcoin mining [1][3]. - The Overweight rating indicates confidence in the company's potential to benefit from the growing demand for AI [3]. Group 3: Financial Outlook - Analysts expect a sales decline for Cipher Digital this year due to the transition to high-performance computing [2]. - The company is making progress on construction timelines for its AWS and Fluidstack deals, with expectations for rent to commence in the second half of the year and full rent by early next year [3].

Core Insights - TeraWulf (WULF) reported a significant miss on Q4 earnings and revenue, with a loss of $0.28 per share and revenue of $35.84 million, which was 17% below expectations [1] - Despite the revenue miss, the company saw a 35% sequential increase in HPC lease revenue, reaching $9.70 million, indicating a strategic pivot towards high-performance computing [1] - TeraWulf secured $12.8 billion in contracted long-term revenue across 522 MW of HPC capacity, backed by Google credit, showcasing strong future revenue potential [1] Financial Performance - Q4 revenue was $35.84 million, a 2.3% year-over-year increase but a 17.71% miss on expectations [1] - The reported net loss for the quarter was $661.42 million, primarily due to a $429.79 million non-cash charge related to changes in fair value of warrants and derivatives [1] - Full-year 2025 revenue reached $168.46 million, reflecting a 20% year-over-year growth [1] Strategic Outlook - CEO Paul Prager emphasized the company's aggressive growth strategy, entering 2026 with 522 MW of contracted HPC capacity and a multi-regional platform designed for long-term expansion [1] - Key capacity delivery milestones are scheduled throughout 2026, with significant revenue contributions expected from design optimizations on upcoming projects [1] - All 12 analysts covering TeraWulf maintain a buy rating, with a consensus price target of $23.56, indicating strong market confidence despite recent performance [1]

Financial Performance - TeraWulf reported $168.5 million in revenue for the full year 2025, a 20% increase from $140.1 million in 2024, with HPC lease revenue contributing $16.9 million to the total [1] - The company posted a net loss of $661.4 million for the year, compared to a net loss of $72.4 million in 2024, primarily due to a $429.8 million change in the fair value of warrant and derivative liabilities [2] - Non-GAAP adjusted EBITDA was negative $23.1 million, a decline from positive $60.4 million the previous year [2] Quarterly Performance - In Q4 2025, TeraWulf generated $26.1 million in bitcoin mining revenue, down from $43.4 million in Q3, attributed to lower bitcoin production and a weaker bitcoin price [3] - HPC lease revenue increased to $9.7 million in Q4 from $7.2 million in the prior quarter [3] Cash Position - TeraWulf ended 2025 with $3.7 billion in cash, cash equivalents, and restricted cash, a significant rise from $274.1 million at the end of 2024, driven by $3.1 billion from long-term debt issuances and $1.97 billion from convertible notes [4] Construction and Capacity Expansion - The Lake Mariner campus in New York has 39 critical IT MW of HPC capacity online, with additional buildings scheduled for completion between March and Q4 2026 [5] - Design optimization for buildings CB4 and CB5 increased total capacity from 162 MW to 168 MW per building without additional construction costs [5] Strategic Partnerships and Contracts - TeraWulf has signed long-term lease agreements totaling 522 critical IT MW, representing over $12.8 billion in contracted revenue, including leases to Core42 and Fluidstack, the latter backed by Google [6] - In October 2025, TeraWulf entered a joint venture with Fluidstack to develop the Abernathy HPC Campus in Texas, which will have a 25-year lease and is also backed by Google [7]

Market Overview - Bitcoin tested the $64,000 support level, experiencing a 26.41% monthly drawdown, and is currently down 3.7% week-over-week to $65,400 [1] Industry Transition - Publicly traded bitcoin miners are diversifying into AI and high-performance computing (HPC) workloads as bitcoin prices decline [3] Company Actions - Marathon Digital Holdings (MARA) acquired a 64% controlling stake in Exaion, a subsidiary of France's EDF, facing initial delays due to national sovereignty concerns [4] - Iris Energy (IREN) will join the MSCI USA Index starting March 2, following a pivot toward AI/HPC infrastructure, and has a $9.7 billion deal with Microsoft over five years [5] - Activist investors are pressuring Riot Blockchain (RIOT) to transition to AI/HPC, with Starboard Value suggesting this shift could revalue shares between $23.55 and $52.60, and Riot has a 10-year, $311 million HPC deal with AMD [6]

