Index Update
1-M Volatility: Bitcoin mining stocks mostly mirrored Bitcoin's price movements in a more volatile way, even though there were some occasional decouplings. Here's how they performed compared to other major stocks 馃憞
Major Company Updates
- IREN targets $4.4bn in ARR with Blackwell deployment at Childress (link)
- TeraWulf expands infrastructure platform with acquisition of 1+ GW Eastern Kentucky HPC campus (link)
- Cathedra Bitcoin receives final court approval for Sphere 3D combination; transaction expected to close June 1, 2026 (link)
- Core Scientific appoints Steve Smith to board of directors (link)
Sponsored Update - Cango Inc. (NYSE: CANG): Debt slashed 95%, AI pivot accelerating
In its Q1 2026 earnings report, Cango posted a $261 million net loss with revenue down approximately 43% quarter-over-quarter. More than $200 million of the loss was non-cash, stemming from write-downs on mining rigs and fair-value adjustments on Bitcoin-backed loan collateral as BTC declined during the quarter. The real story is on the balance sheet:
- Debt reduced ~95%: Long-term debt fell from $557.6 million to $30.6 million.
- Deleveraging funded by: Cango sold down its Bitcoin holdings from roughly 7,500 BTC at the end of 2025 to about 1,026 by quarter-end, supported by a $65 million equity investment from its Chairman and a board director plus a $10 million convertible note from Hong Kong-listed DL Group.
- Mining costs improved: Cash cost per Bitcoin mined dropped 9% quarter-over-quarter to $76,928 as the company continues swapping older S19 rigs for more efficient S21 units.
- AI compute pivot underway: Cango launched EcoHash and is now piloting modular high-density compute infrastructure at its Georgia site, with a GPU-leasing-first roadmap.
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