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Bitcoin Mining Stocks Weekly - W17 26

Your weekly edge on Bitcoin mining stocks - performance, updates, and insights.

About: Cango Inc. (NYSE: CANG) is building an intelligent ecosystem where energy and compute dynamically converge to maximize value across Bitcoin Mining and HPC applications. For more information, view the latest investor presentation.
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Index Update

5-D Volatility: Bitcoin mining stocks mirror Bitcoin's price movements in a more volatile way. Here's how they performed compared to other major stocks 馃憞

Bitcoin Mining Index

Major Company Updates

  1. HIVE Digital announces closing of private offering of US$115 million of 0% exchangeable senior notes due 2031 (link)
  2. Core Scientific announces proposed offering of $3.3 billion of senior secured notes (link)
  3. American Bitcoin completes energization of ~11,298 additional ASICs at Drumheller Site, adding ~3.05 EH/s to operational fleet (link)
  4. Soluna announces fourth expansion with Blockware, surpassing 17 MW of total capacity (link)
  5. Mawson Infrastructure Group Inc. becomes Big Digital Energy, Inc.; receives Nasdaq listing determination; already in compliance, to request hearing (link)
  6. Keel Infrastructure announces closing of Paso Pe sale (link)
  7. SOLAI launches Solode Neo: pre-configured with OpenClaw, built for always-on AI agents (link)
  8. Neptune Digital Assets reaches 420 Bitcoin milestone on 4/20 (link)

Must Read: Applied Digital announces new U.S. based high investment-grade hyperscaler tenant at Delta Forge 1, a 430 MW AI factory campus (link)

What Happened: On April 23, 2026, Applied Digital announced a new 15-year lease with a U.S.-based high investment-grade hyperscaler for 300 MW at its Delta Forge 1 AI Factory campus. Valued at roughly $7.5 billion, the agreement lifts the company鈥檚 total contracted lease revenue above $23 billion, with more than 50% now backed by investment-grade customers and a third hyperscaler tenant overall. The deal strengthens revenue visibility, diversifies the customer base, and supports the planned mid-2027 launch of Delta Forge 1. Separately, Applied Digital expects to close up to $600 million in senior secured credit facilities to fund ongoing data center development and working capital needs.

$APLD takes the lead among public Bitcoin mining companies that pivot to HPC/AI, in terms of contracted MW and projected revenue.

Cindy's Thoughts: The headline numbers look strong, but few will notice that the implied pricing on this undisclosed U.S. investment-grade hyperscaler contract comes in at $1.67 M per MW per year. That's roughly 6-11% below Applied Digital's two existing CoreWeave contracts ($1.78 M and $1.87 M per MW per year on the same 15-year terms). I've been tracking this pricing compression on our hyperscaler-deals dashboard: the broader market is now clustering between $1.4 M and $1.9 M per MW per year, with investment-grade counterparties consistently anchoring the lower end.

More Comparisons

If you want to easily track every major HPC/AI deals and partnerships across public mining companies in one place, our Hyperscaler Deals page is live (V1).

As always, feel free to drop us a message for any suggestions, feedback, or just to say hi.

Thanks for being part of our journey - see you next week!

Cindy & the BMS Team 馃挏

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