Financial Performance - HIVE Digital Technologies reported record revenue of $93.1 million for Q3 2025, representing a 219% year-over-year growth [1] - Adjusted EBITDA for the quarter was $5.7 million [1] - The company experienced a GAAP net loss of $91.3 million, primarily due to $57.4 million in accelerated depreciation related to the Paraguay expansion [3] Hashrate Revenue - HIVE generated $88.2 million in digital currency hashrate revenue during the quarter, with direct costs amounting to $57.8 million, of which approximately 90% were energy costs [2] - The company mined 885 Bitcoin in Q3 2025, marking a 23% quarter-on-quarter growth despite a 15% increase in network difficulty [3] Expansion and Infrastructure - The company completed the buildout of a 440 MW facility in Paraguay, achieving an installed capacity of 25 EH/s [4] - HIVE signed an additional 100 MW Power Purchase Agreement (PPA) in Yguazú and acquired 10 hectares of land, with energization expected in Q4 2026 [4] - After the quarter ended, HIVE purchased an additional 63 hectares of land [4] AI and HPC Strategy - HIVE signed a two-year, $30 million contract for 504 Nvidia B200 GPUs to enhance its AI revenue [5] - The company aims for an annual recurring revenue (ARR) of $140 million by Q4 2026 for its GPU AI Cloud, utilizing 11,000 GPUs [5] - HIVE targets a total HPC revenue ARR of $225 million by the end of calendar 2026 or early 2027 as it expands GPU cloud and colocation capacity [5] Strategic Vision - HIVE's executive chairman highlighted that the quarter marked an inflection point for the company, with record revenue and scaling of its renewable-powered hashrate platform [6] - The company is positioning Paraguay as a leader in high-performance computing (HPC) for Latin America, leveraging abundant green energy and favorable government alignment with the United States [6]

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 [45][46] - Adjusted EBITDA for the quarter was $5.7 million, with an annualized revenue run rate of $385 million [46] - The company ended the quarter with 481 Bitcoin in treasury, having mined 879 Bitcoin during the period [46] 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 [52][60] - The HPC (High-Performance Computing) business saw a significant increase, with a projected annual recurring revenue (ARR) of $35 million by the end of the current quarter, up from $20 million [49][50] - The Buzz cloud segment generated $5 million in revenue for the quarter, on track to reach a target of $20 million ARR [49] Market Data and Key Metrics Changes - The company operates with 440 megawatts of capacity globally, with an additional 100 megawatts expected to come online [47][62] - The company has diversified its operations geographically, with Paraguay performing nearly at 100% uptime during the colder months in Canada [47] Company Strategy and Development Direction - The company is focused on a conservative growth strategy, avoiding excessive debt while expanding its operations in Paraguay and Canada [28][45] - The company aims to build out Tier 1 and Tier 3 data centers, capitalizing on the growing demand for HPC and GPU cloud services [35][62] - The company has secured a two-year contract for NVIDIA Blackwell GPUs, enhancing its HPC capabilities [50] Management's Comments on Operating Environment and Future Outlook - Management highlighted the volatility in the crypto market, referencing a significant flash crash that impacted Bitcoin prices and the broader ecosystem [9][67] - The company remains optimistic about future growth, particularly in the HPC sector, and believes it is at an inflection point for accumulation rather than capitulation [27] - Management emphasized the importance of maintaining a strong balance sheet and prudent financial management in navigating market challenges [28][64] Other Important Information - The company realized $14 million in value from a dynamic HODL strategy involving Bitcoin pledges, which allowed for the acquisition of new ASIC miners [53][64] - The company is positioned as a significant player in the AI infrastructure build-out in Latin America, particularly in Paraguay [43][61] Q&A Session Summary Question: What is the outlook for the HPC business? - The HPC business is projected to reach $35 million ARR by the end of the current quarter, with strong market demand driving growth [50] Question: How is the company managing its Bitcoin holdings? - The company has a dynamic treasury management strategy that allows it to realize value from Bitcoin pledges without cash calls, providing downside protection [65][64] Question: What are the implications of the recent market volatility? - Management noted that the recent volatility has created opportunities for accumulation, and the company is well-positioned to capitalize on future market recoveries [27][67]

