Key Points San Francisco-based Valiant Capital Management increased its position in Core Scientific by 1.68 million shares in the third quarter. The move contributed to a net value change of $34.34 million. As of September 30, the fund reported holding 6.48 million shares valued at $116.31 million, making it the fund's largest position. These 10 stocks could mint the next wave of millionaires › San Francisco-based Valiant Capital Management increased its position in Core Scientific (NASDAQ:CORZ) ...

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 Insights - Core Scientific is undergoing a significant transformation, with a major investor, VR Advisory Services, acquiring a substantial stake of 1.2 million shares valued at approximately $21.7 million [1][2][10] Company Overview - Core Scientific operates as a leading provider of blockchain infrastructure and digital asset mining services in North America, utilizing advanced data centers and proprietary technology to enhance mining efficiency [6][9] - The company's market capitalization stands at $4.9 billion, with a revenue of $334.2 million and a net income of -$768.3 million for the trailing twelve months [4] Financial Performance - In the third quarter, Core Scientific reported total revenue of $81.1 million, a decrease from $95.4 million year-over-year, while high-density colocation revenue increased to $15 million from $10.3 million [11] - The company experienced a net loss of $146.7 million, attributed to non-cash fair-value adjustments rather than operational issues, and maintains strong liquidity of $694.8 million, including $453.4 million in cash and $241.4 million in bitcoin [11] Strategic Shift - Core Scientific is pivoting towards high-density colocation and AI-related workloads, moving away from reliance on volatile bitcoin mining revenues [10][12] - The recent investment by VR Advisory Services indicates confidence in Core's strategic transition and its potential to stabilize revenue streams [10][12]

Crypto venture funding roared back in the third quarter, hitting $4.65 billion, the second-highest level since the collapse of FTX sent shockwaves through the industry in late 2022. Key Takeaways: Crypto VC funding surged 290% in Q3 to $4.65B, marking the strongest quarter since early 2023. Capital flowed mainly into stablecoins, AI, and blockchain infrastructure, with seven deals capturing half of all investment. Pre-seed activity continues to shrink as investors favor mature firms and turn toward l ...