Financial Data and Key Metrics Changes - HIVE 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 [47][48] - The adjusted EBITDA for the quarter was $5.7 million, with an annualized revenue run rate of $385 million [48] - The company ended the quarter with 481 Bitcoin in treasury and mined a total of 879 Bitcoin [48] Business Line Data and Key Metrics Changes - The Bitcoin mining business achieved an annualized revenue run rate of $350 million, mining approximately 10 Bitcoin per day [54] - The HPC (High-Performance Computing) business saw a 70% increase in annual recurring revenue (ARR), projected to reach $35 million by the end of the current quarter [50][51] - The Buzz cloud segment generated $5 million in revenue for the quarter, on track to reach a target of $20 million ARR [50] Market Data and Key Metrics Changes - HIVE's installed capacity increased to 25 exahash, with an average operational capacity of 22.8 exahash during the quarter [48] - The company experienced nearly 100% uptime in its Paraguay operations, benefiting from geographical diversification [49] - The market demand for GPUs has driven contract values 30% above forecasted prices, indicating strong market conditions [58] Company Strategy and Development Direction - HIVE is focused on a vertically integrated growth strategy, building and optimizing its own data centers and power sources [53] - The company aims to expand its GPU cloud business and HPC services, with a long-term vision of reaching $225 million ARR [50][56] - HIVE is not pursuing high-risk debt financing for Bitcoin purchases, maintaining a conservative balance sheet while strategically expanding its operations [30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the volatility in the crypto market and the impact of external factors, such as the October 10 flash crash, on Bitcoin prices [10][66] - The company believes it is at an inflection point for growth, with potential for significant price increases in Bitcoin and its own stock [28][29] - HIVE's management remains optimistic about the future of the HPC market, particularly in Paraguay, which is seen as a stable jurisdiction for investment [62][63] Other Important Information - HIVE realized $14 million in value from a dynamic HODL strategy involving Bitcoin pledged at $87,000, which was later redeemed at higher prices [55][64] - The company is actively engaged in discussions with Paraguayan officials to enhance its operational framework and expand its data center capabilities [45][62] Q&A Session Summary Question: What is the outlook for HIVE's growth in the HPC sector? - Management indicated that the HPC business is projected to reach $35 million ARR by the end of the current quarter, with plans to scale further [50][51] Question: How does HIVE manage its Bitcoin holdings? - HIVE employs a dynamic treasury management strategy, allowing it to realize value from Bitcoin without incurring cash calls, providing downside protection [65][66] Question: What are the implications of the recent market volatility for HIVE? - Management acknowledged the challenges posed by market volatility but expressed confidence in HIVE's strategic positioning and operational resilience [10][66]

As filed with the Securities and Exchange Commission on February 6, 2026 Registration No. 333-292798 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SHARONAI HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7370 41-2349750 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification ...

Core Insights - Bit Digital Inc has made a significant strategic shift in 2025, moving away from bitcoin mining to focus on Ethereum and high-performance computing (HPC) [1][4] - The HPC division has been spun off into a new company called WhiteFiber, in which Bit Digital retains a 70% stake [1][4] - The company has sold all its bitcoin holdings and invested approximately half a billion dollars in Ethereum [4] Strategic Goals - The company is not satisfied with its current share price performance and aims to pursue mergers and acquisitions (M&A) or other strategies to generate proper EBITDA by 2026 [5][6] - The goal is to enable investors to apply earnings multiples rather than solely valuing the company based on net asset value (NAV) [6] Self-Funding and Shareholder Value - Bit Digital has decided not to sell its shares in WhiteFiber despite the lock-up expiration, believing in the future potential of WhiteFiber [7] - The company is exploring business acquisitions or operational strategies to achieve self-funding, as current Ethereum staking yields are insufficient [8] AI Business Development - WhiteFiber, which focuses on AI, has been performing well since its IPO in August last year, with increasing reverse inquiries [9] - The company has a competitive edge in retrofitting facilities into data centers quickly and cost-effectively, recently signing an $865 million contract with Nscale [10]